The Elements of Deep Sea Mining

Eric Young

Details and Dialogue Matter tradingoff.substack.com

  1. #42 What are China's Deep Sea Research Vessels Actually Doing? Kara Fox and Elizabeth Alberts' Marine Traffic Investigation

    6D AGO

    #42 What are China's Deep Sea Research Vessels Actually Doing? Kara Fox and Elizabeth Alberts' Marine Traffic Investigation

    In this episode, I’m joined by Kara Fox, an award-winning investigative reporter at CNN International, and Elizabeth Alberts, senior staff writer at Mongabay’s Ocean Desk and Pulitzer Center fellow, who together co-published a major investigation: * CNN article: China’s Growing Influence in the Pacific Is 5,000 Meters Deep * Mongabay article: China’s Deep-Sea Mining Fleet May Also Track US Submarines * Pulitzer Center page: China’s Growing Influence in the Pacific Is 5,000 Meters Deep Their team tracked eight Chinese state-owned research vessels over five years and found their deep sea reserch ships spent only around 6% of their time in China’s actual assigned deep sea mining exploration zones. The rest of the time, they were logging extensive routes through some of the most strategically sensitive waters in the world — near US submarine corridors off Guam, through other nations’ exclusive economic zones, and in proximity to undersea cables. Using marine traffic data, open-source verification, Chinese-language sources, and analysis from maritime intelligence firm Starboard, the investigation makes a careful but compelling case that China’s deep sea mining program appears to serve a “dual use” function: legitimate mineral research on the surface, systematic military-grade seafloor mapping underneath.Kara and Elizabeth walk through their methodology — how they narrowed 40+ vessels down to 8, how they validated findings with defense analysts and civil society experts, and why their language was deliberately couched in “experts say.” They discuss how China’s explicit civilian-military fusion policy makes its position distinct from other maritime powers, even as the US and others also use oceanographic data for strategic ends. Elizabeth makes sure the environmental argument doesn’t get lost: these are ancient, fragile ecosystems that could be permanently altered, and the growing security narrative risks drowning out those concerns. And both journalists hint at what comes next — keeping an eye on the same vessels now that they’re identified, and turning attention toward the US’s own emerging role in this space. Follow Kara Fox * CNN Profile: cnn.com/profiles/kara-fox * LinkedIn: linkedin.com/in/kara-danielle-fox * Bluesky: @karadaniellefox.bsky.social Follow Elizabeth Alberts * Personal site: elizabethclairealberts.com * Mongabay author page: news.mongabay.com/by/elizabeth-claire-alberts * LinkedIn: linkedin.com/in/elizabeth-alberts-700000118 * Bluesky: @elizabethalberts.bsky.social Chapters * 00:00:20 – Introductions * 00:01:28 – What the Investigation Found * 00:03:11 – Understanding Dual Use * 00:05:42 – How the Investigation Started * 00:07:21 – The Methodology * 00:10:11 – How Kara and Elizabeth Met * 00:11:00 – Is China Exceptional, or Is Everyone Doing This? * 00:13:25 – Taiwan, the South China Sea, and What the Experts Said * 00:17:15 – The Environmental Argument * 00:19:20 – Where Does This Reporting Go Next? * 00:22:08 – Deep Sea Mining Watch Tool + Closing Tools Referenced * Deep Sea Mining Watch: deepseaminingwatch.msi.ucsb.edu (UCSB Benioff Ocean Science Laboratory + Global Fishing Watch) * MarineTraffic: marinetraffic.com * Starboard Maritime Intelligence: starboard.xyz (New Zealand-based maritime data analysis company) Prior Research Referenced * CSIS — “Surveying the Seas: China’s Dual-Use Research Operations in the Indian Ocean” (Jan 2024): features.csis.org/hiddenreach/china-indian-ocean-research-vessels * Darshana Baruah (IISS): Indo-Pacific defense and strategy expert quoted in the investigation — Carnegie Endowment profile This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tradingoff.substack.com

    23 min
  2. #41: Norway Hits Pause and Research Keeps Moving: Anette Tvedt on Processing, Politics, Problem Solving and Potential Futures

    MAY 14

    #41: Norway Hits Pause and Research Keeps Moving: Anette Tvedt on Processing, Politics, Problem Solving and Potential Futures

    In this episode, Anette Brock-Mathisen-Tvedt, CEO of Adept Minerals, discusses Norway’s decision to pause deep-sea mining licensing and the political debate surrounding seabed mineral development. She shares how her company approaches exploration, technology development, and building a responsible value chain, while navigating regulatory uncertainty and shifting industry dynamics. The conversation also explores how environmental concerns, resource demand, and policy decisions are shaping the future of deep-sea mining. The discussion also touches on lessons from the EMINENT Project, advancements in exploration and processing technologies, and how companies are adapting by looking beyond Norway to international opportunities. Anette reflects on the broader trade-offs involved in deep-sea mining, including supply chain security, environmental responsibility, and economic viability, and what these factors may mean for the future of seabed mineral development. Chapters 00:00 – Intro & CEO Background00:02:18 – What ADEPT Actually Does00:03:36 – The Eminent Project Explained00:06:40 – Norway Policy Setback00:08:30 – How Exploration Really Works00:12:20 – Political & Public Pushback00:14:50 – Industry Challenges & PR Battle00:17:00 – Debate vs Real Solutions00:24:20 – Going Global00:30:10 – Ethics & Trade-offs00:35:00 – Future of Processing Resources Mentioned * EMINENT Project: https://www.eminent-project.com * EMINENT News & Publications: https://www.eminent-project.com/news * Adepth Minerals: https://adepthminerals.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tradingoff.substack.com

    40 min
  3. #40 From the Lab to the Legal Text with Kerstin Kröger

    MAY 7

    #40 From the Lab to the Legal Text with Kerstin Kröger

    Recorded at the Seabed Minerals Conference in Bergen, Norway, this episode features Dr. Kerstin Kröger, a deep-sea ecologist and Marine Management Adviser who, over the course of a 1.5-year sabbatical, dove deep into the legal frameworks governing the world’s ocean floors. Kerstin speaks openly about what it means to operate at the science-policy interface, why scientists must learn the language of law to have their advice heard, and what the landmark BBNJ Agreement — which entered into force on January 17, 2026 — means for the future of deep-sea mining. Together, we unpack the four pillars of the BBNJ Agreement, how it interacts with the International Seabed Authority (ISA), the ongoing fragmentation of ocean governance, and why making decisions in this space can feel like a Greek tragedy because whichever way it’s decided, harm will happen. We also get into the uncomfortable conversation about scientific objectivity, the fear of being “put in a camp,” how framing shapes public perception of impact data, and whether the deep sea was ever truly pristine to begin with. Production Note: Please note there was a brief camera issue around the 3-minute mark. Audio remains unaffected. Apologies for the lack of visual! Follow Kerstin LinkedIn: linkedin.com/in/kerstin-kröger-96b88747 Chapters * 00:00 – Intro & Background * 02:30 – Science vs Legal Language * 09:40 – What is BB&J * 15:20 – Marine Resources & Data Sharing * 28:40 – Protected Areas & Governance * 36:30 – Environmental Impact & Rules * 42:00 – Impact on Deep Sea Mining * 49:50 – Debate & Polarization Resources Mentioned * BBNJ Agreement (High Seas Treaty): https://www.un.org/bbnjagreement/en * DOALOS: https://www.un.org/depts/los/index.htm * UNCLOS: https://www.un.org/depts/los/convention_agreements/convention_overview_convention.htm * ISA: https://isa.org.jm * DOSI: https://www.dosi-project.org * ACOPS: https://acops.org.uk * OSPAR Commission: https://www.ospar.org This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tradingoff.substack.com

    1h 10m
  4. #39 When the Numbers Don't Add Up: Steven Emerman's Independent Assessment of the Metals Company Pre-Feasibility Study

    APR 29

    #39 When the Numbers Don't Add Up: Steven Emerman's Independent Assessment of the Metals Company Pre-Feasibility Study

    Steven Emerman, owner of Malach Consulting and a former Princeton and Cornell-trained geophysicist, brings an unusual perspective to deep sea mining. He came to it from decades of evaluating mining disclosures across the terrestrial mining industry. Commissioned by the Deep Sea Mining Campaign, Greenpeace International, and Mining Watch Canada, Emerman reviewed The Metals Company’s pre-feasibility study not as an ecological or policy document, but strictly as a financial and regulatory one. His conclusion: even under the company’s most optimistic assumptions — best-case metal prices, a below-standard discount rate, and a novel category of “recoverable resources” not recognized under SEC regulations — the project’s own numbers show it terminating at the end of year seven with zero profit. What makes this conversation particularly valuable for listeners tracking the commercial viability debate is Emerman’s grounding in mining industry norms. He walks through why the distinction between reserves and resources matters so much to investors, why the zero-tailings claim reflects a fundamental misunderstanding of ore processing chemistry, and why the assumed smelting and refining capacity in Indonesia involves layers of speculation that the PFS doesn’t adequately address. He’s careful to distinguish what the document does and doesn’t disclose and what it’s required to disclose under SEC regulations. His full report is available publicly and is referenced throughout this episode. * Emerman’s Report: Implications of the Metals Company Pre-Feasibility Study for Next Steps by the Company https://dsm-campaign.org/wp-content/uploads/2026/03/Implications-of-The-Metals-Company-Pre-Feasibility-Study-for-Next-Steps-by-the-Company.pdf Chapters 00:00 – Introduction and context for the conversation01:03 – Who is Steven Emmerman? Background and consulting work04:14 – Previous involvement in deep-sea mining discussions05:20 – How this report came about06:33 – What “independence” means in consulting08:12 – Handling client pressure and report revisions11:02 – Personal views vs scope of the report12:32 – Podcast framing and approach to the discussion15:49 – What is a pre-feasibility study (PFS)?16:24 – The stage-gate process in mining projects18:23 – Internal vs public role of PFS documents20:00 – Regulation and the role of independent experts23:36 – What is a “qualified person”?25:42 – Key conclusion: should the project proceed?26:11 – How this compares to typical PFS evaluations This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tradingoff.substack.com

    1h 42m
  5. #38: Kaja Lønn Fjærtoft, WWF and The Policy Battle Over Deep Sea Mining

    APR 20

    #38: Kaja Lønn Fjærtoft, WWF and The Policy Battle Over Deep Sea Mining

    In this episode, I spoke with Kaja Lønn Fjærtoft, Global Policy Lead for Deep Sea Mining at WWF, about the policy and regulatory debates shaping the future of seabed mining. The conversation focuses heavily on Norway’s seabed minerals process, which has become one of the most closely watched national developments in the global deep sea mining debate. Kaja walks through how the regulatory framework works, why WWF believes the current process moved too quickly, and where the major points of disagreement lie between environmental groups, industry, and policymakers. Follow Kaja: LinkedIn: www.linkedin.com/in/kajafjaertoft/Instagram: @snublefota Follow WWF Norway Instagram: https://www.instagram.com/wwfnorge/X (Twitter): https://x.com/WWFNorgeFacebook: https://www.facebook.com/WWFNorge/ Chapters 00:00 – Introduction: Marine Biology & Family Roots 07:05 – The Risks of "Adaptive Management" 16:45 – Understanding WWF’s Global Role 22:19 – Funding, Independence & Fact-Checking 28:09 – Oil & Gas Expertise vs. Deep-Sea Mining 41:49 – Norway’s "Opening Process" & Legal Framework 46:55 – Problems with the Government’s Impact Assessment 1:10:23 – Politics: Why the 2029 Postponement Matters 1:26:09 – International Waters & "The Common Heritage" Further Resources The Future Is Circular (SINTEF Minerals report) - https://www.sintef.no/en/publications/publication/2073636/ WWF Deep Sea Mining Hub - wwf.no/gruvedrift-på-havbunnen (Norway Office) or wwf.panda.org/deep_seabed (International) Norwegian Government White Paper - www.regjeringen.no/no/dokumenter/meld.-st.-25-20222023/id2985856/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tradingoff.substack.com

    1h 31m
  6. #37: Part 2 with Pierre Josso - From Criticality to Mineral Systems, Using Complex Data to Find Deep-Sea Resources

    APR 16

    #37: Part 2 with Pierre Josso - From Criticality to Mineral Systems, Using Complex Data to Find Deep-Sea Resources

    How does complex, multivariate systems thinking shows up in both criticality and deep-sea mineralogy? The second part of this technical deep dive transitions from the geopolitical landscape of supply chains to the geological mysteries of the ocean floor. Pierre Josso shares his specialized expertise in geochemistry to explain how mineral deposits such as nodules and massive sulfides form over millions of years. This segment pulls back the curtain on the “mineral system approach,” detailing how scientists use environmental parameters like temperature and pressure to predict where these resources are hidden in the vastness of the deep sea. The conversation also tackles the complex intersection of cutting-edge science and international policy. Pierre explains the challenges of detecting geochemical footprints in high-pressure environments and the difficulty of reaching a global consensus on deep-sea mining legislation. By the end of the episode, listeners will have a clearer understanding of why exploration is as much about data modeling and environmental preservation as it is about extraction, and where they can access the UK’s latest intelligence on these emerging resources. Follow Pierre on LinkedIn: www.linkedin.com/in/pierre-josso-88172b59 UK Critical Minerals Intelligence Centre: https://ukcmic.org/ Chapters: 00:00 – The Geochemistry of Mineral Deposits01:28 – Prospectivity Modeling: Mapping the Planet05:40 – Identifying Geochemical Footprints12:15 – The “Nerd” Side of Geology18:30 – International Legislation and Conflict23:42 – The Future of Deep Sea Policy24:10 – Where to Access CMIC Data 24:53 – Closing RemarksTheme Music Tamarack by Jesse Matas: https://www.youtube.com/watch?v=ThvEpyhnmE8 This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tradingoff.substack.com

    25 min
  7. #36: Critical Minerals Explained: It’s Not Just About Scarcity - Pierre Josso (Part 1)

    APR 10

    #36: Critical Minerals Explained: It’s Not Just About Scarcity - Pierre Josso (Part 1)

    In this episode, Pierre Josso (Deputy Director, Critical Minerals Intelligence Centre – British Geological Survey) breaks down the concept of criticality as a function of risk, priorities and politics. This conversation gets deep into how critical minerals are actually assessed, why supply disruptions happen, and why we have to remember the point is communication toward decision making. Pierre brings a rare perspective that combines geology, data-driven analysis, and policy advisory, offering a more complete view of how governments evaluate mineral dependence and risk. Follow Pierre on LinkedIn: www.linkedin.com/in/pierre-josso-88172b59 UK Critical Minerals Intelligence Centre: https://ukcmic.org/ Chapters: * 00:00 – Introduction * 03:19 – Defining Criticality * 05:34 – Scale and Subjectivity in Criticality Assessments * 09:40 – Methodology: Quantifying Economic Importance * 12:42 – Market Sentiment and Price Volatility * 16:52 – The Challenges of Data Resolution * 20:03 – Analyzing Supply Risk and Bottlenecks * 23:41 – Recyclability and By-products * 27:44 – Geopolitical Market Manipulation * 32:16 – The “Black Box” of Global Supply Chains * 34:47 – Setting the Threshold for Action * 39:18 – The Limits of Predicting the Future * 44:16 – Technological Feedback Loops * 48:26 – Closing Remarks: Criticality is Not a Geological Problem This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tradingoff.substack.com

    50 min
  8. #35: Complex Trade-Offs and Environmental Decision-Making: Paul Hirsch on Values, Governance, and Power

    MAR 25

    #35: Complex Trade-Offs and Environmental Decision-Making: Paul Hirsch on Values, Governance, and Power

    In this episode, I spoke with Paul Hirsch, Professor of Environmental Studies at the State University of New York College of Environmental Science and Forestry, where he directs graduate programs in environmental leadership and decision making. Hirsch’s research focuses on how societies navigate difficult environmental decisions involving competing values, uncertainty, and governance challenges. The conversation explores Hirsch’s concept of “complex trade-offs”—the idea that environmental decisions rarely produce clear winners and losers, and that framing them as simple “win-win” outcomes can be misleading. They discuss how values, governance processes, and interdisciplinary dialogue shape decision-making in complex environmental debates, and what this perspective might mean for discussions around Deep-Sea Mining. Timestamps 00:00:00 — Introduction00:01:38 — No Win-Win Decisions00:05:04 — Complexity & Ambiguity00:07:36 — Ordinary Language Thinking00:12:16 — Integrative vs Integrated00:14:58 — Fruit Salad Thinking00:18:43 — What Are Values?00:20:27 — Principles vs Pathways00:27:19 — Learning Together00:32:42 — Process Over Analysis00:33:52 — Workable Good00:36:34 — The Decision Isn’t the End00:37:45 — Three Lenses00:54:02 — Interdisciplinary Work00:59:04 — Research & Programs01:00:00 — Trust & Leadership01:01:00 — Finding a Workable Good Papers Mentioned * Hard Choices: Making Trade-offs Between Biodiversity Conservation and Human Well-Being (2011) * Acknowledging Conservation Trade-offs and Embracing Complexity (2011) * Navigating Complex Trade-Offs in Conservation and Development: An Integrative Framework (2013) This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tradingoff.substack.com

    1h 5m

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