A newly released report highlights the possibility of commercial deep-sea mining kicking off in the Pacific within months, potentially without necessary policy safeguards, as the competition between the United States and China for vital minerals intensifies.
Research from the Lowy Institute reveals that mining activities could commence as soon as 2027, targeting the resource-rich floor of the Pacific Ocean.
Fueling this rivalry between the two largest global economies is the soaring demand for resources critical to the production of batteries, military systems, and energy infrastructures.
Pacific nations are divided, as they weigh the potential economic benefits against the threats of irreversible harm to marine ecosystems, fisheries, food security, local livelihoods, and cultural heritage.
The report emphasizes that without an international regulatory framework, Pacific states are left to negotiate mining ventures without globally recognized protections in place.
This also leaves them dependent on individual agreements drafted by companies seeking to mine their ocean floor.
“For the Pacific Island nations caught in the middle of this great power battle for critical mineral supremacy, the economic proposition is difficult to refuse,” the Lowy Institute’s Connor Graham writes.
“The problem is not that Pacific nations disagree, it is that they are being forced to negotiate individually against parties with vastly more resources, information, and legal capacity, and that the international framework designed to protect them has stalled.”
Graham said while Australia was yet to take a clear position on deep-sea mining in the Pacific, it has the standing, relationships, and institutional presence to make an impact.
This includes its membership in the Pacific Islands Forum and as a long-standing ally of the US.
“A commitment to standards that have not been written as a condition for activity that is about to begin is less of a policy, and more of an abstention,” he said.
“But Australia cannot afford to abstain from this debate.”
Countries including Australia have started to enter into deals for critical minerals, which are crucial for a number for emerging technologies.
The federal government has announced a $1.2 billion critical minerals strategic reserve to secure the supply of key minerals deemed crucial for Australia’s economy and national security.