Last week a group of eight deep seabed mining companies with exploration contracts in the Clarion Clipperton Zone (CCZ) sent a letter to the President of the International Seabed Authority.

One of those companies was the Cook Islands Investment Corporation (CIIC).  The CIIC is in a joint venture with Belgian company GSR.  In 2017, they formed Cobalt Seabed Resources Limited (CSR), which has exploration rights in the Cook Islands EEZ as well as in the CCZ

In their joint letter to the ISA President,  these eight companies stated that they had entered into contracts for the exploration of the seabed mineral resources in the CCZ.  They went on to express concern regarding the delay in turning these exploration licences into mining licences. They demanded that the mining regulations that are required before mining can start to be adopted this year, so they can move forward with their intended mining activity. 

In an attempt to justify this demand, they say they have made, and continue to make, their investment in exploration based on the legitimate expectations created at the time of their investment that they will get a mining licence. But at no time have they been told that after exploration they WILL get a licence to mine. There is no legal obligation to give anyone a licence. This is the same for the current exploration phase in Cook Islands waters. Though they are perfectly entitled to hope, none of the three companies which currently hold exploratory licences have a right to expect to be given a mining licence after the five year exploration phase is completed in early 2027.

The fact that a Cook Islands Government joint venture company is asking the ISA that exploitation (mining) regulations be approved this year, even though the rules governing mining still have a long way to go before being agreed, is embarrassing.

This also suggests that despite what our Government continues to say about mining not being a done deal, the intent is, and has always been, the issuing of seabed mining licences, regardless of what the exploration results yield.

They are throwing our hat into the ring with people reminiscent of used car salesmen, like Gerard Barron, CEO of The Metals Company that also owns Nauru Ocean Resources Limited, and Tonga Offshore Minerals Limited. It is a very bad look for the integrity and motives of the Cook Islands. 

The fact is, after nearly 15 years of exploration in the high seas of the North Pacific, companies have not been able to show that environmental impacts on our ocean will not be significant. If these companies are serious about wanting to mine, they should be asking for more time for their exploration, so they can do a better job of showing that the environmental impacts will not be so bad. 

Just one recent example which definitely requires more research is the discovery of oxygen being produced in deep sea nodule fields. This finding has profound implications for the deep-sea ecosystem. While the exact mechanisms and significance of this oxygen production are still under investigation, it challenges our understanding of the deep ocean and its delicate balance. Deep-sea mining, which would involve extracting these nodules, could severely disrupt this natural process, potentially leading to oxygen depletion and cascading effects on the deep-sea ecosystem. More research into the significance of this discovery is definitely needed before destroying these nodule fields by mining.

The bottom line is that these companies took the risk to venture into deep seabed mining, knowing full well that it may never happen. For some of them, it was a purely speculative move, hoping to make quick money on the share market and get out before shares plummet. It was always, and still is, a gamble.  Do these companies seriously believe they can show that deep seabed mining is such a good idea,  environmentally, culturally and economically? If not, rather than carrying on regardless, they should accept that they have made a bad bet, and step away gracefully.  Otherwise they can ask for an extension of their exploration permits, and do more comprehensive and transparent research to try and prove their case.