Norway has paused its controversial plans to mine the seabed in Arctic-reaching territorial waters after the Socialist Left Party (SV), a small left-wing environmentalist group, secured an agreement to delay the initiative in exchange for supporting the national budget.
The government had intended to issue its first deep-sea mining exploration licenses in early 2025. Under pressure from the SV, preparatory work has been now slowed, with the government highlighting that it would continue work on environmental impact assessments and regulatory frameworks.
“This is a postponement, not an end to the process,” Prime Minister Jonas Gahr Støre of the Labour Party said in an interview with private broadcaster TV2. Shares of Norwegian seabed mining startup Green Minerals plummeted by 40% on the news, closing Monday’s trading session at €0.32 per share (0.34 US). Despite the setback, the company stated that it still anticipates beginning ore extraction by the late 2020s.
For the rest of this article: https://www.mining.com/norway-forced-to-pause-arctic-seabed-mining-plans/