Minerals Report - International Seabed Authority

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SUMMARY OF THE PRESENTATION AND DISCUSSIONS ON FINANCING EXPLORATION FOR SEAFLOOR MASSIVE SULPHIDES DEPOSITS Summary of the presentation. Mr. Malnic said that when he was asked to speak about critical factors in financing seafloor massive sulphides exploration, initially it sounded a little bit difficult but fairly soon he realized that it was actually very easy because he only had to dig through Nautilus’ experience. He said that his presentation would try and touch on a very wide range of aspects involved in financing massive sulphides exploration. He added that many of the factors are non-technical and that they relate to the kind of information that investors look for, the kind of returns that investors are seeking, and why some investors want to put money into mineral deposits such as seafloor massive sulphides. He said that Nautilus <strong>Minerals</strong> Company has been seeking financing from public and private investors and institutions. In this regard, Mr. Malnic pointed out the range of different types of capital and said that the purposes of each type of capital vary. Mr. Malnic said that with exploration for seafloor massive sulphides barely half a decade old, there are no good statistical models for raising exploration finance for such deposits. Mr. Malnic said that whilst raising exploration financing for seafloor massive sulphides has a lot in common with traditional capital raising for land-based deposits there are some significant differences. Mr. Malnic said that when established in 1994 as a pioneer in this field, Nautilus <strong>Minerals</strong> had no idea of what to expect. Recalling the sequence of events, he said that the company’s first act was to apply for mineral licences in the waters of Papua New Guinea. When the licenses were granted, Mr. Malnic said that the whole world took off for the company. He also said that there was a large media interest. He said that one of the options being considered by the company is whether to offer shares of the company to the public. He noted that with this approach, Nautilus would be required to offer the titles for the deposits as security for the transaction. He said that the project capital being sought INTERNATIONAL SEABED AUTHORITY 346
would be to build the mine. He also said that traditionally mines are fixed to a country, and are very expensive to build. He said that it was the considered opinion of his group that although the capital requirements to build the seafloor mine at PACMANUS would be in the range of US$150 – 200 million, this would be far less than a typical terrestrial mine and that the “ seafloor mine” could also be transported. Mr. Malnic said that Nautilus’ task is to explain to investors why the seafloor deposit is attractive. In this regard, Mr. Malnic said that a lot of work has had to be done to structure a package for proposals to investors. He emphasized that a basic rule for raising capital is that the use of capital should be presented in a clear and detailed way, noting however that this could be an early catch 22 for this type of mining that has no precedents. Mr. Malnic pointed out that for traditional land-based exploration the steps involved in development included reconnaissance exploration, target identification and resource definition. He also pointed out that for land-based exploration, it is difficult to accurately cost these stages. He said that in their efforts to raise capital, potential investors expect to see the project described in this format. With no model to follow, Mr. Malnic said that Nautilus has therefore had to overcome this difficulty and to invent new descriptions that reflect these stages. Dr. Malnic used as an example, the difficulty in projecting how much ship time would be required to effectively explore 5,000 square kilometres of the Bismarck Sea. He pointed out that once plumes are discovered, their origins have to be tracked down. He also pointed out that the length of time required to meet this objective is unknown. Whatever cost estimates are used, Mr. Malnic said that there isn’t an experience base to underwrite those projections. Mr. Malnic said that Nautilus has also had to describe to potential investors the nature of the business for which it seeks investment and noted wide differences in potential interest in Nautilus. In this regard, he pointed out that some Engineering Firms want to invest solely in technology development and intellectual property assets, while major mining houses want to own the mineral deposits and the stream of concentrates that would INTERNATIONAL SEABED AUTHORITY 347
Page 2 and 3:
Workshop on Minerals Other than Pol
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Published in Jamaica 2004 by the In
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Chapter 6* Impact of the Developmen
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PART 4 REGULATORY AND PROMOTIONAL F
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The Authority designates one of two
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deposits and gas hydrates of the co
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Prof. Chris German, Challenger Divi
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Mr. Sven Petersen, Research Associa
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SECRETARIAT Ambassador Satya N. Nan
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is to submit “an application that
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that was established to help protec
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on the continental margin. He state
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with the German firm Preussag. As p
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metre or metres of these black smok
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nodules in terms of these metals -
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Professor Herzig stressed however t
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While noting that the continuity of
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asal diameter at 1,600 m water dept
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discovery of the new hydrothermal s
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esearch cruises dedicated to ferrom
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global mid-ocean ridge system. He p
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athymetric map of the seafloor. A s
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were encouraging. In the course of
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that this matter was sensitive, he
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complete a preliminary evaluation o
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metals - nickel, cobalt, manganese,
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12. Issues to be taken into account
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entities. Many of them included min
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In this regard, the Secretary-Gener
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According to Dr. Vysotsky, as estim
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With regard to current knowledge ab
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Dr. Corbett gave a brief account of
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River resulting in the introduction
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Ms. Zaamwani pointed out that as th
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geochemical and geotechnical survey
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of its continental shelf through bi
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also stated, is similar to that of
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Chapter 7 Technical requirements fo
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Table 1: Classification of marine m
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Volcanogenic Metalliferous sediment
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deposits, including massive sulphid
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3. Marine Minerals Related to Deep
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The black smoker chimneys dischargi
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contain metals are present at discr
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Figure 4. A diagrammatic east-west
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and refining of these crusts is mor
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distances of hundreds of kilometres
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2) Deep ocean hot springs at massiv
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6. P.A. Rona, M.D. Hannington, C.V.
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25. M.J. Cruickshank (1998), Law of
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With regard to marine mineral depos
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Focussing on sites of sea floor min
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scientific journal "Nature". The su
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Professor Rona recalled that the in
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like St. Stephen’s in the Kremlin
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He noted that another product of ho
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The reasons why the Red Sea deposit
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a number of geothermal wells have b
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1. Introduction The discovery of hi
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0° 30° 30° 60° Explorer Ridge C
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3. Hydrothermal Convection At ocean
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Due to its increased buoyancy at hi
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5. Metal Contents Despite moderate
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(11.8 wt.%), and have high concentr
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Table 3: Size and Tonnage - Atlanti
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Local enrichment of more than 40 pp
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the Red Sea, Middle Valley, Explore
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Table 8: Advantages of Seafloor Mas
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60 kg Au) located on the neighbouri
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9. Perspective If further explorati
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3. J.M. Franklin, J.W. Lydon, and D
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19. R.A. Zierenberg, Y. Fouquet, D.
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35. J. Collier, M. Sinha (1990), Se
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53. P.M. Herzig, Y. Fouquet, M.D. H
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68. M.D. Hannington, J.M. Peter, an
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85. The New York Times (1997), Firs
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southern segment is a fast-spreadin
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Professor Herzig said that the spec
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Professor Herzig said that the depo
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Professor Herzig informed participa
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he informed participants that in ad
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In relation to Conical Seamount, Pr
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deposits is essential to reliably a
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would be removed from the deposit.
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CHAPTER 3 REGIONAL AND LOCAL VARIAB
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� Metallogenic provinces that are
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A digital map of ore-bearing region
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of the slopes in between 1500-3000m
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development there are areas with ma
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Regarding the formation of the firs
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SUMMARY OF THE PRESENTATION AND DIS
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the Juan-de-Fuca Ridge, the Guaymas
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Intensive investigations resulted i
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Based on the potential resources co
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It should be noted that other massi
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Generally, the massive sulphides or
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With regard to the gold values repo
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CHAPTER 5 COBALT-RICH FERROMANGANES
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Current patterns, topography, botto
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Table 1: Contents of manganese, iro
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INTERNATIONAL SEABED AUTHORITY 194
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Depth (km) 0 100 200 0 1 2 3 4 5 O
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sediment. Those thinly veiled crust
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Table 3: Cruises dedicated to the s
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today. Field studies by the USA, Ge
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Phosphorite and fresh basalt are st
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3.2. Mineralogy The mineralogy of b
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Samples 25 20 15 10 5 0 Growth Rate
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3.4. Chemical Composition All USGS
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elements associated with the detrit
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Sample/PAAS 100 10 1 0.1 0.01 0.001
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Phosphatization of the older Fe-Mn
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A. B. C. Mn FSM-Palau Marshall Isla
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4. Iron-Manganese Crust Formation E
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5. Biological Communities and Curre
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6. Resource, Technology and Economi
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MAJOR DIMENSIONS Length : 13 m Widt
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not economical, under the circumsta
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Based on grade, tonnage, and oceano
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3. J.R. Hein and C.L. Morgan (1999)
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deep sea deposits, Report on the Sc
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29. T. Moritani and S. Nakao (eds.)
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Angeles, CA, International Society
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geochemistry of Central Pacific fer
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73. J.W. Moffett (1990), Microbiall
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86. D. Puteanus and P. Halbach (54)
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110. A Koschinsky and P Halbach (46
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132. J.R. Hein et al. (1) 133. H.H.
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B. 14°30'N 14°20'N 14°10'N 160°
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Appendix 4. 1-m-diameter circular c
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economic potential in hydrogenetic
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Zealand Oceanographic Institute, th
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depths. Up welling increases primar
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een recovered is 25 cm. He also sai
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shallower than 1500 metres, a shall
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In relation to mining technology, o
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On the most promising sites for cru
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In addition to the International Se
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1. Introduction Plant life is impos
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Table 1 Potential microbial metabol
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Figure 2 Simplified representation
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Figure 3 Major components of a gene
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the mussel's nutrition. When experi
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Reasons for this do not appear to b
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egions, one study pointed out that
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very widespread, supporting microbi
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Studies of the rapid colonisation o
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y mining, which is expected to be v
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2. J. B. Corliss, J. Dymond, L. Gor
Page 304 and 305: 19. V. Tunnicliffe, A.G. McArthur a
Page 306 and 307: SUMMARY OF THE PRESENTATION AND DIS
Page 308 and 309: together with mucus that is secrete
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Page 312 and 313: France, Germany, the United Kingdom
Page 314 and 315: of the sedimentary column, whereas
Page 316 and 317: Table 2: Research Submersibles and
Page 318 and 319: 4. Technical Requirements For resea
Page 320 and 321: 5. Processing Technologies The phys
Page 322 and 323: grow on substrate rocks because of
Page 324 and 325: 5. M.D. Hannington, A.G. Galley, P.
Page 326 and 327: Dr. Herzig informed participants th
Page 328 and 329: search for sites of hydrothermal ve
Page 330 and 331: with such a grab. In addition to th
Page 332 and 333: Remotely operated vehicles (ROVs) D
Page 334 and 335: equired to make sure that the ship
Page 336 and 337: Dr. Herzig summarized the technical
Page 338 and 339: commercial. Since confidentiality o
Page 340 and 341: CHAPTER 8 FACTORS IN FINANCING EXPL
Page 342 and 343: The traditional project stages that
Page 344 and 345: there is a subset that forms in spe
Page 346 and 347: of competing for the attention of i
Page 348 and 349: 7. Why SMS Mines will be Lower Cost
Page 350 and 351: 8. Modelling SMS mining offers scop
Page 352 and 353: Because exhalative SMS deposits are
Page 356 and 357: flow to the metal markets. He also
Page 358 and 359: shortage in the next couple of year
Page 360 and 361: starts, the operation could take pl
Page 362 and 363: Based on this and other considerati
Page 364 and 365: Mr. Malnic said that the mining ope
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Page 368 and 369: 2.2. Major Features of the Draft Of
Page 370 and 371: As a general principle the fiscal p
Page 372 and 373: I think the issue is not as simple
Page 374 and 375: Table 3: Data and information requi
Page 376 and 377: former case a reminder notice is se
Page 378 and 379: 6. Elisabeth Mann Borgese, Ocean Go
Page 380 and 381: longer an area is held, more inform
Page 382 and 383: from the deep sea. One group of enz
Page 384 and 385: CHAPTER 10 NATIONAL AND INTERNATION
Page 386 and 387: times greater than atmospheric pres
Page 388 and 389: Fig. 2 Schematic diagram showing th
Page 390 and 391: Figure. 4: Distributions of hydroth
Page 392 and 393: Figure 6: Distributions of hydrothe
Page 394 and 395: Figure.8: Plot of incidence of hydr
Page 396 and 397: et al., 1998) - one of the two very
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Page 400 and 401: Figure 10: The Southampton Oceanogr
Page 402 and 403: oxide material, polymetallic sulphi
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Figure 13: TOBI sidescan sonar imag
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ACKNOWLEDGEMENTS I would like to ex
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15. Cronan D S (ed.) Handbook of Ma
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33. Gross G.A. and McLeod C.R., Met
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51. Jones H. A. and Davies P. J., P
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69. Manheim F. T., Composition and
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87. Muller, R.D., Roest, W.R., Roye
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107. Warren, J., Evaporites: their
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cultivating sulphide oxidising bact
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In relation to spreading rates at v
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coordination to actually get to go
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esources and to know whether or not
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ROVS, AUVs or submersibles to produ
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have oversimplified the case in his
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CHAPTER 11 A COMPARISON OF THE POSS
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This paper proposes to compare the
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• The distance between the mining
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economic value. Phosphatisation has
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The morphology of the mineral edifi
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Table 3: Geochemistry of known mass
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Detailed exploration has not been c
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flotation, can separate the ferroma
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The crushed and ground ore can be c
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3.2. Assumptions made for each kind
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alloys or even manganese ore in the
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ought the nickel price to a top. Th
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Because the metal market economy is
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14. J. -P. Lenoble (1992), Future d
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31. J. Francheteau, D. Needham, P.
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48. J. -P. Lenoble (1996), Les nodu
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66. J. -J. Prédali and J. -P. Polg
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classification system, Mr. Lenoble
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To recapitulate the sizes and possi
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proposed processing technologies an
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international community is only jus
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Part 2 ISSUES TO BE TAKEN INTO ACCO
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The Secretary-General said that the
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Mr. Nandan pointed out that the nex
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problems would resurface, because i
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prospecting would be more applicabl
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dimensional seafloor massive sulphi
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workshop, in relation to deposit ev
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an economic perspective, including
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sulphides and cobalt-rich ferromang
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CHAPTER 13 PETROLEUM POTENTIAL AND
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structure and filled with sediments
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Basin groups are subdivided into ty
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during the late Mesozoic-Cenozoic s
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Figure 4: Volume density of initial
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ITIPRHC = Vnr φHC γ 103 (Mmtoe),
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Table 1: Offshore (deepwater) initi
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Speaking about particular geographi
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World Ocean, including areas off no
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Table 4: Largest oil and gas discov
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The extremely harsh environment bro
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In other regions of the world, enco
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REFERENCES 1. L.G. Weeks (1971), Ma
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SUMMARY OF PRESENTATION AND DISCUSS
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Dr. Vysotsky said that estimates of
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In Southeast Asia, Dr. Vysotsky spo
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Philippines, and possibly Brazil. W
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and we shall encounter severe deple
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In the 1960's scientists discovered
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Figure 2. Worldwide locations of kn
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methane by bacteria in an anoxic en
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It has been assumed that the struct
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identification of gas hydrate in ma
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ottom simulating reflections (BSR)
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Figure 6: Interpretative plot of hy
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floor have indicated the presence o
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of free gas below the BSR is usuall
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sediment and to provide an indicati
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6. Harvesting methane hydrates -Som
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deposits can be commercial, even in
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at a catastrophic scale. Some of th
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Figure 8. Development of hydrate re
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This is perhaps due to the percepti
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would provide Japan with methane fo
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NOTES AND REFERENCES 1. E.D. Sloan
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20. R.F. Meyer (1981), Speculation
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Master Workshop on Gas Hydrates: Re
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60. M.D. Max and M.J. Cruickshank (
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is that their exploitation might re
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further pointed out that even if on
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Dr. Desa also informed participants
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thickness of the sediments, the thi
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pressure at sea level leads to hydr
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aware of any studies of natural ear
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CHAPTER 15 A CASE STUDY IN THE DEVE
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NAMIBIA L W OR CT BOTSWANA SOUTH AF
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The Orange River, one of Africa’s
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formation of a large accretion coar
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The deep-water ore body more closel
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4. The mineral resource management
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deployed on a MacArtney FOCUS 400 R
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Utilising Jago has made very detail
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Although at first glance the nature
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to levels capable of sustaining sea
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In accordance with De Beers’ over
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ACKNOWLEDGEMENTS I thank my many co
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16. I.B. Corbett (1989), The sedime
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eroded during regression and transg
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diamond mining business. Dr. Corbet
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technological step, Dr. Corbett sug
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and Ore Reserves (JORC). He also sa
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With another slide, Dr. Corbett sho
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of De Beers’ deepwater operation
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system that allows other functions
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CHAPTER 16 A CASE STUDY IN THE DEVE
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change through heat transport and c
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Main sites of oxygen minimum Flow o
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• Undertake necessary mitigatory
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State, by such spilling or pollutio
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including diamonds, from non-fluore
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agreements require that government
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including current velocities, oxyge
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ackground levels and confined to a
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Sonar equipment used on some DBM ve
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advocated this approach for environ
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local geology, sedimentology and mi
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Levene’s test could also be used
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unquestionably be alarming, and the
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3.4 Future Innovation in Video Tran
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sponges and bryozoans to more gener
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esearch contributions of Mark Gibbo
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16. Craig R. Smith (1998), The Biol
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magellanicus, Gmein) populations. J
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presentation he would show that kno
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process of self-regulatory checking
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initial mining, but that within a v
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continental shelf. He suggested tha
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would result in the extermination o
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The participant from Saudi Arabia r
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of the Namibian government would be
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With the exception of the West Paci
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1.3 Resources The oceanic regions o
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2 Physiography of the Ocean Floor a
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partially separated continental fra
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occur beneath the continental shelf
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Using these criteria, a number of a
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3.3 Methods used to assess resource
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4.1.2 How marine placer deposits ar
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to survive the transgression are pr
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4.2.2 Where marine phosphorite depo
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sedimentary layers that are favoura
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4.4 Marine Polymetalic sulphides 4.
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4.4.4 Resource potential of marine
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The most up to date information of
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Manganese crusts that are rich in c
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(3) where bottom currents are effec
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There are four elements are of econ
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averaging 2kg/m 2 . These contain e
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520 million tonnes of copper”. In
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Page 718 and 719:
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Elemental resources for the top ten
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natural gas is commonly formed in a
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These areas are almost exclusively
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Table 5 (with reference to Figure 2
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with the term “resource” used e
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Similarly, much of the continental
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Although this is not an assessment
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A qualitative indication of resourc
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4.7.2 How marine gas hydrate deposi
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However, this does not include the
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Figure 28 shows the location of are
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ELCS region Location Hydrate potent
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Franklin Seamount, western Woodlark
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Emery K. O. and Noakes L. C., Econo
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Herzig, P.M. and Hannington M. D.,
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Kvenvolden, K.A., Gas hydrates as a
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Meyer, R.F., Speculations on oil an
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Scott, S.D., Seafloor polymetallic
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Evaporite deposits http://www.black
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these areas cover something like 25
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continental margins. He mentioned p
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programme off Nankeen, Japan, and t
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een happily persuaded in the other
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Part 4 REGULATORY AND PROMOTIONAL F
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own Namdeb. In addition, there are
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The stated purpose of the Minerals
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programme and specified minimum exp
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them to give proper attention to ea
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evaluation purposes in monitoring t
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as far as the development of minera
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Ms. Zaamwani said that the main leg
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Ms. Zaamwani told participants that
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the Ministry could benefit, as is c
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understaffing do not currently util
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One participant recalled that Ms. Z
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vessels there are sophisticated sec
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Ms. Zaamwani was asked about regula
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70° 60° NORTH SEA -30° -20° -10
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of 9.6 billion Sm 3 oil equivalents
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Nor does it give rights or priority
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1 4. Data Management All data relat
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possibility to evaluate the results
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planning of future activities. The
Page 810 and 811:
SUMMARY OF THE PRESENTATION ON THE
Page 812 and 813:
in the Barents Sea there is still a
Page 814 and 815:
period that can last up to ten year
Page 816 and 817:
conditions in these areas, as well
Page 818 and 819:
designated by the Ministry. She sai
Page 820 and 821:
quantity of data involved in the in
Page 822 and 823:
operation (PDO) is normally prepare
Page 824 and 825:
to the data when an area is relinqu
Page 826 and 827:
CHAPTER 20 STATUS REPORT ON THE DAT
Page 828 and 829:
All the above-mentioned minerals oc
Page 830 and 831:
e water depths between 400 and 1,00
Page 832 and 833:
As far as the Government is concern
Page 834 and 835:
• Ordinance number 195, of Decemb
Page 836 and 837:
This tax must be paid up to January
Page 838 and 839:
the one whose burning is authorised
Page 840 and 841:
ANP may send a representative to fo
Page 842 and 843:
esources other than oil or natural
Page 844 and 845:
to the safety of persons and animal
Page 846 and 847:
found offshore Brazil. With regard
Page 848 and 849:
een discovered in the basin, includ
Page 850 and 851:
enhance oil recovery. He said that
Page 852 and 853:
g. Ordinance number 10 that regulat
Page 854 and 855:
He said that the environment has to
Page 856 and 857:
ids. These comprised five Brazilian
Page 858 and 859:
After oil exploration gained moment
Page 860 and 861:
Those who are entitled to the land
Page 862 and 863:
and replaced by the President, and
Page 864 and 865:
(ii) Assure the safety of navigatio
Page 866 and 867:
explorations may continue concurren
Page 868 and 869:
Appoint an authorized representativ
Page 870 and 871:
The contractor will recover all ope
Page 872 and 873:
of US dollar... (negotiable) within
Page 874 and 875:
Processing of products is subject t
Page 876 and 877:
are more than 30 articles in the va
Page 878 and 879:
SUMMARY OF THE PRESENTATION AND DIS
Page 880 and 881:
Ambassador Djalal informed particip
Page 882 and 883:
production-sharing contracts became
Page 884 and 885:
said that the remainder of the prod
Page 886 and 887:
and cooperation with Pertamina and
Page 888 and 889:
A participant wanted to know whethe
Page 890 and 891:
of CCOP/SOPAC was to promote and de
Page 892 and 893:
STAR was founded in 1985 in collabo
Page 894 and 895:
Since 1972, SOPAC has, on behalf of
Page 896 and 897:
France Seapso 1985-1986 Cook Is, Fi
Page 898 and 899:
polymetallic massive sulphides. The
Page 900 and 901:
crusts have also been found in area
Page 902 and 903:
Figure 2: Location Map of Known Pol
Page 904 and 905:
is currently no regional agency tas
Page 906 and 907:
The types of data that have been in
Page 908 and 909:
A new agreement between Japan and S
Page 910 and 911:
SOPAC’s continuing and relentless
Page 912 and 913:
deposits will be mined at some poin
Page 914 and 915:
REFERENCES 1. D. Tiffin and C Matos
Page 916 and 917:
18. J. Malnic. (1999). Marine Miner
Page 918 and 919:
8. Individual nations should develo
Page 920 and 921:
SUMMARY OF THE PRESENTATION ON THE
Page 922 and 923:
With regard to the name of the orga
Page 924 and 925:
the benefit that had accrued to the
Page 926 and 927:
The discussions that followed Mr. S
Page 928:
About the International Seabed Auth
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Minerals Report - International Seabed Authority

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