The global market for deep sea mining should grow from US$650 million in 2020 to US$15.3 billion by 2030 at a compound annual growth rate (CAGR) of 37.1% from 2020 to 2030, reports a Trends Market Research study.
For the purpose of this report, deep sea mining is defined as a mineral retrieval process (mining) that takes place on the ocean floor. Deep sea mining is also alternatively known as ocean floor mining, ocean bed mining, sea floor mining or seabed mining. However, deep sea mining is different from shallow sea mining. Since deep water mining is a relatively new industry, there is no standard definition that segregates deep sea mining from shallow sea mining. However, various stakeholders in the industry as well as others active in the market generally agree that deep sea mining is the removal of minerals from sea beds deeper than 500 m.
Cobalt rich crusts, also known as cobalt crusts or cobalt rich ferromanganese crust, are rock-hard, metallic layers that form on the flanks of submarine volcanoes, called seamounts. It is estimated that slightly more than 55% of sea floor cobalt crusts are located in the Pacific Ocean. Cobalt crusts also represent a very large metal resource in the sea and contain a relatively large amount of cobalt compared to deposits on land and to manganese nodules. The largest share of metals in the cobalt crusts, however, consists of manganese and iron. Cobalt crusts are also called as cobalt rich ferromanganese crusts. On an average, most...
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