The steadily increasing investor demand for battery minerals that have been ethically sourced allowed Green Minerals AS, an offshore mining company based in Norway, to become the pioneer deep-sea mining stock to be offered publicly.
The company revealed that it would be able to exploit the demand for copper and cobalt required by electric vehicles (“EVs”) without causing damage to the environment as well as people. Most of the present production of the company originates from mines in the Democratic Republic of Congo. The company joins a list of other companies that want to clean up supply chains by extracting minerals from the deep sea.
In an interview, the company’s chairman, Staale Rodahl, stated that there wasn’t a lot of conversation in the green community that focused on what happens before the final product, the resources needed for windmills, panels and batteries. Green Minerals AS is on the list of the 10 best initial public offerings in Europe for 2021. Last week, the company doubled its value on Oslo’s Euronext Growth market after its Tuesday listing.
The International Seabed Authority is party to more than 24 exploration contracts across the globe and expects to complete a mining code of conduct this year. This would explain why interest in deep-sea minerals by investors has been on the rise. By partnering with DeepGreen Metals Inc. and a blank check company called the Sustainable Opportunities, Acquisition Corp raised roughly $570 million in cash, which would be used to facilitate seabed mining.
Green Minerals AS estimates that the continental shelf between Greenland and Norway contains minerals whose value is approximately $77 billion. The company estimates that nearly 7 million tonnes of cobalt-rich copper can be found in the region and is utilizing its funds to recruit scientists and design technologies for underwater mining, with the help of Oil States Industries Ltd., which is based in the United Kingdom. Projections show that first production will be realized mid-decade, with licenses expected to be issued by 2023.
The offshore mining company is currently valued at roughly $38 million, after it raised funds in a private placement in 2020. The company’s biggest shareholder is a seismic-data collector known as Seabird Exploration Plc, which spun off the company.
Rodahl noted that the key to freeing the deep-sea industry from any restraints would be to make sure that seabed activities lead to considerably lower environmental effects than land-based mining. He added that over the next two years, his company would be participating in research voyages and maintained that they expected to observe the strictest environmental standards across the globe.
The entry of Green Minerals into the mining sector lengthens the list of known mining companies such as Cleveland-Cliffs Inc. and GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) from which interested mineral buyers can choose a supplier.
NOTE TO INVESTORS: The latest news and updates relating to GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) are available in the company’s newsroom at http://ibn.fm/GHVNF
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