(Refiles to fix punctuation in paragraph 4)By David StanwaySINGAPORE : Plans to extract minerals from the ocean floor are expected to be put on hold next week at a meeting of the U.N. body regulating the sector, with environmental and economic risks threatening to scupper the industry before it be
SINGAPORE : Plans to extract minerals from the ocean floor are expected to be put on hold next week at a meeting of the U.N. body regulating the sector, with environmental and economic risks threatening to scupper the industry before it begins.
Any permitting delay will hurt the prospects of Canada's The Metals Company , which has led efforts to exploit seabed minerals in the Pacific. The company was not immediately available to comment. At the heart of the discussions is a loophole known as the"two-year rule", which says the ISA council must"consider and provisionally approve" applications two years after they are submitted, even though it has yet to finalise related regulations. The Pacific island of Nauru, TMC's sponsoring state, triggered the loophole in July 2021.
ISA is responsible for exploration in sea areas beyond national jurisdictions, and its decisions will not prevent countries from digging for minerals in their own territorial waters. Norway recently announced plans to open up 280,000 square kilometres to exploration.
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