Jared Huffman: Deep Sea Mining is a 'Solution In Search Of A Problem'

Deep Sea Mining's Lack of Viability

• 💡 Deep sea mining is characterized as a solution in search of a problem, pushed by desperate companies seeking to secure permits before closer scrutiny reveals their proposals' flaws.
• 🎯 Advocates are attempting to rush the process, but the moment proposals face real examination, they tend to fall apart.

Questionable Beneficiaries and Economic Feasibility

• 💰 The primary beneficiaries are identified as a handful of CEOs and investors, not American taxpayers, communities in American Samoa, Guam, or the Northern Mariana Islands, American workers, or national security.
• 📉 With current technology, there is no credible case that extracting minerals from the deep sea is cheaper than land-based mining and processing; it is neither feasible nor commercially viable.

Industry Track Record of Failure

• bankruptcies highlight the industry's history of failure, with companies like Nautilus Minerals and Loki Marine Minerals going bankrupt after making similar promises of jobs, minerals, and profits.
• ⏳ The Metals Company has spent hundreds of millions, yet its timeline has slipped significantly, indicating financial instability.

International Law and US Standing

• 🌍 Companies involved in deep sea mining are headquartered in countries party to the UN Convention of the Law of the Sea, which prohibits mining outside the international framework.
• ⚠️ Issuing unilateral permits by the US could lead to it becoming an international pariah, with minerals never reaching the surface before vessels and facilities face legal challenges for violating international law.

Domestic Concerns and Alternatives

• 🇨🇳 Even mining in US waters is problematic, as extracted minerals would likely go to China for processing due to a lack of domestic facilities, undermining efforts to reduce reliance on adversaries.
• 🚫 American Samoa, Guam, and the Northern Mariana Islands have unanimously or strongly opposed deep sea mining proposals, citing risks to their fisheries, cultures, and ways of life.
• 🇺🇸 The speaker questions why the US is seen as fertile ground for these companies to circumvent laws and why the US would subsidize a speculative industry with a track record of failure instead of pursuing proven methods for obtaining minerals on American soil.