Loke Marine Minerals announced yesterday that it acquired UK Seabed Resources’ deep-sea mineral business.
UK Seabed Resources (UKSR) holds a 100% interest in two deep-sea mineral licences located in the Clarion-Clipperton Zone (CCZ) in the Pacific Ocean, sponsored by the United Kingdom (UK). The licences are issued by the International Seabed Authority (ISA). UKSR also holds a 19.9% interest in the Ocean Mineral Singapore ISA licence in the CCZ.
The CCZ licences contain polymetallic nodules that lie unattached to the seabed, typically at 3,500 – 5,000 m water depth. These nodules contain high concentrations of four metals that are currently essential for various technologies driving energy transition: cobalt, nickel, copper, and manganese. The CCZ holds the world’s largest, undeveloped resource potential of nickel and cobalt. These resources can secure the sourcing of critical minerals in the new geopolitical context.
Current resource estimate for the two licences is 750 million dry tons of polymetallic nodules. These numbers are expected to be revised upwards following new resource surveys planned for the coming years. Current nodule resource estimate corresponds to:
Nickel resources – 10 million tons, Cobalt resources – 1.4 million tons, Copper resources – 8 million tons, Manganese resources – 210 million tons
Prior to the transaction, UKSR had been a wholly owned subsidiary of Lockheed Martin UK. Through this transformative acquisition, Loke will become one of the largest licence holders in the CCZ.
Loke is developing a number of differentiating technologies that will aim to minimize the environmental footprint and improve industrial efficiency through safe and responsible operations.
Loke CEO, Walter Sognnes, commented: “This acquisition accelerates Loke’s exploration plans, and ambition to deliver the safe production of nodules with as minimal an environmental impact as possible. Loke aims to make a Field Investment Decision in 2027 and start production in 2030. We are excited to have the UK as the sponsoring state and see this as a natural continuation of the strong existing UK-Norway strategic cooperation in the offshore oil and gas industry.”
Norwegian Green Minerals has also shown an interest in the Pacific Ocean. In January, the company announced that it had entered into a letter of intent regarding the acquisition of a licence.
This article is mostly based on Loke’s press release of 16 March 2023.
