While seabed mining remains technologically and commercially unproven, rising demand for metals crucial to decarbonization are already unleashing a gold rush to the bottom of the sea.
Global exploration spending for base metals will nearly double within five years from the current annual $70 million to $80 million, CTO Laura Tyler says.
Adding more capacity to refine metals into specialist chemicals or materials and building expertise in manufacturing lithium-ion cells or battery packs, would enable the battery industry to contribute about A$7.4 billion to the nation’s economy by 2030.
Wood Mackenzie plots the forecast progress of gold miners out to 2030 against the reduction in emissions required to align with the 2°C and 1.5°C targets.