Friday, July 27, 2012

Korea's underwater gold rush

The article is about two weeks old, but the New York Times had a story (covered in their July 9, 2012 podcast) on the recent surge in underwater mineral exploration, in which South Korea is a major participant:
Mr. Dettweiler has now turned from recovering lost treasures to prospecting for natural ones that litter the seabed: craggy deposits rich in gold and silver, copper and cobalt, lead and zinc. A new understanding of marine geology has led to the discovery of hundreds of these unexpected ore bodies, known as massive sulfides because of their sulfurous nature.

These finds are fueling a gold rush as nations, companies and entrepreneurs race to stake claims to the sulfide-rich areas, which dot the volcanic springs of the frigid seabed. The prospectors — motivated by dwindling resources on land as well as record prices for gold and other metals — are busy hauling up samples and assessing deposits valued at trillions of dollars.

''We've had extreme success,'' Mr. Dettweiler said in a recent interview about the deepwater efforts of his company, Odyssey Marine Exploration of Tampa, Fla.

Skeptics once likened mining the deep to looking for riches on the moon. No more. Progress in marine geology, predictions of metal shortages in the decades ahead and improving access to the abyss are combining to make it real.

Environmentalists have expressed growing alarm, saying too little research has been done on the risks of seabed mining. The industry has responded with studies, reassurance and upbeat conferences.

Robotic prospectors are less grizzly
and ultimately cheaper than their human
counterparts, but are also less likely to
inspire Jack London-esque novels.
The technological advances center on new robots, sensors and other equipment, some of it derived from the offshore oil and gas industry. Ships lower exploratory gear on long tethers and send down sharp drills that gnaw into the rocky seabed. All of this underwater machinery is making it more and more feasible to find, map and recover seabed riches.

Industrial powers — including government-supported groups in China, Japan and South Korea — are hunting for sulfides in the Atlantic, Indian and Pacific Oceans. And private companies like Odyssey have made hundreds of deep assessments and claims in the volcanic zones around Pacific island nations: Fiji, Tonga, Vanuatu, New Zealand, the Solomon Islands and Papua New Guinea.
On the surface of it (no pun intended), this sounds great: one could easily argue that the oceans, not space, is the last frontier, but environmentalists warn that we really don't know the true effects (and external costs, those not paid by the commercial actors but rather borne by others not sharing the profits) of mining the ocean. We had enough troubles with driftnet fishing, derisively described as "strip-mining the ocean," but this might result in actual strip-mining of the ocean.

And with clashing claims over Tokto, the Kurils, and islands in the South China Sea, this new semiprecious and precious mineral rush could lead to maritime territorial fights.

A miscalculation could result in a sort of "reverse alchemy," with the search for gold turning into battles with lead.

... Sphere: Related Content

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