Minerals Report - International Seabed Authority

His presentation also brought out the comparative advantages /
drawbacks between submersibles and remotely operated vehicles (ROVs). He
pointed out that ROVs could remain for a limited time at the bottom of the sea
and have the advantage of far reduced cost relative to submersibles. There is
also the advantage of no risk to pilots and scientists. On the other hand, in a
submersible it is possible to obtain on screen video on both the ship and on
land very valuable information.
On the subject of the technology for cobalt crusts, he explained that the
exploration process is very similar to the process for manganese sulphide
deposits. He stated that in contrast to polymetallic sulphides which mainly
occur at or within volcanic rocks or sediments at oceanic rifts such as midocean
ridges, cobalt bearing ferromanganese crusts deposits form on the
flanks of seamounts at water depths ranging from 800 m to 2,500m. They
grow on substrate rocks as a result of metal precipitation from cold ambient
seawater close to the oxygen minimum zone. Mining of crust fields involves
efficient fragmentation of in situ crusts from the substrate rock to avoid
dilution of metal grade. This problem is yet to be addressed successfully, he
said. He pointed out that interest in ferromanganese crusts deposits is new
and advanced mining equipment has not yet been developed. He also
pointed out that even in respect of metallurgical processing, the focus should
be on efficient recovery of not only cobalt but also platinum.
8. Financing exploration for seafloor massive sulphides deposits
Julian Malnic’s presentation was concerned with the financing of
seafloor massive sulphides deposits exploration. Focusing on the experience
of his company, Nautilus, Malnic gave an outline of information that investors
will look for and the kind of returns that they would expect. Mr. Malnic said
that since exploration for seafloor massive sulphides was relatively new, there
was really no good statistical models on which assumptions could be based.
Mr. Malnic recalled how in 1997 world attention was focussed on the
granting of exploration licenses for the first seafloor massive sulphides
deposits to Nautilus in the exclusive economic zone (EEZ) of Papua New
Guinea. He also recalled that there was much publicity and the responses
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