Norway’s Green Minerals AS is banking on rising investor demand for ethically-sourced battery metals to spur growth following its listing, according to Bloomberg.
- Green Minerals said it will be able to harvest the cobalt and copper needed for electric vehicles from deep sea mining production without damaging the environment.
- The firm is among Europe’s 10 best initial public offerings in 2021 after more than doubling its value following its listing on the Euronext Growth market on Tuesday.
- The company estimates the continental shelf between Norway and Greenland to have minerals worth $77 billion, including almost 7 million tons of cobalt-rich copper. It is using funds to hire scientists and develop underwater mining technologies with Oil States Industries Ltd. Licenses are expected in 2023, with first production by mid-decade.
- Green Minerals Chairman Staale Rodahl said there isn’t as much conversation about the resources required for batteries, panels, and windmills and the process needed for the final product.
- The International Seabed Authority is expected to finalize a mining code of conduct this year. It has already inked over two dozen contracts across the globe.