Metalliferous sediments in the Atlantis II Deep—Assessing the geological and economic resource potential and legal constraints

Bertram, Christine, Krätschell, Anna, O’Brien, Killian, Brückmann, Warner, Proelss, Alexander and Rehdanz, Katrin (2011) Metalliferous sediments in the Atlantis II Deep—Assessing the geological and economic resource potential and legal constraints Resources Policy, 36 (4). pp. 315-329. DOI 10.1016/j.resourpol.2011.09.001.

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Abstract

Projected increases in demand and thus increasing metal prices have brought the exploration and exploitation of marine mineral resources back into focus. The Atlantis II Deep, located in the central Red Sea between Saudi Arabia and Sudan, is one of the largest marine sulfide deposits known, with high concentrations of metals such as zinc, copper, silver and gold. However, little is known about the economic potential of marine minerals as well as the legal constraints. Our geological assessment shows that the deep is similar in grades and scale to large land-based deposits. Its economic potential is far from negligible. The total present value of possible gross revenues for the four metals zinc, copper, silver and gold ranges from 3.03 to 5.29 billion US$, depending on the assumptions made concerning future price development, mass calculation and discount rate. From a legal perspective, a general duty to cooperate in the exploration and exploitation of non-living resources located in disputed maritime areas is identified in both customary international law and in UNCLOS. It is submitted that a joint development agreement is one means of ensuring compliance with this duty in general and in the case of the Atlantis II Deep in particular.

Document Type: Article
Keywords: Petrology; Law; Atlantis II Deep; Deep-sea mining; Joint development scheme; Metalliferous sediments; Resource potential; Saudi-Sudanese Red Sea Commission
Research affiliation: OceanRep > GEOMAR > FB2 Marine Biogeochemistry > FB2-MG Marine Geosystems
OceanRep > GEOMAR > Applied R&D > Energy and CO₂ Sequestration Projects
OceanRep > GEOMAR > Applied R&D
OceanRep > The Future Ocean - Cluster of Excellence
Kiel University
Refereed: Yes
DOI etc.: 10.1016/j.resourpol.2011.09.001
ISSN: 0301-4207
Projects: Future Ocean
Date Deposited: 06 Dec 2011 09:46
Last Modified: 03 Apr 2017 14:13
URI: http://eprints.uni-kiel.de/id/eprint/12820

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