Untapped Riches? Companies Eager to Begin Deep-Sea Mining Near Norway

Norway Delays Deep-Sea Mining Licences, Industry Faces Major Setback

Norway's plans to launch deep-sea mining operations have been delayed, with exploration licences now scheduled to be awarded in 2026 instead of 2025. This postponement follows political compromises made by the government during budget negotiations, creating uncertainty for companies that had been preparing to tap into Norway’s resource-rich seabed.

The Norwegian parliament had previously expressed strong support for deep-sea mining. The government had identified significant mineral deposits in the Greenland Sea and the Norwegian Sea. With more than five decades of offshore oil and gas expertise to draw from, Norwegian start-ups had been positioning themselves to lead the global industry.

However, in December 2024, the government reversed its immediate licensing plans, delaying them by a year. This shift was part of a deal with a left-wing party to ensure the passage of the national budget. The decision had a direct impact on the nascent industry. Loke Marine Minerals, one of the key players with aspirations of becoming a global leader, filed for bankruptcy in early 2025. Another company, Green Minerals, announced drastic cost-cutting measures of up to 80%.

The postponement is particularly challenging for smaller companies composed of small teams, often led by entrepreneurs with geologists or geophysicists. Many of these companies had built business models around a 2025 timeline and now face financial instability due to the unexpected delay.

Despite the setback, some companies remain optimistic. They continue to prepare for the eventual licensing round and aim to begin extracting minerals by the end of this decade or early in the next.

Proponents of deep-sea mining argue that it is necessary for the global green energy transition. As the demand for minerals such as copper, zinc, and rare earth elements increases, countries are seeking alternatives to reduce dependency on dominant suppliers like China. According to a 2023 evaluation by Norwegian authorities, the country’s seabed may contain around 38 million tonnes of copper, 45 million tonnes of zinc, and significant volumes of rare earth minerals. These resources are essential for technologies such as electric vehicles, wind turbines, and solar panels.

While Norway is pushing forward, other European countries such as France, Germany, and the United Kingdom have expressed strong opposition to deep-sea mining, citing environmental concerns. Environmental groups argue that deep-sea mining poses risks to marine ecosystems that are still largely unexplored and not fully understood.

The conflict between economic opportunity and environmental protection was evident at an industry conference held in April in Bergen. Environmental organizations distributed materials warning against the environmental dangers of disturbing deep-sea ecosystems. Greenpeace described the industry as destructive and questioned whether such minerals are essential for the green transition.

Norwegian industry representatives countered that the environmental impact of deep-sea mining could be lower than that of land-based mining. They argue that Norway's strong environmental standards make it a suitable country to set an international benchmark for responsible deep-sea mining practices.

In February 2025, an Oslo court dismissed a legal challenge from the World Wildlife Fund (WWF), which had argued that the Norwegian government had failed to conduct sufficient environmental assessments. However, WWF has appealed the ruling, continuing the legal and public debate around the issue.

As the discussion continues, the future of deep-sea mining in Norway remains uncertain. The delay in licensing has already reshaped the industry's early landscape. While some companies have collapsed or downsized, others remain prepared and committed to long-term operations, believing that deep-sea mining is an inevitable part of the world’s energy future.