Search Documents

By Carolita U. Kallaur

In contrast with the United Kingdom, the Netherlands, and Japan, the marine mining industry in the United States exists at a very rudimentary level. Depletion of onshore resources has undoubtedly been an important factor in the development of marine mining industries abroad. However, the institutional framework presented by government can advance or present obstacles to the development of a marine minerals industry. The role of government involves questions of the degree of risk sharing between government and industry, as well as questions of the strategic and economic importance of developing the technology and the infrastructure to recover minerals. In 1984, the Minerals Management Service (MMS) created a program office to handle these questions and to respond to a potential increase in commercial opportunities that might result from the Presidential Proclamation establishing a U.S. Exclusive Economic Zone. A critical component to the success of the program has been the formation of partnerships with coastal States to pursue projects in areas of mutual interest. Such projects involve commodities showing commercial promise and strong public need. Such a cooperative approach lessens the risk of Federal, State, or private interests working at cross purposes.

Jan 1, 1992

By Stanley R. Riggs

Onslow Bay is a broad, shallow, high-energy shelf system bounded by the Cape Lookout and Frying Pan shoals. It is generally a sediment-starved shelf system dominated by hardbottoms with a scattered and discontinuous veneer of mobile Holocene sediments. Phosphate-rich beds of the Miocene Pungo River Formation crop out in a belt 150 km long and up to 50 km wide across the continental shelf in Onslow Bay, North Carolina. Previous research has demonstrated that a few of these beds contain vast quantities of potentially economic phosphate resources that occur in the surface and shallow subsurface sediments. Onslow Bay contains five phosphate-bearing beds predicted to include up to 20.7 billion tons of in-place phosphate concentrate with total sediment grades ranging up to 22.9% P2O5 and adjusted average concentrate grades of 29.8% P2O5. These phosphates are lithologically and chemically similar to phosphates currently being mined in the nearby Aurora phosphate district in North Carolina. Various lithologies of the Pungo River Formation and associated rock units of Oligocene and Quaternary age crop out on the sea floor to form extensive hardbottom habitats that dominate almost 100% of Onslow Bay. A large proportion of these hardbottoms appear to be sea floor deserts, whereas others are virtual oases with rich associations of benthic organisms. These important differences in benthic community structure appear to be greatly influenced by one or more of the following variables: 1) geologic framework (geologic formation, hardbottom composition, morphology, and spatial orientation relative to dominant currents and waves), 2) texture, movement, and accumulation of surface sediments, and 3) flow rates and chemical composition of discharged submarine groundwater.

Jan 1, 1992

By S. E. Boyd

Studies of benthic recolonization following the cessation of dredging in U.K. waters and elsewhere are limited, and are largely confined to experimental circumstances. Investigations of the physical and biological status of licensed areas in the U.K. at various times following cessation of commercial dredging are very limited and so judgments as to the likely progress towards environmental restoration and the time-scales are often based on predictions rather than real data. This study was established to address this deficiency by assessing the status of seabed substrata and associated benthic fauna within and outside areas where dredging had ceased and to conduct follow up sampling to monitor progress towards full recolonization.

Jan 1, 2004

By Cees van Rhee, Rudy Helmons

INTRODUCTION Seafloor Massive Sulphides are typically found near the oceanic ridges at larger water depths (>1km). The physical properties of SMS, as shown in table 1, are comparable to the properties of weak rock. One of the technical challenges to enable extraction from these locations is the cutting or excavation process. Experiments have shown that the energy needed to excavate the material may increase with water depth (Alvarez Grima et al. 2015). Besides that, it is demonstrated that rock that fails brittle in atmospheric conditions can fail more or less in a plastic fashion when present in a high pressure environment, as would be the case at large water depths. The goal of this research is to identify the physics of the cutting process and to develop this into a model in which the effect of hydrostatic and pore pressures is included. The cutting of rock is initiated by pressing a tool into the rock. As a result, at the tip of the tool a high compressive pressure occurs, which leads to the formation of a crushed zone. Depending on the shape of the tool and the cutting depth, shear failures might emanate from the crushed zone, which will eventually expand as tensile fractures that can reach to the free rock surface. Through this process intact rock will be disintegrated to a granular medium. For an overview of the process (figure 1). Additionally, the presence of water in the pores of and surrounding the rock influences the cutting process through drainage effects. The most relevant effects are weakening when compaction and strengthening when dilation occurs in shearing and tension. Deformation of the rock causes the pore volume to change, resulting in a under or over pressure. As a result, the pore fluid needs to flow. The magnitude of the potential under pressure is limited through cavitation of the pore fluid, limiting further reduction of the pore pressure (figure 2). The drainage effects cause the rock cutting process in a submerged environment to show a stronger dependency of both the hydrostatic pressure as well as the deformation rate (figure 3).

Jan 1, 2018

By J. W. Jamieson

"The future of the marine mining industry is tied to the resource potential of the seafloor. Everything from economic feasibility, policy decisions and environmental impact assessments to extraction techniques and mining tool design rely on an understanding of the size, composition, and distribution of the deposits. Development and regulatory decisions must ultimately be tied to not only the grade and tonnage estimates of individual deposits or groups of deposits, but also an understanding of the uncertainty of these estimates. Here, we will discuss how seafloor massive sulfide (SMS) deposit grades and tonnages are evaluated, and the sources of the uncertainties associated with these values.TONNAGE UNCERTAINTYFirst-order tonnage (size) estimates for SMS deposits are primarily determined from calculating the volumes of material that occurs as positive bathymetric features on the seafloor. The extent of sulfide mineralization on the seafloor can be determined either from visual surveys (camera-tow, remotely-operated vehicle (ROV), or human-occupied submersible surveys) or from volume calculations of bathymetric features identified from digital elevation models of the seafloor, or a combination of both methods. For bathymetric models to be used to identify deposits in the absence of visual groundtruthing, data resolution of 1 m or less is generally required to confidently identify a feature as being hydrothermal in origin (as opposed to a volcanic or tectonic feature), and therefore near-bottom multibeam data acquisition (e.g., using autonomous underwater vehicle (AUVs) or remotely operated vehicles (ROVs) is required (Fig. 1). Specific characteristics of bathymetric features, such as shape, slope angles and surface roughness can be used to identify features of hydrothermal origin (Fig. 1). However, so far, bathymetric features mapped at a resolution of ~1 m cannot be relied upon to unambiguously distinguish a sulfide mound, and the additional use of multiple AUVmounted sensors, such as magnetometers, which can be used to detect hydrothermal upflow zones, or self-potential sensors, which detect electrical fields related to the oxidation of sulfide minerals, can increase the confidence that a bathymetric feature is indeed a sulfide body, without the need for expensive and time-consuming visual surveys (c.f. Petersen et al., this volume)."

Jan 1, 2017

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 Benoît Waquet

In a context of scarce mineral resources, coupled with an increasing global demand in metals due to the exponential growth of newly industrialized countries, the mining industry will inevitably have to deal with tomorrow?s resources: underwater deposits. Three types of offshore deposits are known to date: polymetallic nodules, cobalt-rich crusts and hydrothermal sulphides. The latter, regarding the political-economic context, is now considered most likely to be exploited in a near future. Operating a mine critically requires accurate knowledge on geotechnical properties of the ore. A question is thus to be asked: Is there a particular spatial organization of geotechnical properties in a hydrothermal sulfide mound? In the present study, geotechnical properties have been measured for 29 sulfide samples of known origin, completed by 14 measurements on Western Pacific specimens from Yamazaki et al. (1990) and Yamazaki and Park (2003). From these geotechnical data on 43 sulfide samples, we can provide some answers to this question above, crucial for future exploitation of underwater mines.

Jan 1, 2010

By Wilhelm Schwarz

Manganese nodules lay in vast areas of the deep sea floor. Ideal harvesting conditions for a manganese nodule field are dense nodule abundances of nodules between 20 and 60 mm diameter and a metal content as high as possible. With regard to the development of collector technology, the properties of the deep sea soil, in which the nodules are embedded and to which the nodules stick, are of major interest. The forces for loosening the nodules have to be provided by the collector. For this purpose water jets and/or mechanical devices can be employed. For the choice of the best collecting procedure, various criteria, such as collecting rate, energy consumption and the environmental impact on the eco system of the deep sea floor, have to be considered and weighted as to their importance. Nowadays, the concept of a mining system with a flexible transport hose and a self propelled collecting machine is increasingly accepted among the expert community. With regard to the trafficability of the deep sea soil with a self propelled mining machine, the mechanic properties of the soil and the morphology of the deep sea floor are of special importance. The manganese nodule fields, which are interesting with regard to their recoverability, are mostly in the areas of tectonic fracture zones, at which the morphology of the sea floor is formed by vulcanic activities. In these areas, deep sea mountains, pits and other obstacles exist that have to be driven around if not trafficable.

Jan 1, 2003

By R. P. Das

Processing of polymetallic nodules poses several challenges to metallurgists. These include the presence of at least 80 elements in nodule, presence of Ni, Cu, Co in no specific mineral form, presence of almost 30 % seawater in freshly collected nodule, and collection of slime along with the nodule. For almost 40 years, several research groups from all over the world are engaged in developing an appropriate process to extract metals from poly-metallic nodule. These processes have been tested in scales varying from few grams to several hundred kilograms (Das, 2001; Jandova, 2001). All these tests helped in defining various parameters for processing, and simultaneously brought out some of the inherent problems of processing nodules. Based on the information and the experience of all these studies, in recent years, most research groups, involved in developing metallurgical processes for nodule, are focusing their efforts in two or three alternative directions. While attempts are made to overcome some of the major challenges in processing, several new ones crop up. The difficulties are further compounded because no mining system is operating to generate some of the data required for process development. The aim of this presentation is to highlight the research efforts, and to identify areas requiring special attention of a process developer.

Jan 1, 2003

By Jayne Holden

Development of a deep-sea mining system is a new and interesting field of research. Commercial mining of the ocean floor for SMS deposits is yet to occur, and while exploration of the undersea has been undertaken by various research institutes exploitation of SMS deposits is yet to be investigated in detail. Industry has been stimulated by the potential development of economically viable deep-sea mining methods. The establishment of deep-sea mining production has also been encouraged by industry trends. These include the success of the oil and offshore diamond industries, scientific advances in computer modeling, technological advances in undersea exploratory equipment and further development of the Law of the Sea. This project also presents an opportunity to build on UNSW?s established reputation, positioning the Mining Research Centre as a leader in this specialized field of research. This project aims to form a greater understanding of the environmental conditions associated with SMS deposits, detailing the physical, biological and chemical characteristics of typical ocean floor sites from an environmental management perspective. With the aid of previous numerical models and disturbance experiments that have been conducted at various ocean floor sites worldwide, new virtual reality models will be developed to enable assessment of the environmental impact of the undersea mining process. These models will simulate seafloor systems prior to mining through various stages including particle distribution and sediment disturbance, to illustrate the impact of a number of proposed mining techniques. The model will allow users an interactive virtual experience of a potential SMS deposit site where hotspots can be identified and mining processes can be demonstrated. This initial baseline model will help to establish generic parameters, which can then be modified and tailored to simulate a wide range of deposit sites and differing mining processes. These models will be validated with the development of appropriate physical modelling.

Jan 1, 2002

By David G. Jones

Radiometric surveys of the beach and nearshore zone of the Dutch Frisian Islands have identified sands enriched in heavy minerals. The areas of heavy mineral concentration have been mapped in detail using a state of the art towed gamma-ray detector, which gives improved sensitivity through the use of new detector materials and improved data processing techniques. The detector provides continuous measurement of sea floor radioactivity (and of a number of other parameters) and can be used simultaneously with other survey techniques, such as echo sounding, sidescan sonar and shallow seismic profiling. It enables a rapid, and cost effective, assessment of the surface distribution of heavy minerals to be made. The heavy mineral suite includes magnetite, ilmenite, garnet, rutile and zircon. These minerals contain 1-3 orders of magnitude more U and Th, in terms of their activity concentrations, than the accompanying light minerals (mainly quartz). Since the heavy mineral composition of the sands appears to be relatively constant along the Dutch Frisian Island chain, the U and Th concentrations can be used to provide a quick estimate of the heavy mineral content. The sea floor radiometric measurements allow sediment sampling for more detailed analysis to be highly targetted. The zones of heavy mineral enrichment are generally sub-parallel to the coast and are usually confined to water depths of 5-10 m. There is a close correlation with sand bars on the shoreface, the highest radioactivity typically occurring just seaward of the crest of these features. As well as being used for heavy mineral exploration, similar radiometric methods can be applied to mineral processing. Gamma-ray detection systems can be used to provide rapid analysis in the process stream enabling on-line grade control and optimisation of processing, from excavation of mineral sands to the final products.

Jan 1, 1995

By Kiseong Hyeong

The Intertropical Convergence Zone (ITCZ), where the southeast and northeast trade winds converge, is the effective climatological barrier that separates the southern and northern hemispheres in terms of dust budget. Asian and N. American dusts dominate in the Pacific north of the ITCZ, while Central and S. American dust prevails south of the ITCZ. In order to understand the nature of latitudinal and depth-related variations of mineral composition in terms of position relative to the ITCZ, deep-sea core sediments were collected from 9°N to 17°N at a 2° intervals along the 131.5°W meridian and analyzed for mineral composition. The amount of illite in surface sediments decreases gradually from 65% at 17°N to 31% at 9°N. In contrast, smectite increases from 11% to 56% southward. The observed mineralogical variation toward the ITCZ is attributed to the increased supply of volcaniclastic material transported via the southeast trade winds from the Central and South America source regions. Smectite-illite transition, a phenomenon that the amount of smectite increases over illite, occurs at around 10°N, the northern margin of the ITCZ. This result indicates that the change in latitudinal position of the ITCZ in the geological past could be recorded by the smectite-illite transition in deep-sea cores. The cores studied show down-core variation of mineral composition from illite-rich at the surface to a smectite-rich clay suit at depths, similar to the latitudinal variation. The smectite-illite transitions observed in these cores are likely the records of changes in latitudinal position of the ITCZ. The depth and age of the smectite-illite transition is getting shallower and younger towards the equator, implying that the ITCZ was located farther north during late Tertiary and has shifted southward to the present position of 5°N~10°N.

Jan 1, 2004

By Charles W. Finkl

Coastal and marine aggregate (sand and gravel) mining on US continental shelves is a major activity that supplies industrial and commercial demands for these raw materials. Because Pacific, Atlantic, and Gulf coasts contain significant shoreline segments that are in a critical state of erosion, sand-gravel and mixed sediment (sands with a high percentage of silt-plus-clay) deposits are mined in efforts to mitigate land loss. Sandy shores, and to a limited extent gravel coasts, erode by shoreline retreat due to relative sea-level rise and sediment starvation in littoral drift patterns. Mostly gravel shores occur in high latitudes and shorelines often advance seaward due to isostatic rebound following the LGM (Last Glacial Maximum 18,000 YBP). Sandy and fine-grained shores occurring in middle and low latitudes of the conterminous United States are problem coasts that require beach renourishment and reconstruction of barrier islands. Muddy coasts of the Mississippi Delta region are especially problematic because some islands are literally disappearing in response to subsidence. Replacement of sediments lost to the littoral drift system or returned to sedimentary sinks by drowning is thus a critical endeavor that involves annually dredging hundreds of millions of cubic meters of sediments from the continental shelf area. The types of shelf sediments that are amenable to marine mining techniques, their occurrence, and means of detection are highlighted in this paper. Minable Sediments on the Continental Shelf Wide varieties of sedimentary bodies that occur on the continental shelf are amenable to mining for beach renourishment and barrier island (beach-dune-marsh system) reconstruction. Relict terrestrial deposits make up a small but important proportion of shelf sediments that were deposited on coastal plains, now drowned by the post-glacial sea-level rise to form continental shelves. Examples of these deposits include drowned moraines, outwash plains, eskers, and kettles along the northern Atlantic coast in addition to siliciclastics along middle latitude Pacific, Atlantic, and Gulf coasts. Special cases include carbonate sequences along tropical costs of Florida and the muddy coasts of deltas, mostly in Louisiana. Specific types of minable deposits thus include shoreface attached sand sheets, dunes, and ridges in addition to offshore inter-reefal sands (between coral reefs in the Florida Reef Tract), bank deposits, and sand waves (ridges) that extend into US territorial waters. Nearshore siliciclastics include ebb-tidal deltas and bars. Drowned river valleys occur along all three US coasts and can be exploited for their fluvial sands if the covering mud sheets are thin.

Jan 1, 2005

By Shinichi Takagawa

The deep sea hydrothermal deposits are one of the most prospecting resources, and various works to develop these mines are now underway. There are also various methods for the pre-site survey of the mines: acoustic survey, electro-magnetic survey, and others. However, as a precise method at the final survey, drilling/coring is indispensable to confirm the three-dimensional distribution and to grasp the dignity of the ores for the final decision of industrialization. This drilling/coring at the final survey is done at many points with distance of 15~25m between each point for on-land deposits. This means that 1km by 1km square area requires (1,000m/25m)2 ~ (1,000m/15m)2 = 1,600 ~ 4,500 holes. The drilling/coring depths will be around 30m or more for the hydrothermal deposits. This depth seems very shallow, but because the stratum is very brittle and is very difficult to core, the average core recovery ratio is around 50%, and 0% core recovery happens very often. Thus, the indispensable work of coring for grasping the dignity of ores is a very difficult work although the coring depth is shallow, and also the required number of holes is enormous. Conventional drilling/coring method on the ocean is to use drillship. However, the cost is very huge. Recently a new technique has come out which is to use remotely controlled drilling machine on seafloor. This machine seems to have a very good performance. However, it is reported that the available inclination of the seafloor where the machine sits on must be less than 15 degrees. The sea floor inclinations of active hydrothermal vents area are usually very steep and slopes of 45 degrees or more are prevailing and it seems very hard to carry out drilling/coring for the machine at these steep slopes, although it is impossible to mine the ore at these areas because the temperature is too high to work there. The inclination of the sea floor at the dead or paused hydrothermal vents area where ore recovery is possible may be not so steep, and the machine may work well. However, the required number of holes is still a very heavy burden. In order to solve these problems, the author proposes a new concept of drilling/coring system operated from a conventional research ship. This concept is still a desk plan, but the author wants to realize this system at any means.

Jan 1, 2011

By Geir Johnsen

Hyperspectral remote sensing has been used extensively on land to identify minerals for the mining industries. An underwater hyperspectral imager (UHI) has been developed at the Norwegian University of Science and Technology. It captures optical fingerprints within the spectral range of 400-700 nanometers, with 1 nm resolution. The UHI has been tested on nodules and SMS deposits in the laboratory and on the sea floor to establish if this technology can be used to identify marine mineral deposits, to determine type of deposit and distribution.

Jan 1, 2010

By Stewart B. Nelson

With the pending U.S. ratification of the United Nations Convention on the Law of the Sea (UNCLOS), the subject was raised as to the Convention&apos;s potential impact on U.S. ocean science. The Ocean Studies Board (National Academy of Sciences) elected to convene a two-day workshop in October 1995 to consider the potential impacts and to determine whether or not they warranted a more formal and intensive study. A review of the workshop discussions and deliberations concerning the matter of UNCLOS and U.S. ocean science will be presented.

Jan 1, 1996

By Hunsoo Choi, Sang-Mo Koh

Manganese nodule, the aggregate of fine grained manganese oxide minerals, is very brittle and fragile. In exploitation of manganese nodule, manganese nodules are easily broken into small pieces or powder during collecting and lifting from the sea floor. The broken manganese nodule under few millimeters and bottom sediment pumped up with manganese nodule affect to the lifting process. In this study, we tried to understand the physical properties of the powdered manganese nodule and bottom sediment, and to know the effect which may be rised to the actual mining of manganese nodules.

By L. B. Khershberg

According to geochemical specialization, cobalt-manganese crusts (CMC) of the Magellan Seamounts are rich in cobalt and manganese and are complex in composition. Besides cobalt, manganese, and nickel, they contain such components, as platinum, copper, molybdenum, and rare earth elements, which enhance the value of this material. Factors and conditions responsible for Co-Mn ore-genesis and processes of cobalt-manganese crust formation are described in a number of Russian and foreign geological papers. The study of ore-concentrating processes in the Magellan Seamounts helped to solve an important applied problem, namely to reduce the time needed to reveal the factors of CMC formation mechanism. The authors of this research found seawater over the described area of Magellan Seamounts to be stratified and to contain high concentrations of manganese, iron, cobalt, nickel, copper, lead, and zinc. Diagrams of suspended Co, Mn, Ni, and other components in seawater (0-5500 m), as well as medium concentrations of basic elements (Co, Mn, and Ni) in ore deposits of metallogenic levels of Magellan Seamounts, were found to coincide both on guyots and abyssal plains. Detailed geological study of guyots in the Magellan Seamounts (Dalmorgeo, IOAN, Roskomnedra, and others) revealed that medium Co-Mn crusts cover bedrock rocks in narrow ribbon-like bodies along the edges of bathymetric intervals 1300-1600 m, 1400-2000 m, 2000-2500 m, and 2500-3000 m.

Jan 1, 2004

By Bjørn Eske Sørensen, Kristian Drivenes, Przemyslaw Kowalczuk, Kurt Aasly, Gavyn Rollinson, Ben Snook

Efficient and successful mineral processing is dependent on detailed knowledge of the materials and minerals that are to be separated and concentrated. Common bulk methodologies such as XRD and XRF are fast and easy, and can provide an overview of the mineralogy and bulk chemistry of the material. However, they will not provide any textural information. Knowledge of the often intricate interaction between minerals in seafloor massive sulfide deposits is crucial in plant design for mineral processing. Samples from the Loki’s Castle hydrothermal vent have been characterized by X-ray diffraction (XRD), X-ray fluorescence (XRF), optical microscopy, Scanning Electron Microscopy (SEM), QEMSCAN, Electron probe microanalyzer (EPMA), and Electron Backscatter Diffraction (EBSD). Processing experiments used froth flotation and leaching techniques. The typical line of operation in ore characterization is shown in Figure 1. Mineral processing may be commenced after any stage of ore characterization. However, it is ideal to have completed as many steps in the ore characterization as possible in order to have the most information of the initial feed material. The main economic minerals in the samples are isocubanite (CuFe2S3), chalcopyrite (CuFeS2), and sphalerite (ZnS), with minor galena (PbS) and trace amounts of Au and Ag. The minerals show complex intergrowth textures down to the nanometer scale. These samples exemplify the need for advanced microtextural analyses to adequately characterize ore material prior to processing. The complex textures hamper the use of flotation as an efficient technique, due to the inability to sufficiently liberate the different minerals and problems with selectively floating isocubanite. Thus, leaching was the preferred method for extracting metals.

Jan 1, 2018

By Andrew G. Hudson

The long-term economics of each of the four principal metals in marine manganese nodules (copper, nickel, cobalt and manganese) was evaluated to determine the anticipated viability of a nodule mining venture based on existing studies of the potential profitability of a nodule project. This included assessments of the lifetimes of land-based reserves, and examination and econometric modelling of the economic variables thought to affect nodule metal prices and demand. These analyses demonstrated that a) land-based reserves of the nodule metals were likely to last well into the future (100 400 years); b) average nodule metal paces were likely to stay a low levels for the foreseeable future; and c) the expected revenue stream from a twenty- ear nodule mining venture was substantially (42%) below that required to attract the necessary investment capital for such a high risk venture.

Jan 1, 1996