Deep Sea MiningDSM destroys mining tax revenues
The minerals in the CCZ — cobalt, copper, nickel and manganese — are mined in dozens of countries. Last year they were worth about $300 billion. Mining companies paid about $40 billion in tax.
Governments lose more than they gain
Production from the sea would increase supply, potentially reducing price, revenues and taxes. Our scenario at peak production (2040) suggests governments lose more revenues from land-based mining than they gain from the sea.
Production of manganese, the mineral most affected by DSM, has risen to nearly 20 million tonnes.
Nickel production has tripled in recent years and now accounts for over 60% of world output.
Producing about 70% of global cobalt. The value of its copper is higher, but its price exposure is much less.
ISA should constitute the Economic Planning Commission
Article 151 of the UN Law of the Sea requires the establishment of a system to compensate land-based producers — but the Commission has never convened.