Norway's Loke Marine Minerals has acquired deep-sea mining firm UK Seabed Resources (UKSR) from U.S. weapons manufacturer Lockheed Martin , the companies said on Thursday as international rules governing seabed mining are hammered out.
The logo of Lockheed Martin is seen at Euronaval, the world naval defence exhibition in Le Bourget near Paris, France, October 23, 2018. REUTERS/Benoit Tessier
Loke, which declined to disclose the value of the deal, aims to start mining by 2030 and plans to invest around $100 million in surveys, environmental mapping, and technology development, CEO Walter Sognnes said. UKSR holds two seabed exploration licences in the Pacific Ocean's Clarion-Clipperton Zone , a 4.5 million square kilometre swathe of sea floor lined with potato-sized rocks rich in cobalt, copper, nickel, and manganese.
Lockheed Martin did not give a reason for the sale beyond saying that "following a detailed analysis of the business it was clear that there was a better owner for our UK Seabed Resources business."
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