{"id":69527,"date":"2025-04-04T16:36:39","date_gmt":"2025-04-04T03:36:39","guid":{"rendered":"https:\/\/www.greenpeace.org\/aotearoa\/?p=69527"},"modified":"2025-04-04T16:46:50","modified_gmt":"2025-04-04T03:46:50","slug":"major-deep-sea-mining-company-goes-bankrupt","status":"publish","type":"post","link":"https:\/\/www.greenpeace.org\/aotearoa\/press-release\/major-deep-sea-mining-company-goes-bankrupt\/","title":{"rendered":"Major deep sea mining company goes bankrupt"},"content":{"rendered":"\n

A company which had dreams of becoming the world\u2019s largest deep sea mining company has declared bankruptcy. Norwegian company, Loke Marine Minerals, aimed to hold licences in the Pacific and the Arctic. Now, their deep sea mining dreams have been shattered. Loke also owns UK Seabed Resources, which holds the UK\u2019s two deep sea mining licences in the Pacific.<\/p>\n\n

Last November, Loke Marine Minerals, pleaded for new investors, but recognised that they were struggling.[2] The reason: their potential investors \u201cwere not immune\u201d to the strong resistance against deep sea mining. The news comes as protestors disrupted a deep sea mining conference in the Norwegian city of Bergen.[3]<\/p>\n\n

This is the latest blow for the struggling industry, with another deep sea mining company, Impossible Metals, also having to postpone plans for mining tests due to funding issues.[4] <\/p>\n\n

These blows follow last week\u2019s meeting of the United Nations regulatory body, the International Seabed Authority, \u2013 which concluded with widespread international condemnation of Canadian mining firm The Metals Company after TMC moved to bypass the UN process and seek unilateral approval from the United States to start mining in the Pacific.<\/p>\n\n

Haldis Tjeldflaat Helle, a campaigner for Greenpeace Nordic<\/strong>, said:<\/p>\n\n

\u201cOn the same day that we shut down a deep sea mining conference in Bergen, deep sea gamblers Loke Marine Minerals announced their bankruptcy. Deep sea gambling does not pay off. This dangerous deep sea mining company declaring bankruptcy is yet another symbol of a desperate industry in crisis, and it is a win for all those who have campaigned so hard to stop deep sea mining in the Arctic and the Pacific. Now we must secure a global moratorium to stop this desperate industry.\u201d <\/p>\n\n

\"Protesters
Greenpeace activists disrupt the Deep sea minerals conference in Bergen, with participants including mining companies Loke, Adepth and Green Minerals, the Norwegian Ministry of Energy, as well as legal advisors and partners to The Metals Company.
\u00a9 Greenpeace \/ Will Rose<\/div><\/figcaption><\/figure>\n\n

Erica Finnie, a campaigner for Greenpeace UK,<\/strong> said:<\/p>\n\n

\u201cLoke\u2019s bankruptcy just goes to show how incompetent this nascent industry is and it\u2019s putting our oceans in grave danger. Reasons to back a moratorium to stop rogue companies destroying the seabed are mounting by the day.\u201d <\/p>\n\n

Juressa Lee, the deep sea mining campaigner for Greenpeace Aotearoa <\/strong>said: \u201cWe\u2019re seeing mass resistance from ocean defenders, Indigenous Peoples and coastal and Pacific communities to deep sea mining. Investors are steering clear, and world leaders must also take heed. They must not kowtow to predatory industries with goals of riches for the few, and impacts on the environment and communities for many generations. The lack of research and understanding, the financial uncertainties and the long history of harmful extractivism all over the world is why we must call for a moratorium.\u201d<\/p>\n\n

Greenpeace urges governments to stand up to deep sea mining, and attempts by The Metals Company to bypass the United Nations process, by supporting a deep sea mining moratorium at the next ISA meeting in July. <\/p>\n\n

Notes:<\/strong><\/p>\n\n

1. Mineral dream in tatters: Bankruptcy for the company that was supposed to be the largest in the world | DN (in Norwegian)<\/a>

2. Stavanger company needs more money to become the biggest in seabed minerals (in Norwegian)<\/a> <\/p>\n\n

3. Photos and videos from today in Bergen <\/strong>are available in the Greenpeace Media Library<\/a><\/p>\n\n

4. Early 2026 Test with BGR Postponed \u2013 Impossible Metals<\/a><\/p>\n\t\t\t\n\t\t\t<\/a>\n\t\t\t\t\t\t\t\n \t\t\t

\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tPETITION: Stop deep sea mining\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t

It\u2019s time for New Zealand to take a stand. Join our call on the New Zealand government to back a global moratorium on seabed mining.\n<\/p>\n\t\t\t\t \n Take Action\n <\/a>\n \t\t\t<\/div>\n\t\t\t\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

A company which had dreams of becoming the world\u2019s largest deep sea mining company has declared bankruptcy. 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The whakapapa of my wh\u0101nau is a journey through Te Moana Nui a Kiwa. From the Whangape Harbour to Rawhiti via Ngawha, down to Tauranga Moana, over to Tupapa and Ngatangiia in Rarotonga, and north again to Tahiti. My tamariki, through their p\u0101p\u0101, also whakapapa to Toi village in Niue. I was raised by a frugal mother who was always mindful of her impact on the planet, and navigated it accordingly. My dad has always enjoyed nature and instilled in us that there were responsibilities we had to be able to keep enjoying it. This was my very first influence. When I became an adult and then a mother myself, decolonising my life became a priority to raise my tamariki with an unapologetic, Indigenous worldview. Along the way and without realising, my whakaaro around kaitiakitanga began to shift, or rather, return. I felt more responsible, but also more empowered. I connect the dots between 160+ years of colonisation, extractivism, social and environmental harms and injustices and a worldview that sees the environment as separate to people. That people are somehow entitled to take, own, throw away, destroy and degrade. We are witnessing the impacts from living in a system rooted in colonialism and racism and extractive industries are devastating the planet and furthering the climate crisis. Now, wannabe miners are eyeing up the seabed in the South Taranaki Bight, and also seeking to plunder the deep seas. This problem is colossal, but so is our fight to protect te taiao. There are solutions to these issues. We must stop seabed mining before it starts.","url":"https:\/\/www.greenpeace.org\/aotearoa\/author\/juressa\/"}]}},"_links":{"self":[{"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/posts\/69527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/users\/72"}],"replies":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/comments?post=69527"}],"version-history":[{"count":3,"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/posts\/69527\/revisions"}],"predecessor-version":[{"id":69537,"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/posts\/69527\/revisions\/69537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/media\/69535"}],"wp:attachment":[{"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/media?parent=69527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/categories?post=69527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/tags?post=69527"},{"taxonomy":"p4-page-type","embeddable":true,"href":"https:\/\/www.greenpeace.org\/aotearoa\/wp-json\/wp\/v2\/p4-page-type?post=69527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}