Deep-Sea Mining as a Political Tool

The International Seabed Authority, which oversees all mineral-related activity in areas outside countries' maritime jurisdiction, recently awarded South Korea exclusive mineral rights to a 10,000-square-kilometer (3,900-square-mile) block of seabed in the central Indian Ocean, The Economic Times reported July 30. Seoul will retain those rights from 2013 to 2027, a period during which the block is expected to yield $300 million in minerals annually.

South Korea's acquisition exemplifies a growing global interest in a mineral-extraction method that has intrigued state-run and private operators alike: deep-sea mining. Financial considerations underlie the interest in deep-sea mining; the method may be an attractive prospect for operators seeking alternate mineral sources as their reserves deplete or as their access to reserves is curtailed by competing political and economic interests. For states, deep-sea mining is an effective means of accessing and monitoring international or disputed waters. As such, the method serves a political purpose.