Around 10% of the world’s land, or 5.8 million square miles, is covered in glacial ice. Most of these glaciers were formed in the last ice age, with the largest ones forming in Antarctica, followed by Alaska. However, years of unprecedented global warming have caused glaciers to start melting at a faster-than-usual rate.
Experts estimate that if global warming continues at current rates, the world will lose a whopping 68% of its ice glaciers by the year 2100. In the meantime, melting glaciers are uncovering terrain hidden for thousands of years, revealing ancient artifacts, mineral deposits and even potentially dangerous microbes.
Although countries worldwide are working to reduce their carbon emissions, the damage is already done. The planet is heating up, and the Arctic is taking the brunt of it, heating up nearly four times faster than the rest of the globe for nearly half a century.
On average, the Arctic is now 3℃ warmer than it was in 1980. This relatively “small” temperature increase has disrupted the region’s delicate balance and is poised to have worldwide repercussions. The world has already lost around 276 billion tons’ worth of glaciers a year from 2000 to 2019.
Columbia Climate School’s Lamont-Doherty Earth Observatory climate geologist and Greenland ice sheet researcher Joerg Schaefer said his research indicates that melting ice will reveal the underlying bedrock much faster than expected. He said that all predictions on how fast glaciers will melt are “too conservative,” noting that predictions for Greenland are especially conservative due to various climate factors.
As this ice melts and the bedrock underneath is revealed, new mining and fuel extraction opportunities may emerge. Estimates from the United States Geological Survey show that around 13% of the globe’s undiscovered oil and 30% of undiscovered gas may be offshore in the North Arctic Circle. Furthermore, the U.S. Congressional Research Services estimates that there is $1 trillion worth of minerals and precious metals in the Arctic.
The deep Arctic seabed also contains rare earth metal, nickel and copper deposits, and Norway has already begun exploring its sea floor to extract zinc, copper, silver, cobalt and gold. Prospectors will likely begin to move in as the land becomes more accessible to discover gold, copper, cobalt, coal, rare earth metals and copper deposits.
However, there are concerns that deep-sea mining could cause significant damage to marine ecosystems. Some companies and environmental groups have called for a temporary prohibition of deep sea mining until we fully understand the environmental risks of extracting minerals from the deep sea bed.
These new deposits brought to the surface as glaciers melt offer extraction companies such as Hecla Mining Company (NYSE: HL) new opportunities to leverage as they meet the growing demand for different minerals around the world.
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