Monday, November 29, 2021

Wilhelmsen and NorSea ready to pounce on Norwegian deepsea mineral bonanza

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Offshore specialists buy 18% stake in Loke Marine Minerals.

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Wilhelmsen and NorSea have bought an 18% stake in the Norwegian deepsea mining company, Loke Marine Minerals. TechnipFMC is a co-investor in the company, which was established in 2019.

Loke was quick to recognise the potential for offshore mining on the Norwegian Continental Shelf, where a survey by the Norwegian University of Science estimates there is $100bn worth of copper, zinc, cobalt, scandium, and additional rare earth elements.

“As the energy transition continues to gather pace, we are actively looking at new projects and business areas, outside of the oil and gas industry, where NorSea’s unique port infrastructure and proven service and supply know-how can continue to be a key driver of success.

“The development of the seabed mineral industry in Norway is far from certain, but partnering with a frontrunner like Loke, which has such focus on developing new technologies and systems to safely and sustainably extract minerals from Norwegian waters puts us in an interesting position,” commented John Stangeland, group CEO of NorSea.

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