Billions Beneath the Waves: UK Seabed Bids Heat Up

The UK's review of key seabed licenses signals a bold push for mineral security amid rising geopolitical and environmental stakes.

24 Apr 2025

Two patches of the Pacific Ocean floor have become the focus of a contest over minerals and strategy. The areas, once controlled by Norway’s Loke Marine Minerals before its collapse, contain nodules rich in nickel, cobalt, copper and manganese. These materials are central to electric cars and renewable energy.

Britain is reviewing bids for the licences under a national-security lens before approving any transfer. With China already holding sway over many international seabed permits, London is keen to secure its own stake and align it with its industrial and energy ambitions.

The suitors are varied. TechnipFMC, an offshore engineering firm, is seen as a frontrunner thanks to its subsea know-how. Greenpeace, by contrast, has tabled a token £1 offer. The point is protest rather than profit. “We are bidding to stop exploitation, not enable it,” the group said, highlighting fears that fragile deep-sea ecosystems could be irreparably damaged.

The stakes extend beyond commercial rights. A domestic winner would help Britain cut dependence on imported minerals just as demand for clean technologies surges. Yet rules remain cloudy. The International Seabed Authority has not agreed on a global mining code, leaving investors wary and policymakers cautious.

At issue is more than two licences. It is whether nations can exploit seabed resources without wrecking the ocean environment. For Britain, the decision will signal how it balances mineral security with ecological duty and how it intends to play in the geopolitics of the deep.