Norway has temporarily halted its deep-sea mining plans by postponing the first licensing round until at least 2029, following a political agreement with the Socialist Left Party for the state budget. The four-year delay to exploration and extraction activities in Norwegian waters was achieved through budget negotiations, although the government maintains its underlying policy has not changed.
The decision has been welcomed by environmental groups like the WWF and the Deep Sea Conservation Coalition as a major win for environmental protection, while the industry sees it as a temporary setback.
However, the Norwegian government has emphasized that this does not constitute a reversal of its long-term policy, saying it plans to use the hiatus to conduct further research and finalize regulations before any potential licensing round in the future. Norway has considerable deep-sea resources, including vast deposits of minerals like cobalt, copper, zinc, and rare earth elements, crucial for green technologies like batteries and wind turbines. These resources are found in areas such as polymetallic sulphides near hydrothermal vents and in manganese crusts on the Norwegian continental shelf. Norway’s long-term goal is to develop sustainable deep-sea mining, though significant environmental concerns and scientific uncertainty remain.
But Norway is hardly alone here. The battle for the Arctic’s critical minerals has heated up lately, thanks to surging global demand for materials essential to the green energy transition and climate change, making resources more accessible. The United States, China, Russia, and Canada, as well as Nordic countries such as Sweden, Finland, Norway, and Denmark (Greenland) are now working to secure their own supply chains and reduce reliance on China for processing these materials, often through the development of new mines within their own territories.Â
The Arctic holds a wide range of strategically important minerals, though distribution varies sharply by territory. Greenland’s mapped zones contain rare earth elements needed for magnets and electronics, while northern Sweden’s mining belt produces REE-bearing ore alongside established copper and iron operations. Other parts of the high north contain documented occurrences of germanium, gallium, antimony, titanium, and tungsten tied to specific hard-rock formations rather than region-wide deposits, along with pockets of gold, silver, copper, zinc, platinum, and palladium.
By Alex Kimani for Oilprice.com
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