U.N. deep-sea mining rules unlikely to be completed by 2023 deadline, Latin American countries say.
BOGATA — Regulations governing deep-sea mining will take longer to finalize due to the global pandemic, a group of Latin American countries said, creating uncertainty for companies looking to mine the sea bed for metals, including cobalt and nickel.
The delayed negotiations also pose a potential difficulty for companies seeking financing from investors to mine the sea floor.
The U.N.’s International Seabed Authority (ISA) is working on global rules covering sea bed mining, which is not allowed until the regulations are finalised.
The tiny Pacific state of Nauru has tried to speed up the process by triggering in June a two-year deadline for the rules to be completed. Nauru is a sponsoring state of mining company The Metals Company subsidiary Nauru Ocean Resources Inc (NORI).
Read more: https://vifreepress.com/2021/10/u-n-deep-sea-mining-rules-unlikely-to-be-completed-by-2023-deadline-latin-american-countries-say/