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A minimum of 2 business look for Norway seabed mining licenses

2 business said on Wednesday they are seeking offshore seabed acreage on the Norwegian continental shelf where they intend to check out for minerals, in what could be the start of a controversial new mining market.

The procedure puts Norway on track to become the very first country to start commercial production from its continental rack of metals helpful in the shift from oil and gas, such as copper, cobalt and zinc, in addition to unusual earth aspects (REE).

Elections for acreage sent by a May 21 due date will form the basis for revealing the country's first seabed mineral exploration licensing round later on this year, Norwegian authorities have said.

Norway's energy ministry did not immediately respond to a. ask for comment.

Start-up Loke, backed by TechnipFMC, Wilhelmsen. and Kongsberg Gruppen, informed it had. chosen a significant variety of blocks focusing on locations with. polymetallic crusts, abundant in cobalt and rare earth components.

We are encouraged by the substantial resource capacity and. are eagerly anticipating the very first licensing round, Chief. Executive Walter Sognnes told in an e-mail.

Oslo-listed Green Minerals said it had nominated. four areas, each making up numerous blocks. The business expects. first ore from pilot production in 2028, according to a current. financier presentation.

Ecological groups, including Greenpeace, have actually called for. an international moratorium on mining for seabed minerals, arguing that. it can cause permanent damage to little investigated life forms.

The Norwegian federal government states the expedition stage should. aid to develop the possible impact of seabed mineral. extraction, and also offer more understanding about seabed. organisms.

Norwegian oil company Aker BP declined to say whether. it had actually submitted elections, but has previously stated it would. be intrigued in exploring the resource potential.

The federal government intends to provide very first licenses in 2025, but. companies will require different approvals to start production.

The nation's parliament, which chose in January to open. vast locations in the Norwegian and the Greenland Seas to the. potential brand-new market, will also have to authorize the first. tasks.

(source: Reuters)