Prime Minister David Cameron has vowed to put the UK at the forefront of a new international sea-bed mining industry, which he said could be worth £40 billion to the UK economy over the next 30 years.
However, Mr Cameron went on to announce that the company he has chosen to “spearhead the drive” to collect copper, nickel and the rare-earth minerals used in mobile phones and solar panels is the US defence company Lockheed Martin.
Russia and China also have licences to mine the ocean bed, but Mr Cameron said: “With our technology, skills, scientific and environmental expertise at the forefront, this demonstrates that the UK is open for business as we compete in the global race.”
Speaking at the Excel Centre in London, he said talks were already under way with a potential supply chain of up to 100 UK companies, even though the main activity will take place off the west coast of America.
The Department for Business, Innovation and Skills has, in partnership with UK Seabed Resources (a newly formed subsidiary of Lockheed), obtained a licence and contract to explore a 58,000km
2 area of the Pacific Ocean for polymetallic ‘nodules’.