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India is taking another step in its quest to find valuable minerals hidden in the depths of the ocean which could hold the key to a cleaner future.

The country, which already has two deep-sea exploration licences in the Indian Ocean, has applied for two more amid increasing competition between major global powers to secure critical minerals.

Countries including China, Russia and India are vying to reach the huge deposits of mineral resources – cobalt, nickel, copper, manganese – that lie thousands of metres below the surface of oceans. These are used to produce renewable energy such as solar and wind power, electric vehicles and battery technology needed to battle against climate change.

The UN-affiliated International Seabed Authority (ISA) has issued 31 exploration licences so far, of which 30 are active. Its member countries are meeting in Jamaica this week to discuss regulations around giving out mining licences.

Read more at: https://www.bbc.com/news/world-asia-india-68613351

Australia’s richest person, Andrew Forrest, has called on the London Metal Exchange to differentiate between “dirty” and “clean” nickel, after his privately-held metals business announced it would be forced to shut mines.

The LME should classify nickel based on its carbon emissions so customers are “able to make a choice” on the sustainability of their products, the mining tycoon told reporters in Canberra on Monday. Some companies are using batteries from cheap nickel mined in Indonesia, known for their higher emissions footprint and questionable environmental standards, Forrest added.

Read more at: https://www.bnnbloomberg.ca/billionaire-forrest-calls-on-lme-to-identify-clean-nickel-1.2039116

In an effort to counter China’s dominance over critical minerals, a bipartisan group of US senators introduced legislation to address “information gaps” and establish a divestment process for American companies.

The Critical Minerals Security Act of 2024 would require federal agencies to submit to Congress a report on all critical mineral and rare earth element resources around the world. The report would be due within a year of the bill’s enactment and every two years thereafter.

The assessment must include which resources are under the control of a “foreign entity of concern” – China, Iran, North Korea or Russia – and which are under the control of the United States or its allies and partners.

Read more at: https://www.scmp.com/news/china/diplomacy/article/3249131/us-senators-introduce-bill-counter-chinas-dominance-critical-minerals

Canada on Thursday formally gave the giant Arctic territory of Nunavut control over its reserves of gold, diamonds, iron, cobalt and rare earth metals, a move that could boost exploration and development.

Prime Minister Justin Trudeau signed a devolution agreement in the Nunavut capital Iqaluit with Premier P.J. Akeeagok, granting the territory the right to collect royalties that would otherwise go to the federal government.

Nunavut is home to some of the minerals critical for battery production. Canada has pledged billions in incentives to woo companies involved in all levels of the electric vehicle supply chain as the world seeks to cut carbon emissions.

Read more at: https://www.mining.com/web/canada-to-give-mineral-rich-arctic-region-of-nunavut-control-over-its-resources/