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France's Macron says deep-sea mining must not go ahead

By Catarina Demony and Helen Reid LISBON (Reuters) - French President Emmanuel Macron said on Thursday a legal framework was needed to stop deep-sea mining from going ahead and...
France's Macron says deep-sea mining must not go ahead © Reuters. French President Emmanuel Macron speaks to the media next to Portugal President Marcelo Rebelo de Sousa during the 2022 U.N. Ocean Conference in Lisbon, Portugal, June 30, 2022. REUTERS/Pedro Nunes

By Catarina Demony and Helen Reid

LISBON (Reuters) - French President Emmanuel Macron said on Thursday a legal framework was needed to stop deep-sea mining from going ahead and urged countries to put their money on science to better understand and protect the world's oceans.

There is growing international interest in deep-sea mining but there is also pressure from some environmental groups and governments to either ban it or ensure it only goes ahead if appropriate regulations are in place.

Deep-sea mining would involve using heavy machinery to suck up off the ocean floor potato-sized rocks or nodules that contain cobalt, manganese, and other rare metals mostly used in batteries.

"We have ... to create the legal framework to stop high sea mining and to not allow new activities putting in danger these ecosystems," Macron said at an event on the sidelines of the U.N. Ocean Conference in Lisbon.

"But at the same time we need to promote our scientists and explorers to better know the high seas... we need to better understand in order to protect," Macron added.

Although he expressed concerns about deep-sea mining, France holds an exploration contract through the Institut Francais de Recherche pour l'Exploitation de la Mer, valid until June 2026, for a 75,000-square-kilometre (28,958-square-miles) area in the Clarion-Clipperton Zone in the North Pacific rich in polymetallic nodules.

The International Seabed Authority (ISA), a U.N. body, is drawing up regulations governing seabed mining in the high seas - areas outside any national jurisdiction. Until global rules are in place, seabed mining is not allowed.

Several nations, such as the Pacific islands of Palau and Fiji but also Chile, have called for a global moratorium on all deep-sea mining activities, citing environmental concerns and a lack of sufficient scientific data.

But not all countries are against it. China is a leader in deep-sea mining exploration, and small nations have also gotten involved. The tiny island nation of Nauru last year asked the ISA to fast-track the adoption of seabed mining regulations.

G7 countries last month agreed they would only consent to such mining projects if they did not seriously harm the environment. Peter Thomson, U.N. Special Envoy for the Ocean, told Reuters he believed regulations to counter those concerns will appear soon.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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