Deep-sea mining firm Glomar Minerals and Australia's Cobalt Blue Holdings said on March 30 they plan to build a U.S. refinery to process critical minerals extracted from the bottom of the Pacific Ocean within three years.
The move comes amid growing interest in mining the world's seabeds for supplies of nickel, manganese, copper and other critical minerals used to build electronics, weapons and a range of consumer goods, even as the practice has drawn criticism from environmentalists.
Glomar and Cobalt Blue plan to choose a U.S. site by June for the refinery and be in commercial production before President Donald Trump's term ends in 2029.
That timeline would require the partners to obtain financing for the facility, which is expected to cost less than $500 million and initially process 200,000 metric tons per year, with expansion potential.
