Deep Sea Mining Market should grow to US$15.3 billion by 2030: TMR Study
Published by Jessica Casey,
Global Mining Review,
The global market for deep sea mining should grow from US$650 million in 2020 to US$15.3 billion by 2030 at a compound annual growth rate (CAGR) of 37.1% from 2020 to 2030, reports a Trends Market Research study.
For the purpose of this report, deep sea mining is defined as a mineral retrieval process (mining) that takes place on the ocean floor. Deep sea mining is also alternatively known as ocean floor mining, ocean bed mining, sea floor mining or seabed mining. However, deep sea mining is different from shallow sea mining. Since deep water mining is a relatively new industry, there is no standard definition that segregates deep sea mining from shallow sea mining. However, various stakeholders in the industry as well as others active in the market generally agree that deep sea mining is the removal of minerals from sea beds deeper than 500 m.
Cobalt rich crusts, also known as cobalt crusts or cobalt rich ferromanganese crust, are rock-hard, metallic layers that form on the flanks of submarine volcanoes, called seamounts. It is estimated that slightly more than 55% of sea floor cobalt crusts are located in the Pacific Ocean. Cobalt crusts also represent a very large metal resource in the sea and contain a relatively large amount of cobalt compared to deposits on land and to manganese nodules. The largest share of metals in the cobalt crusts, however, consists of manganese and iron. Cobalt crusts are also called as cobalt rich ferromanganese crusts. On an average, most promising cobalt crusts lie at water depths of 800 – 2500 m.
Manganese nodules, also known as polymetallic nodules (PMN or PN), contain mainly manganese, along with other minerals such as iron, nickel, copper, titanium and cobalt. Manganese nodules are mainly present in the Pacific and Indian Oceans, in the wide deep-sea basins at depths of 3500 – 6500 m.
Seafloor massive sulfides, also known as sulphide deposits, originate at hydrothermal vents in the ocean where sulphide-enriched water flows out of the seabed. Massive sulfide deposits are expected to contain valuable metals such as copper, gold and silver. However, high temperatures around the hydrothermal vents make it is nearly impossible to carry out mining activities near the active vents; high temperatures would damage machinery and mining vehicles. SMS deposits typically occur at depths of 500 – 4000 m. Currently, the focus is on depth within 500 – 2500 m range as that is considered economical and profitable.
Read the article online at: https://www.globalminingreview.com/special-reports/03092021/deep-sea-mining-market-should-grow-to-us153-billion-by-2030-tmr-study/
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