Norway just pumped the brakes on its deep-sea mining ambitions, and it's not the kind of thing that happens often. Under a budget deal hammered out with opposition parties, the governing Labour Party agreed that no deep-sea mining licenses will be issued in Norwegian waters until at least 2029. That's a rare policy reversal driven by sustained political pressure from environmental groups and scientists.

From Green Light to Full Stop

This represents a dramatic shift from last year's stance, when Norwegian lawmakers approved opening up a massive offshore area for mineral exploration. Oslo had planned to issue exploration licenses across 386 offshore blocks spanning 280,000 square kilometers, potentially giving Europe access to critical minerals like copper, nickel, and manganese. These metals are essential components in batteries, renewable energy infrastructure, and defense technology.

But political resistance built momentum as environmental agencies, scientists, and opposition parties raised alarms that deep-sea ecosystems remain poorly understood and extraordinarily fragile.

"This decision is a historic victory," said Karoline Andaur, chief executive of WWF Norway. "Norwegian politicians decided to listen to scientific expertise and to the strong public demand to protect the vulnerable deep-sea environment, rather than being swayed by the mining lobby."

U.S. Mining Plans Accelerate

While Norway's pause represents a major victory for environmentalists, deep-sea mining plans are charging ahead elsewhere. In the United States, The Metals Company (TMC) became one of the best-performing stocks on the Nasdaq exchange as deep-sea mining ambitions gained traction.

Following U.S. policy support, TMC moved forward with permit applications to mine in the Clarion-Clipperton Zone, a mineral-rich expanse of the Pacific Ocean stretching between Hawaii and Mexico.

The planned mining areas cover nearly 200,000 square kilometers, with an additional 25,160 square kilometers targeted for commercial recovery. The zone holds an estimated 1.63 billion tons of polymetallic nodules containing 15.5 million tons of nickel, 12.8 million tons of copper, 2 million tons of cobalt, and 345 million tons of manganese.

TMC recently announced successful production of battery-grade manganese sulfate from polymetallic nodules during bench-scale trials, a process the company says could reduce U.S. dependence on imported manganese.

Regulatory Framework Still Incomplete

Despite growing industry interest, the global regulatory framework remains unfinished. The International Seabed Authority (ISA) has yet to finalize its comprehensive Mining Code and establish binding rules for commercial extraction. So far, ISA has signaled it will push for strict environmental oversight.

"The deep seabed belongs to all of us, and all of us must have a voice in how it is governed," Secretary-General Leticia Carvalho said at the latest UN-linked seminar in New York.

Price Watch: The Metals Company (TMC) is up 543.33% year-to-date.