Trump looks to quickly develop deep-sea mineral extraction

President Trump wants to fast-track U.S. coastal projects to find and extract minerals from the ocean floor that can be used for defense, energy and other industrial applications. Why it matters: Oceans are potentially rich source of manganese, cobalt, nickel and copper — materials crucial to the energy transition — bound up in nodules on the sea floor.But environmentalists and many scientists fear that commercial-scale harvesting will proceed before there's enough understanding of the ecological risks and effects.Driving the news: Trump signed an executive order on Thursday that aims to quickly develop U.S. capabilities to harvest and process minerals in domestic and international waters.It tells the Commerce secretary expedite the process for reviewing and issuing exploration and commercial recovery permits.It also calls on the Interior Department to develop a permitting process for projects in U.S. waters (called the Outer Continental Shelf).Zoom in: A senior administration official said the Trump team estimates there are over 1 billion metric tons of deep-sea nodules available that could create many jobs and bring in over $300 billion in additional GDP over 10 years.The order also directs leaders of the U.S. International Development Finance Corporation to explore ways to support seabed mining.That mirrors proposals from Trump's other EO on domestic onshore mining.What we're watching: The Metals Company last month said it's seeking federal permits from Trump officials for commercial deep-sea mineral extraction in international waters.The Canada-based company said it has already met with with officials in the White House and the U.S. Congress.They had also been seeking support from the Biden administration.Yes, but: The UN-affliated International Seabed Authority has not yet completed long-delayed rules for governing seabed mineral extraction in international waters.

President Trump wants to fast-track U.S. coastal projects to find and extract minerals from the ocean floor that can be used for defense, energy and other industrial applications.

Why it matters: Oceans are potentially rich source of manganese, cobalt, nickel and copper — materials crucial to the energy transition — bound up in nodules on the sea floor.But environmentalists and many scientists fear that commercial-scale harvesting will proceed before there's enough understanding of the ecological risks and effects.Driving the news: Trump signed an executive order on Thursday that aims to quickly develop U.

S. capabilities to harvest and process minerals in domestic and international waters.It tells the Commerce secretary expedite the process for reviewing and issuing exploration and commercial recovery permits.

It also calls on the Interior Department to develop a permitting process for projects in U.S. waters (called the Outer Continental Shelf).

Zoom in: A senior administration official said the Trump team estimates there are over 1 billion metric tons of deep-sea nodules available that could create many jobs and bring in over $300 billion in additional GDP over 10 years.The order also directs leaders of the U.S.

International Development Finance Corporation to explore ways to support seabed mining.That mirrors proposals from Trump's other EO on domestic onshore mining.What we're watching: The Metals Company last month said it's seeking federal permits from Trump officials for commercial deep-sea mineral extraction in international waters.

The Canada-based company said it has already met with with officials in the White House and the U.S. Congress.

They had also been seeking support from the Biden administration.Yes, but: The UN-affliated International Seabed Authority has not yet completed long-delayed rules for governing seabed mineral extraction in international waters..