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By Michael R. Gipp

Marine Mining Inc. is currently exploring for marine alluvial gold and diamonds on a prospecting licence over a concession that covers 10,000 km2 of the continental shelf of Ghana. The boundaries of the concession extend from 0 30'W to 2 40'W, and between the shoreline and approximately the continental shelf edge north of 4 30'N. This concession extends from Kikam Beach in the west, to Senya Beraku in the east, a distance of approximately 240 km, and seaward an average of about 40 km. The concession is entirely underwater, with the exception of the estuaries of the Ankobra and Pra Rivers. Ghana has been a large source of alluvial gold, with historical production exceeding 25 million ounces. Southwestern Ghana is characterized by Precambrian rocks, which have been folded into a number of NE-SW trending synclines and anticlines. The most significant feature of the Birimian rocks is the presence of evenly spaced gold-bearing greenstone belts. They are 10-15 km wide, separated by about 90 km, separate basins filled by folded metasediments and granitoids. The rivers that enter the concession drain most of the exposed gold-bearing belts of Ghana. Given that approximately 2 km of erosion has taken place since the Mesozoic, and that gold mines on these belts boast proven reserves of over 55 million ounces, it is likely that large amounts of gold have been eroded out and carried to the sea. Coastal fractures, related to Precambrian structures reactivated during Mesozoic rifting, are responsible for the physiography of the coastal area, which consists of high-relief horsts separated by grabens that have been occupied and infilled by rivers or by finer sediments during times of elevated sea level. These fractures were loci of gold mineralization during the Precambrian, and are the source of alluvial gold in rivers confined by them.

Jan 1, 1998

By Yanis Miezitis, Gerald Mueller, Timothy F. McConachy, Ronald G. Sait, Keith R. Porritt, William J. McKay

In November 2004, Australia lodged with the United Nations Commission on the Limits of the Continental Shelf possible new maritime boundaries in relation to Australia’s continental shelf extending beyond 200 nautical miles from the Territorial Sea Baseline (Colwell and Symonds, 2005). If agreed by the commission, just over half of Australia’s land mass will lie below the sea, and Australia will have one of the largest marine jurisdictions in the world (14.41 million km2). With this jurisdiction comes a responsibility to manage and sustain the marine environment (McConachy, 2006). Knowledge of minerals and their resource potential is part of this responsibility but is generally poorly known (McConachy, 2005).

Aug 24, 2006

By Georgy Cherkashov

Shallow-water formation of marine ferromanganese nodules as well as their deep-water analogues is found throughout the global ocean. The Baltic Sea is a key province for the shallow-water type of marine minerals. The following main distribution areas of Fe-Mn nodules have so far been discovered in the Baltic Sea: the Gulf of Bothnia, the Gulf of Riga, Central Baltic area (Gdansk- Klaipeda) and the Gulf of Finland. The last area (Gulf of Finland/Finnish Bay) is the best studied from all aspects including geological prospecting and environmental assessment.

Sep 14, 2011

By Steven D. Scott

The 1991 PACMANUS Expedition (Papua New Guinea-Australia-Canada in the Manus Basin) discovered a very large (approximately 800 x 350 m) actively-forming seafloor polymetallic sulfide 4 deposit in felsic volcanic rocks of the southeastern part of Manus Basin, a 60 km wide extensional zone of basalt, andesite and dacite volcanism in the New Britain back arc. The apparent neo-volcanic zone is a 30-km long, high standing, Y-shaped edifice, which we have named Pual Ridge ("Pual" means "fork" in a local PNG dialect). The PACMANUS deposit was found by deep-tow video on Pual Ridge along the flank and adjacent valley of a dacite lava dome. Videos show large spires, chimneys and mounds with abundant fauna. Only two small samples from an active chimney were recovered. Their mineralogy is a high temperature assemblage of chalcopyrite, bornite, tennantite, sphalerite or wurtzite and anhydrite. The bornite and tennantite and silver rich. Gold values for the two samples are 2 and 10 ppm. A pronounced methane and particulate plume was traced in the water column for 14 km to the northeast of the PACMANUS deposit. Other deposits of unknown size are nearby. The deposits of Pual Ridge and their surrounding volcanic rocks have close similarities to ancient massive sulfides of Archean to Phanerozoic age in Canada and Australia.

Jan 1, 2011

By James R. Hein

Barite and Fe-Mn-oxide deposits that occur along faults in the Southern California Borderland formed by low-temperature hydrothermal processes. The Borderland region consists of block-faulted continental crust within the broad transform boundary of the North American plate. The fault-bounded basins are anoxic and partially filled with hemipelagic and turbidite sediments. Barite was collected from four dredges and a submersible dive (DSV4-355) in the southern California Borderland, and was collected from two sea-cliff sites along the Palos Verdes Headlands near Los Angeles. Barite at these seven locations occurs along strike-slip and basin-margin faults from the shoreline to 1800 m water depth. Submersible observations showed a series of mounds up to 10-m high composed of friable, white barite associated with diffusely venting milky fluid; the mounds support large benthic colonies, including tube worms (Lonsdale, 1979). Barite samples recovered from dredges are brown, green, and white and range from porous, vuggy fragments to massive fragments cut by banded barite veins. Samples from two dredge sites contain fossil worm tubes 1-3 mm in diameter and >10 cm long. All the samples are nearly pure barite, with only minor to trace amounts of other minerals. Chemical analyses show 94-98 wt. % BaSO4, low total rare-earth element (REE) contents (<45 ppm), Sr contents from <2 to 10,000 ppm, and Hg contents up to 1 ppm. Chondrite and shale-normalized REE patterns show light REE enrichments and large positive Eu anomalies. These REE pattern characteristics are typical of marine hydrothermal fluids and minerals. Sulfur isotope ratios (d34SCTD) from +21.6 to +67.4? range from seawater values (+21?) to exceptionally high positive values. Strontium isotope ratios are lower than the modern seawater ratio as well as the seawater ratio that existed at the time of deposition of the host rocks.

Jan 1, 2002

By Colin Devey

As marine research scientists we especially appreciate the uniqueness and complexity of the deep-sea hydrothermal vent fauna and environments, and are particularly interested in preserving vents for their scientific, aesthetic, ecological, and potential economic values. In fact, because of the specialized nature of the equipment required to work at deep-sea hydrothermal vents, such as occupied and unoccupied research submersibles, scientists are the primary group of people who have the opportunity to visit these extraordinary environments. The potential for significant impact of scientific activities on a single vent site or a population of vent animals pales in comparison to the potential for disturbance by volcanic/tectonic events or industrial mining/harvesting activities. Nonetheless, we recognize that some scientific activities could adversely affect individual sites or impact communities more than is necessary, if research activities are not carefully planned and executed. In addition, because only a limited number of sites are currently known and scientists from a wide variety of disciplines frequently work at single locations, we recognize the potential for use conflicts among scientists, at sites where scientific activity is intense.

Aug 24, 2006

By Rahul Sharma

Although, mining of minerals such as polymetallic nodules and sulphides from the deep sea floor has been delayed due to the combination of factors such as current availability of Cu, Ni, Co, Mn (and other metals) on land and their fluctuating prices; these deposits are still considered as the alternative source for metals in the 21st century. Exclusive rights for exploration in the ?Area? (beyond the national jurisdictions of any country) given to eight countries and consortia by the International Seabed Authority and the estimated resource of 300 million tonnes in a typical area of 75,000 km2 is expected to yield about $17.5 billion (at December 2008 metal prices) in 20 years life span of a single nodule mine-site. In order to recover 3 million tonnes of nodules, an area of 300 sq km only will be mined annually (i.e. <1 km2/day) for an optimum abundance of 10 kg/m2. However, during mining, large quantity (22 tonnes/day) of sediments associated with nodules would be resuspended that could lead to certain environmental impacts on the benthic ecosystem. Several small-scale benthic impact experiments in the Pacific and Indian Oceans, have given some insight into the possible environmental impacts and the restoration processes, but the possibility of extrapolating these findings to a commercial mining scale remains an issue to be considered. An estimated capital expenditure of $1.05 billion and operating expenditure of $4.2 billion for a single deep-sea mining venture will have to be weighed against the availability of mineral ores on land as well as the metal prices in the world market. None-the-less, development of technologies for mining and metallurgical processing, as well as formulation of regulations and guidelines for potential ?contractors? to mine these minerals have been progressing consistently. These coupled with recent efforts by certain ?entrepreneurs? to initiate mining of seafloor massive sulphides in the EEZ of certain countries, indicate the continuing interest and support the perception that such deposits could well be the future sources of metals. This paper analyzes the current status and discusses the economic, environmental, and technical issues that need to be addressed for sustainable development of deep-sea minerals.

Jan 1, 2010

By Katsuya Tsurusaki

Commercial mining of manganese nodules is expected to begin within the next 20 to 50 years in large areas of abyssal sea floor in the Pacific Ocean. While deep sea mining is expected to realize significant quantities of rare metals that are needed for modern technology, the mining operation will cause extensive resedimentation over large areas of deep sea floor, the effects of which are thought to be harmful to the benthic community. Our present knowledge of deep sea benthic ecology is so limited that we cannot predict the magnitude of the impact. In November 1994, the United Nations Convention on the Law of the Sea was enforced and giving added impetus to improving our understanding of the effects of future mining operations. In order to fully understand the impact of deep sea mining and to mitigate the harmful environmental effects, it is necessary to accumulate more information on the deep sea environment and benthic communities. To achieve these objectives and to understand the relationship between resedimentation and biological reaction, artificial impact experiments are being conducted by the USA and Germany. The former named BIE (Benthic Impact Experiment) began in 1991 and is being performed by NOAA (National Oceanic and Atmospheric Administration of the United State of America) in the North Equatorial Pacific Ocean. The latter named DISCOL (Disturbance and Recolonization Experiment in the Deep South Pacific Ocean) was started in 1989 and is being conducted in the South Equatorial Pacific Ocean by a scientific group from Hamburg University. The Metal Mining Agency of Japan (MMAJ) is also carrying out environmental studies. These studies, commenced in 1989, are being conducted in association with NOAA and include an experiment named the Japan Deep Sea Impact Experiment (JET).

Jan 1, 1996

By Peter Halbach

Within the frame of the German-Indonesian cooperative Bandamin research project two short cruises (7 station days each) were carried out which led to the Flores-Banda basin located north of the active volcanic arc. This basin is part of a large island-arc subduction-collision system resulting from a complex plate tectonic situation in which three major plates collide with each other. The eastern part of the Sunda-Banda convergent margin also includes the transition from subduction of oceanic lithosphere to collision of the Australian continental crust with the arc. This transitional part is cut and displaced by various large obliquely striking fault systems. Thus, the south eastern and eastern arc segments represent geological conditions which are suitable for the development of hydrothermal convection and potential mineral precipitation. Our study area lies north of the transitional section between Flores and Wetar. We started with a high-resolution bathymetric mapping of 240 km2 in a region some 36 km north of the island of Lomblen. A small submarine neovolcanic ridge was discovered striking approximately NW-SE and consisting of several submarine volcanic structures. In the northwest of the study area, the active subaerial Komba Volcano (Batu Tara) marks the youngest continuation of the ridge system examined. From the ridge we collected fresh and hydrothermally altered volcanics with disseminated sulfides (pyrite, pyrrhotite, markasite, and chalcopyrite), together with ferrugenous gossans.

Jan 1, 2004

By Lee Sung-rock

KIGAM (Korea Institute of Geoscience and Mineral Resources) has been doing various kinds of research works in marine minerals and energy resources exploration and utilization since early 1990s in Korea. In the presentation, the authors will introduce the recent research and development activities mainly focusing on the rare earth metals of the Pacific deep seabed Mn-nodules and gas hydrates which occur from Korean deep waters. KIGAM has been participating in the polymetallic manganese nodule exploration, mining and metal-extraction project, which is modulated by KIOST (Korea Institute of Ocean Sciences and Technology, formerly KORDI). Now KIGAM puts more focus on extracting precious and rare earth metals from the Mn-nodule as well as underlying sediments. The rare earth elements (REE) from seabed mineral deposits also draw attention to those countries including Korea which are lack in natural resources. KIGAM is doing several kinds of leaching experiments using various kinds of reagents under the different experimental parameters. Extraction of rare earth metals from deep sea nodule using H2SO4 and HCl solution showed good leaching effect. As the gas hydrates are to be evaluated as a new future energy resource globally, Korean government has initiated national R/D program covering fundamental exploration survey for resources assessment in Korean deep waters and production technology development. KIGAM plays a key role in seismic exploration, resources assessment, experimental

Sep 14, 2011

By Jun Lu

Compared with land mineral resources investigation, as well known, it is more important for marine geologists to get image data (e.g. photographs, video tapes and various charts) because they are often hard to reach deep seabed directly. In the past years a plenty of image data which are in various forms have been accumulated. In contrast with both digital and character data managing the image data by using database is just unfolding and it will be a trend for marine mineral resources investigation. GIS (Geography Information System) offers another useful means of processing image data, especially geological data. GIS is characterized by processing vector data (e.g. point, line and polygon), but newer versions of GIS software package are also able to process raster data (e.g. photographs etc.). The present author made a presentation on marine mineral image database during 25th UMI, but that system runs under DOS environment and dealt with only mineralogy. Recently a new system which integrates Oracle image database with GIS (ArcView version 3.1) has been developed. This system runs under Windows NT environment. In the network environment Server/Client mode is adopted, and over 200 basic subdatabases (tables)are located on Server; operating interfaces are located on several clients so that several persons can operate the system simultaneously. The whole system involves five types of marine mineral resources: manganese nodules, cobalt-rich crusts, polymetallic sulfides, phosphorites and gas hydrates. The data of every type of marine mineral resources described above are distributed among five units and several blocks. The units and blocks are described below:

Jan 1, 2000

By Tim J. Boyd

Gregg Marine, Inc. (headquartered in Signal Hill, California) has recently introduced an innovative seafloor drill system for offshore geotechnical site investigation and seafloor mineral exploration. The system is capable of working in water depths of up to 3,000 meters and is rated to drill to a depth of approximately 150 meters below mudline. The remote operated system integrates established drilling technology with proven Schilling telemetry and controls. The flexible nature of the patented wireline drilling technology enables the use of standard sampling systems (up to PQ-size core and 3? thin-walled tubes) as well as downhole testing systems (including CPT testing, vane shear testing, downhole sensors and borehole geophysical tools). The modular nature of the seabed drill system and the accompanying launch and recovery system (LARS) enables the use of local vessels of opportunity for projects resulting in reduced project costs and improved mobilization responsiveness times. Keywords: seafloor, seabed, geotechnical, drill, drilling, core, coring, sampling, CPT, cone penetration testing, borehole, logging, survey, exploration, ROV, remote sensing

Jan 1, 2011

By Pia-Maria Haselberger, Marc Schiemann, Christian Frühling, Nicolas Richter, Hendrik Wehner, Andreas Kaschube

"The paper provides the principle considerations for a novel vehicle class within the scope of the project Large Modifiable Underwater Mothership (MUM). The main idea for these ships is to create a highly modular building block system for the global layout. This building block system allows for a mission-dependent module assembly. For the purpose of deep sea mining for example, the range of tasks reaches from multipurpose transportation and exploration missions to supporting tasks in up to 5000 m depth, e.g. energy supply. Topics covered in this paper are related to potential missions for these vehicles, the modular layout and the structural layout of a separate block module. The paper closes with a conceptual design example for this class.Index Terms—MUM, UUV, underwater mother ship, autonomous underwater vehicle, modular, deep sea, conceptual designI. INTRODUCTIONAs one of the leading economic nations, Germany is in need of energy and raw materials. In the 21st century, marine resources are a prominent and promising alternative to land based resources. However, there are challenges that need to be considered. Rough and often poorly plannable weather conditions prevail distant to the marginal seas. Ice coverage makes offshore services inefficient and costly in Polar Regions. The average ocean depth of 3500m and the associated environment conditions cause difficulties in fulfilling tasks in the deep sea. The project Large Modifiable Underwater Mothership (MUM) [1] will enable more efficient solutions in order to accomplish undersea duties and services in harsh conditions.This joint project comprises workshares from Atlas Elektronik, EvoLogics, thyssenkrupp Marine Systems, the University of Rostock and the Technische Universität Berlin. The principle idea of the project is the conception of a novel vehicle class. With highly modular autonomous underwater vehicles, this class will be capable of undertaking a variety of different tasks. Classically engineered vehicle structures will be split into single basis modules which can be flexibly assembled with specialized mission modules to form potent systems for individual assignments. The group of basis modules consists of units for navigation, vehicle control, propulsion and energy generation via fuel cell technology. The potential reusability of system relevant modules leads to a significant cost reduction and to shortened development periods compared with conventional vehicle concepts. The integration of newly designed additional mission modules is possible with little effort and a separate commercialization of single modules is feasible."

Jan 1, 2017

By Sabrina Warwas, Thomas Kuhn

"Due to rising prices and increasing demand of raw materials over the last years, marine mineral resources including manganese nodules have become a focus of study for industry and science. Marine ferromanganese nodules consist of micro-layers of different chemical and mineralogical composition which incorporate metals of high economic interest (Ni, Cu, Co, Zn, Mo, Li, rare earth elements; Hein & Koschinsky, 2015).The varying composition of the layers depends on different growth processes, such as hydrogenetic (metal precipitation from the water column under oxic conditions; Mn/Fe = 3), diagenetic (metal precipitation from the sediment pore water) under oxic (Mn/Fe 3-10) or suboxic (Mn/Fe = 10) conditions; (Wegorzewski & Kuhn, 2014) or hydrothermal (metal precipitation from low-temperature hydrothermal fluids; Kuhn et al., 2003).METHODSIn this study, manganese nodules from three different locations of the Atlantic Ocean (Galicia Bank; Vema-Fracture-Zone and Brazilian Basin) were analyzed for their geochemical and mineralogical composition. Detailed information about the samples are given in table 1. The geochemical and mineralogical composition of bulk nodules were determined by XRF, ICP-MS/OES as well as XRD and the single micro-layers by high resolution analyses with electron microprobe and LA-ICP-MS."

Jan 1, 2017

By M. C. I. Modenesi, J. E. Smith, M. Salvá-Ramírez, G. M. Castro, J. C. Santamarina

Annual metal consumption per capita has increased several orders of magnitude worldwide since the turn of the 19th century, yet grades of terrestrial ores are decreasing as reserves dwindle. Consequently, deep sea metal deposits are gradually transitioning from identified resources to economically viable reserves. Deposits in the Red Sea deeps along the axial trough result from tectonic and local hydrothermal processes. Continental rifting and ocean floor spreading produce fresh oceanic crust; concurrently, seafloor evaporites flow into the spreading zone and form isolated deeps. The deeps are often filled with hot stratified brines maintained by locally discharged fluids during hydrothermal circulation. Metalliferous sediments precipitate from the brines within the deeps. The ongoing multipronged study at KAUST involves: (1) acoustic characterization of the metalliferous accumulations using advanced signal processing techniques that capture the physics of granular materials; (2) comprehensive mineralogical and textural characterization of sampled sediments using SEM, EDS, XRD, XRF, and ICP-OES; (3) multiphysics instruments deployed to measure undisturbed sediment properties in-situ; (4) development of a distributed seafloor observatory for monitoring field operations; (5) innovative concentration and separation technologies; and (6) new strategies for proper tailings disposal purposely conceived for the unique field conditions in the Red Sea deeps.

Jan 1, 2018

By Cornel E. J. de Ronde, Alexander Malahoff

Six active Kermadec arc submarine volcanoes, located between 34°S and 36°30&apos;S were mapped and sampled between April and July 2005, using submersibles Pisces V and Pisces IV aboard the mothership R/V Ka&apos;imikai-o-Kanaloa. The purpose was to study the relationship between hydrothermal activity, formation of hydrothermal mineral deposits, structure of the volcanoes, and the biodiversity of life associated with the hydrothermal vents. Of the volcanoes examined, all showed evidence of hydrothermal activity, including metal-rich plumes and helium anomalies. Only two of the volcanoes, namely Brothers and Clark, showed chimneys and surficial polymetallic sulfide deposition. Hydrothermal venting at a water depth of approximately 1,650 meters near the base of the northwest caldera wall of Brothers volcano has produced a field of chimneys, up to seven meters high and discharging black smoker venting. Temperatures up to 300°C were measured from the active vents. Clark volcano has a double cone summit at a water depth of 875 meters. The shallowest cone has a near-summit hydrothermal vent field with five-meter tall venting chimneys with smaller structures around the periphery. Water temperatures of 200°C were recorded for these chimneys.

By H. L. Gibson, U. Schwarz-Schampera, Mark Hannington

Ancient ore deposits provide important clues for the understanding of the origin and distribution of modern submarine hydrothermal systems. An analysis of the formation conditions, tectonic settings, and preservation of ancient seafloor mineral deposits from the recent geological past to the late Archean sheds light on the time-space relationships and diversity of mineral deposit types likely to be found in the modern oceans. Microplate tectonics that characterized ancient ore-hosting greenstone belts were strikingly similar to those active in volcanic arc environments of the western Pacific today. In such complex settings, oblique collisions, opposing subduction zones, and rapid changes in stress regimes (e.g., from compressional to tensional and back to compressional) were common, causing juxtaposition of diverse styles of mineralization. The world-class base metal deposits of the late Archean Abitibi greenstone belt of Canada, for example, were formed within a relatively short time span of ~20 m.y., in response to successive arc rifting, back-arc basin development, and exhumation of accretionary complexes along major arc-parallel crustal-scale faults. Similar processes and environments are important settings for metallogenesis in modern submarine volcanic arcs. Active marginal basins of similar size and representing similar stages of evolution are well represented in the western Pacific today and contain a similar suite of mineral deposit types. Examples from the eastern Manus Basin and adjoining New Ireland Basin (PNG) and in the Lau-Tonga-Kermadec arc-backarc system illustrate these similarities. Certain gold-rich volcanogenic massive sulfide deposits at the southern margin of the Abitibi greenstone belt (e.g., Bousquet and LaRonde deposits in the eastern Blake River Gp.) may be important ancient analogs of newly discovered gold-rich black smoker deposits found along the active fronts of today&apos;s submarine volcanic arcs.

Sep 24, 2006

By T. E. Sedysheva

The study of Co-rich manganese crusts has reached the level which allows to start prospecting works in the observable future, and furthermore, probably, exploitation of ore deposits. In this connection, among other goals, the necessity to analyze a distribution of ore bed parameters in details is quite urgent. Foremost, these are crust thicknesses in connection with landforms and elements of submarine mountains relief. This report is based on representative sampling made in course of research cruises run by SSC Yuzhmorgeologiya over guyots of the Magellan Seamounts. Crustal covers could overlie seafloor surfaces which are confined to a various landforms and elements of relief under the condition, that they are free of sediments. These are planed parts of a summit surfaces, edges, spurs, rectilinear parts of slopes, intermountain saddles and volcanic edifices. It is known, that crustal thicknesses are different at a various forms of relief [1]. We processed statistically the data around crustal thicknesses, which were sampled by dredging and submersible drilling (Tables 1, 2).

Jan 1, 2010

By Sang-Mook Lee

The Manus back-arc basin behind the New Britain Trench is one of the major sites of active seafloor hydrothermal vent-fields which are considered to be modern-day analogue of felsic volcanic-hosted polymetallic massive sulfide deposits abundant in ancient geological record. Many of these deposits represent multi-million dollar resources, and yet very little are known about the fundamental processes leading to their formation. In November 2000 January 2001, the PACMANUS hydrothermal system in this region will be targeted by the Ocean Drilling Program Leg 193 to investigate the internal anatomy. A number of observations that suggest that the tectonic, magmatic and hydrothermal processes in the eastern Manus basin spreading center are unusual in that they can not be explained by a simple back-arc opening due to subduction of the New Britain Trench. Geochemistry of submarine volcanoes in the eastern Manus basin, for instance, shows affinity to arc rather than back-arc type volcanoes. Yet these submarine volcanoes lie too faraway from the Benioff-Wadati zone. One hypothesis is that the magmatic and subsequent hydrothermal activity of this region is a direct result of the irregularities in the deep crust and upper mantle structure and that the tectonic process is controlled by the sharp inflection of the New Britain Trench. According to this hypothesis, the two major southeast-trending strike-slip faults in the eastern Manus Basin, Djaul and Weitin Faults, should extend farther down and join to the New Britain Trench. They would form a transform arm of the triple junction with the New Britain Trench southeast of New Britain Island and southwest of Bougainville Island forming the other two arms. A trench-trench-transform triple junction can not be stable over time, and therefore a slight change in the plate velocity may lead to a dramatic change in the configuration of the plate boundaries. If so, the instability of the triple junction may cause large tectonic deformations, such as mantle uplift under the Manus basin due to mantle rupturing by transform faults, and therefore may explain the arc-style volcanism and unusual compositions of hydrothermal deposits in the eastern Manus basin.

Jan 1, 2000

By James M. Cairns

Deep Sea Minerals Inc. (DSM) is a high technology marine minerals and biotechnology corporation. The corporation is currently engaged in a worldwide leasing program to acquire exclusive rights in specific Economic Exclusive Zones (EEZ?s) that DSM?s marine geologists have identified as prospective targets for seabed mines of copper, zinc, gold, and silver. In the last two years the corporation has assembled an international team, including some of the world?s leading marine research scientists and engineers, and has created strategic partnerships and alliances with world-class engineering and mining groups. Development of a marine mining venture has key requirements in common with most other mining ventures. These include financing, deposit location, property acquisition, deposit delineation, and permitting, as well as the collection, transportation, processing and marketing of the ore itself. DSM has made progress on all of these fronts, which is outlined in a general way in this presentation. Financing for the venture is clearly the first big hurdle to overcome. Deep seabed mining involves new technologies and significant up-front capital investment. Less than fifteen years ago, such financing would probably have impossible to achieve, given classical business models. However, with the spectacular success of high technology ventures in the areas of electronics, software, and biotechnology, new business models and investment strategies have evolved which put relatively high evaluations on intellectual property and exhibit relatively high confidence in new ways of doing things. DSM is taking full advantage of these changes in venture capital markets in its financial planning.

Jan 1, 2000