Lockheed Martin (NYSE: LMT) is making a return to deep-sea mining, entering discussions with multiple mining firms about potential collaborations to utilize its long-held seabed exploration rights in the Pacific Ocean.
The American defense company holds two exploration licenses in the Clarion-Clipperton Zone (CCZ), a vast, metal-rich area of international waters in the eastern Pacific. These permits, initially issued by US authorities in the early 1980s during a surge of interest in ocean mining, remained dormant for decades.
In 2023, Lockheed appeared to step away from the industry by selling its UK-based subsidiary, UK Seabed Resources, to Norway’s Loke Marine Minerals. However, after Loke filed for bankruptcy in April 2025, an auction process resulted in Lockheed regaining control of the two CCZ licenses.
Lockheed’s chief operating officer, Frank St John, told the Financial Times that there is “significant interest” from underwater mining companies in partnering to access these areas. He explained that the company is exploring ways to secure critical mineral supplies and is coordinating with the Pentagon to identify resources suitable for stockpiling and alternative supply chains.
In 2025, former President Donald Trump signed an executive order reinforcing the US’s authority to grant seabed mining licenses in international waters and encouraging treatment of seabed minerals as strategic resources. Lockheed has emphasized that the US has an opportunity to lead in setting global standards for extracting seabed nodules in a responsible manner.
Nonetheless, major regulatory and environmental hurdles remain. The International Seabed Authority (ISA), established under the UN Convention on the Law of the Sea — which the US has not ratified — is still developing rules covering royalties, environmental protection, and operational standards, including guidelines on noise and sediment disturbance.
The ISA is convening this month in Jamaica to finalize conditions under which mining activities may proceed. Meanwhile, the US continues to run its own licensing framework through the National Oceanic and Atmospheric Administration (NOAA).