Russia's Deep-Sea Mining Rights Extended to 2031

Russia's exclusive rights to explore for polymetallic nodules in the northeastern Pacific Ocean have been secured until 2031. The contract, covering an extensive 75,000 square kilometers, was extended by Yuzhmorgeologiya and the International Seabed Authority (ISA).

These deep-sea deposits, found at depths between 4.7 and 5.4 kilometers, are rich in nickel, cobalt, manganese, and rare-earth elements. These metals are critical for various industries, including metallurgy for steel production and the manufacturing of electric vehicle batteries. Cobalt and manganese enhance steel quality, while copper, also present, is vital for electronics and infrastructure.

Globally, oceanic cobalt resources are estimated at 351.87 million tonnes, significantly more than on land. Manganese and nickel resources are also abundant in the ocean. Russia currently holds three ISA contracts, focusing on polymetallic nodules and cobalt-rich ferromanganese crusts in the Pacific, and polymetallic sulfides in the Atlantic, underscoring the strategic importance of these comprehensive mineral sources.