Key points
- Norway’s Parliament voted 79-20 to approve deep-sea mineral exploration in its exclusive economic zone following a five-year public consultation and environmental review process.
- Norwegian seafloor minerals are valued at 1-1.5 trillion US dollars, with cobalt reserves alone representing 28.6 years of global production at current rates.
- The first licensing round begins with exploration; production licenses require companies to demonstrate both sufficient mineral resources and environmental sustainability.
