Fortescue Supports Moratorium on Seabed Mining

Fortescue is one of the world’s lowest cost iron ore producers and is taking an industry leading position in tackling decarbonisation, at a scale and rate not considered possible by other mining companies. Through this push to carbon neutrality, Fortescue is rapidly diversifying to a become an integrated global green energy and resources company.

On 8 November 2022, Fortescue joined a world-wide coalition, calling for a moratorium on seabed mining, until there is enough scientific evidence to ensure damage to the ocean environment is prevented.

Speaking at the UN Climate Change Conference in Egypt, Fortescue Chairman, Dr Andrew Forrest stated that deep sea mining raises important questions about how we can accelerate toward a low-carbon future to avert the worst impacts of climate change, while minimising unwanted environmental harm along the way.

The push to a low carbon economy, combined with growing populations, high technology applications and an increased rarity of high-grade land based mineral deposits, is resulting in an increasing demand for specific resources. Some believe that high grade mineral deposits, contained within the deep sea, have the potential to meet the increasing demands.

However, Dr Forrest stated that “the deep seabed supports some of the least understood ecosystems on the planet. It is critically important to ecological processes affecting our entire ocean and yet our scientific knowledge of it remains extremely limited.”

Seabed mining is currently not required to meet the same rigorous environmental standards as mining on land and Dr Forrest said that “if regulators can’t apply exactly the same whole of ecosystem studies, including flora, fauna, terrain and unintended consequence, and the same or higher standards as we do on land, then the seabed shouldn’t be mined.

“Until we can match existing regulations placed on mining on land and also investigate the potential for alternatives, included improved efficiencies in production and recycling of existing minerals, we should not allow seabed mining to commence.

“This is why we are wholly supporting a moratorium on deep sea mining, until we understand if, in fact, we need to risk this last frontier at all.”

Fortescue believes that projected decarbonisation targets can be achieved without reliance on seabed mined minerals, due to current global reserve estimates and initiatives, such as; technology substitution, reducing mineral intensity, new and emerging technologies and incentivising recycling to encourage and develop circular economies, can be implemented to also reduce reliance on terrestrial reserves.

Preventing exploitation of deep sea minerals, through a moratorium, will allow scientists time to gain a deeper understanding of the deep sea environment, which in turn will enable a whole-of-ecosystem understanding of ecological processes and how seabed mining activities may impact these, both directly, indirectly and cumulatively. This understanding will enable identification of effective management measures that will be crucial to avoid and minimise damage to these environments.

Comprehensive scientific understanding of the deep sea environment will also enable governments and policy makers to implement rigorous regulations and controls, that should match or exceed the level of environmental regulations placed on terrestrial ecosystems.