About this Video

• Video Title: The $16 TRILLION Race to Mine the Ocean
• Channel: Johnny Harris
• Speakers: Johnny Harris, Gerard Barron, Joss Fong, Mariana Castro, Pradeep Singh, President Brotherson (of Palau) and a Nauruan speaker.
• Duration: 54:57

Introduction

This video explores the complex issue of deep-sea mining, focusing on the tiny island nation of Nauru and its involvement with The Metals Company (TMC). It examines Nauru's history of resource exploitation, its current economic desperation, and its controversial partnership with TMC to mine polymetallic nodules from the Clarion-Clipperton Zone (CCZ). The video investigates the environmental consequences, the international legal framework (UNCLOS), and the potential for exploitation of developing nations.

Key Takeaways

1. Nauru's History: Nauru was once incredibly wealthy due to phosphate mining but destroyed its environment and depleted its resources, leading to economic hardship and dependence on unsustainable economic ventures.
2. Deep-Sea Mining: Billions of polymetallic nodules rich in valuable metals (nickel, cobalt, copper, manganese) lie on the ocean floor. The Metals Company (TMC) aims to mine them, but this raises serious environmental concerns about the impact on a largely unknown ecosystem.
3. UNCLOS and the ISA: The UN Convention on the Law of the Sea (UNCLOS) and the International Seabed Authority (ISA) govern deep-sea mining in international waters, aiming to ensure that benefits are shared globally and that environmental protection is prioritized. However, the current situation tests the effectiveness of these regulations.
4. Sponsorship and "States of Convenience": Mining companies require sponsorship from a member state. Concerns exist that TMC's partnership with Nauru (and other similar partnerships) is a "sponsorship of convenience," allowing the company to circumvent the spirit of UNCLOS and the ISA's regulations.
5. The US Factor: The Trump administration's executive order potentially bypassing international regulations creates further legal and ethical challenges.