🎧 Listen: In today's episode of The Journal podcast, yusmkhan explains that mining companies are turning to a new source for metals needed in batteries: the ocean floor
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Yusuf Khan: One of the main things that you're seeing within the mining sector and within the battery sector is that we don't have enough resources.Yusuf Khan: We're really struggling to get things like cobalt, lithium, nickel, and because they're in short supply, we're trying to find out where we can get some more, where we can we get good grades and also try and avoid harming the environment.
Yusuf Khan: They look kind of strange. They're kind of like tennis ball size sort of rocks. They're essentially formed over thousands of years and their essentially sediments sort of come together, formed around iron oxide and manganese oxides and whatever sort of precipitates within the sea floor at that time. They can have their own foreigner on them and act as their own ecosystems themselves in terms of microbes and the smallest organisms you can think of.
Kate Linebaugh: The Metals Company is based in Vancouver, Canada. It wants to mine those nodules, so metals like cobalt and manganese can be extracted, which it says will help with the world's energy transition. The company has attracted a lot of investment. Last year it went public with a $2.9 billion valuation.
Kate Linebaugh: The ISA is working on creating a set of rules for mining the sea floor while also protecting the marine environment, and it could introduce those rules as soon as next summer. In the meantime, it's testing things out. Last week, the ISA allowed The Metals Company to begin a trial mining operation to see whether the mining will harm the environment.
Kate Linebaugh: Yusuf spoke to The Metals Company CEO Gerard Barron, about these environmental worries. Kate Linebaugh: Tourism accounted for two thirds of the Cook Islands GDP before the pandemic and when the pandemic hit, travelers were barred from entering the country. What did the leaders of the Cook Islands take away from their pandemic experience?
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