Deep-sea mining: Superficial riches, deep hidden costs

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Rashid Sumaila, Lubna Alam, Kumara Pradhoshini, Raphaelle Flint, and 21 more This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7632394/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract Deep-sea mining (DSM) is promoted as a solution to secure minerals critical for a rapid energy transition 1,2 , yet its full economic, environmental, and social implications remain poorly quantified 3–5 . Here, we conduct arguably the most comprehensive cost-benefit analysis (CBA) of DSM to date, compiling and using data from publicly available articles simply yet powerfully. We estimate the net present value (NPV) of extracting 3 million dry tonnes of polymetallic nodules annually 6,7 , over 50-years, applying both conventional and intergenerational discounting to capture long-term impacts 8–10 . Using the average of reported metal prices, our study suggests that DSM could generate direct financial gains of ~USD12 billion over 50 years (i.e., ~USD240 million a year), non-financial costs are significantly higher —reaching ~USD68 billion (i.e., trading off USD5.6 of non-financial losses for USD1 of financial gain), and ~USD105 billion (trading off USD8.7 for USD1 of financial gain) under conventional and intergenerational discounting, respectively. Sensitivity analysis reveals that a 42% fall in mineral prices or an 85% extraction costs overrun, both plausible, would wipe out all projected financial gains. Even if the cost of extracting deep-sea minerals was zero, the NPV would still be negative. These findings highlight the economic flimsiness of DSM, reinforcing ecological and social concerns 11–13 . Given that DSM’s net value is negative, policymakers should strengthen existing mining practices and prioritize circular economy strategies over high-risk exploitation 14 . Environmental Economics Figures Figure 1 Figure 2 Figure 3 Figure 4 Introduction The global demand for critical metals such as cobalt, nickel, manganese, and rare earth elements has increased as countries prioritize economic growth and accelerate their transition to renewable energy and digital technologies 15 . Deep-sea mining (DSM) has emerged as a controversial option to meet this growing demand, offering tempting access to untapped mineral reserves on the ocean floor, in particular, polymetallic nodules 1 , 2 , 16 . Proponents argue that DSM can reduce dependence on terrestrial sources while alleviating supply chain vulnerabilities, providing economic opportunities for nations and companies willing to invest in this new frontier 1 . However, in addition to some of these arguments being challenged 17 , the pursuit of these assumed benefits comes with considerable uncertainty regarding environmental, social, and economic risks 3 , 12 , 14 , 18 – 23 . The deep sea hosts fragile, largely unexplored and poorly understood ecosystems 24 – 26 , and mining activities could result in irreversible damage to biodiversity, their functions, and the broader ecosystem services they provide, including climate regulation and fisheries support 11 , 12 , 23 , 27 – 29 . Existing CBAs often focus narrowly on potential financial returns from mineral extraction, assuming favorable market prices, low operational costs, and limited regulatory constraints (e.g., Sharma 30 ). These studies typically underrepresent or omit the broader environmental and social costs of DSM, such as irreversible biodiversity loss, disturbance of ecosystem functions, and risks to coastal and Indigenous communities 12 , 31 . Moreover, most existing DSM CBAs lack transparent methodologies and robust sensitivity analyses to assess uncertainties in commodity prices, extraction costs, and technological performance 32 . Few if any incorporate intergenerational perspectives through discounting frameworks that account for long-term economic and ecological damage 8 , 33 . As DSM remains untested at commercial scale, and attempts to engage in DSM (Extended Data Fig. 1 ) are insufficient to guide policy decisions that weigh short-term economic benefits against long-term planetary health. There is therefore a pressing need for comprehensive, transparent, and precautionary CBAs that integrate biophysical, socio-economic, and ethical dimensions – a goal we set for this contribution. Our analysis considers direct financial gains, alongside the financial and external costs of habitat destruction, biodiversity loss, and climate risks. We identify the major existing published DSM CBAs in the literature, both peer and non-peer reviewed, and evaluate each study to determine their degree of comprehensiveness with respect to environmental, economic and social costs and benefits, both qualitatively and quantitatively (Methods; Extended Data Fig. 2 ). We categorize costs and benefits into direct financial, environmental, social as well as the net cost of degrading option and existence values 34 , 35 . Data for the identified costs and benefits are obtained using a ‘crowdsourcing approach’ by deploying all major publicly reported data in DSM CBAs (Methods). To explicitly and intuitively consider the interests of future generations, we employ both conventional and intergenerational discounting approaches 8 – 10 , 33 . We also undertake trade-off analysis between direct financial returns and environmental, social, option and existence values. The trade-off analysis is conducted to reveal what values would have to be traded off in the sole pursuit of financial gains. Our objective is to present a comprehensive CBA of DSM, evaluating whether a project extracting 3 million dry tonnes of minerals annually—a standard benchmark in the sector—would yield net societal benefits over a 50-year horizon. Drawing on data from 20 publications (Extended Data Table 1), we integrate economic valuation, ecological assessments, and policy considerations. Our analysis incorporates insights from key regions such as the Clarion-Clipperton Zone and the South Pacific. The aim is to assess whether the long-term environmental and social costs of DSM outweigh its short-term financial gains, offering evidence to guide informed, responsible decision-making. Our findings are relevant to mining companies, investors, technology providers, governments, international organizations, affected communities, and global biodiversity stakeholders engaged in the ongoing DSM debate. How comprehensive are existing CBAs? We identified 25 DSM CBA case studies and 16 CBA elements from the literature for our analysis 34 , 35 , and used these to create 16 by 25 CBA cost elements by DSM CBA case studies matrix (Methods). Figure 1 in here. Figure 1 shows four horizontal bar plots arranged in two rows, each comparing qualitative and quantitative representations of CBA elements and case study papers. Of the 400 cells in the qualitative data matrix, only 129 (or 32%) have qualitative data (check marked), an indication of how grossly inadequate current DSM CBA coverage is (Fig. 1 a; Extended Data Fig. 2 ). The CBA element with the highest check marks has only 11 out of 16 (Fig. 1 a, Extended Data Fig. 2 a). In fact, 16 of the case studies have only 0 to 5 check marks, and none of the case studies contain qualitative information on Option and Existence , and Reduction in greenhouse gases. Of the 400 cells in the quantitative data matrix, only 44 (or 11%) have estimated amounts (Fig. 1 b, Extended Data Fig. 2 b). This percentage coverage indicates that current CBAs of DSM are less comprehensive than the qualitative insights depicted in Fig. 1 a. Revenue is the most frequently qualitatively-assessed element, followed by Employment and Operational factors , whereas elements such as Salvage, Option and Existence are discussed very infrequently (see terms’ definitions in Methods). Revenue and Employment are the most frequently quantified CBA elements, while CBA elements, such as Biodiversity, Option and Existence , Reduction in greenhouse gases and Salvage have very few or no quantitative estimates, highlighting a major gap (Fig. 1 b; Extended Data Fig. 2 ). The Pacific Communities’ (SPC) studies 36 , which are grey literature, cover the broadest set of CBA elements qualitatively (Fig. 1 c). Studies such as those issued by the ISA 37 and Donaldson 38 contain limited qualitative information. Similarly, the SPC studies have more quantitative data than most other studies (Fig. 1 d; Extended Data Fig. 3 ). Overall, Fig. 1 shows that market CBA elements such as Revenue and Employment dominate both qualitative and quantitative analyses across the CBA matrix while non-market values such as Biodiversity , Option and Existence , Reduction in greenhouse gases and Indigenous Considerations are severely under-quantified (Extended Data Fig. 2 ). There is a general imbalance: many CBA elements are discussed qualitatively but not quantified, signaling critical knowledge gaps in DSM CBA studies. Present value of net benefits Figure 2 shows the net present value (NPV) of DSM across five categories including Direct Financial, Environmental, Social, Option and Existence, and Total under two discounting approaches, conventional and intergenerational. The direct net financial benefits are positive, at USD12 billion, indicating potential financial profitability for DSM operations (Fig. 2 a). Figure 2 in here. However, sensitivity analysis shows that DSM’s projected direct financial gain is highly vulnerable: a 42% price drop or an 85% cost increase would erase it entirely. Even a moderate combination of both (e.g. a 25% drop in the average price combined with an increase in the cost of extraction of 30%), would eliminate gains. Given current price trends with different metal prices declining from their peak by between 28% to 76% (Extended Data Fig. 4 ), and DSM’s untested nature, these scenarios are entirely plausible. With regard to environmental costs, we find substantial negative impacts, especially, in the worst-case scenario (i.e., 1-standard deviation > mean). The social costs of DSM are also consistently negative across all scenarios. We find that the effect of DSM on Option and existence values is also negative, reflecting the loss of intrinsic and option values that are likely to be generated by DSM. Overall, our study finds that the total NPV generated by DSM is negative, implying that there is no net benefit to share, only costs (see Extended Data Tables 2 &3 for the flow of discounted net benefits over time). Sensitivity analysis reveals that no drop in the cost of extraction would turn the NPV positive. The implication of these results are profound – even if the cost of extracting metals from the seafloor is costless, the NPV of the controversial activity would still be negative. On the other hand, the average price of extracted minerals used in the study has to increase by a virtually impossible 190% for the NPV to turn positive. Figure 3 in here. When the interests of future generations are explicitly considered, the negative environmental, social and option/existence impacts increase (Fig. 2 b ). This is because intergenerational discounting, unlike conventional discounting, is good at capturing long-term costs and benefits 10 , 39 . Our study suggests that for each dollar of potential direct financial gain, there is a trade-off of 5.6 times of combined non-financial benefits when conventional discounting is applied (Fig. 3 ). This trade-off is larger at 8.7 times, when intergenerational discounting is used to calculate NPVs (Fig. 3 ). Note that conventional discounting frontloads benefits while backloading costs (Methods). The NPV of DSM under two discounting approaches—conventional and intergenerational—across three discount rates (1%, 5%, and 10%, respectively) are presented in Fig. 4 . These rates are chosen based on current interest rates and the writings of environmental economists (e.g. Nicholas Stern). NPV is computed for three categories: Current Generation, Future Generation, and Both Generations. Our study reveals four key observations: (i) costs decrease (become less negative) as the discount rate increases for both approaches; (ii) intergenerational discounting places greater weight on future costs, resulting in larger negative NPVs for future generations compared to conventional discounting; (iii) the aggregated burden of DSM on both generations is significantly higher under intergenerational discounting because it does not discount away future costs and benefits as conventional discounting; and (iv) using the conventional discounting approach and at the same time applying a high discount rate, e.g., 10%, is highly disadvantageous to future generations as the burden to be imposed on them by DSM is ‘discounted away’ by a factor of up to 9.5. In other words, current miners backload the cost of DSM to both future and young members of the current generations while attempting to frontload its benefits to themselves 35 ; and (v) the intergenerational approach is a great ‘generational inequity leveler’ with the burden on future generations ranging from 1.66 t0 1.71 (Fig. 4 ). Figure 4 in here. Discussion and conclusion We provide a nuanced perspective on the economic, environmental, social, and option and existence value impacts of DSM, highlighting critical trade-offs. While our study suggests the likelihood of generating a meager direct financial gain from DSM, we demontrate that this can easily be reduced to zero by plausible changes in the average price, cost of DSM or combination thereof. As the UN Convention on the Law of the Sea (UNCLOS) mandates that the financial and other benefits derived from deep-sea mining (DSM) on the international seabed be shared equitably under its “common heritage of [hu]mankind” principle, some developing countries continue to anticipate substantial financial gains from DSM. However, even from a strictly financial perspective, the benefits that would be available for distribution to countries are likely small after the mining companies and ISA have taken their cuts 40 , 41 . The significant non-financial costs raise critical questions about the overall economic sustainability and equity of this emergent industry. The environmental costs (-USD31 billion under conventional discounting and -USD48 billion under intergenerational discounting), highlight the significant ecological price to pay by society for pursuing this marginal financial gain by a small number of DSM companies. The ownership and control of deep-sea resources carry geopolitical implications. The challenge of balancing economic benefits with international law, territorial disputes, and governance is also a point to consider. Issues such as compliance and enforcement under frameworks such as UNCLOS, including unilateral action outside of UNCLOS as proposed recently by the United States, add layers of difficulty to resource management. The perceived financial gains could intensify geopolitical competition for access to mining sites, potentially increasing territorial disputes or sparking new conflicts over resource control. Cooperation among nations is imperative to mitigate these risks and ensure that, if allowed, DSM benefits are distributed equitably 42 . The negative environmental and social NPVs in our analysis provide a sharp focus on the potential deep ecological and human costs of DSM. For instance, estimated environmental costs (consisting of ecosystem degradation and biodiversity loss) are at a staggering ~ USD117 billion (high-end under conventional discounting) and ~ USD181 billion (high-end under intergenerational discounting), raising serious concerns about the long-term sustainability and viability of DSM (see also The Planet Tracker report) 43 . In addition, this study indicates consistent social costs across scenarios (USD13 billion and USD20 billion mean NPV for conventional and intergenerational discounting, respectively), providing evidence for the concerns expressed by Indigenous Peoples of the Pacific and 33 States currently demanding a moratorium, precautionary pause, or ban on DSM 44 (Extended Data Fig. 5 ). In addition, many scientists, government representatives, international and non-governmental organizations have expressed their deep concerns about the negative societal effects of DSM 13 , 21 , 45 , 46 .These concerns highlight the high risk of increasing disruptions to coastal communities and Indigenous practices, who hold deep spiritual and cultural connections to the ocean, including sacred sites which shape their ancestral identities 47 , 48 . It is worth noting that the current CBA does not account for the potential loss of yet to be fully understood ecological services such as the recent discovery of "dark oxygen" ecosystems on the seafloor 49 . This partly drives the recent calls for caution in engaging in DSM. Thus, our estimate of loss in option and existence value due to DSM of USD37 billion NPV under intergenerational discounting is almost certainly an underestimate of the amount of potential loss of these currently unknown critical services. This underestimation of the losses suggests an urgent need to incorporate evolving scientific knowledge into future CBAs. The total NPVs of -USD55 billion under conventional discounting and -USD 92 billion under intergenerational discounting over the 50-year time horizon of the study, highlight the overall negative balance when all costs and benefits are considered. This signals the necessity of policy measures to: (i) avoid harm by internalizing environmental costs; (ii) promote innovation by investing in technologies to minimize the environmental footprint of DSM while working to technologically decrease the demand and increase the supply of critical minerals from traditional sources and circular economy initiatives 14 ; and (iii) strengthen governance by ensuring international cooperation in the extractive sector to regulate access and manage geopolitical risks effectively 50 . This contribution contrasts the direct financial potential of DSM against environmental and social costs. Throughout, we have based our analyses on a ‘unit’ of 3 million dry tonnes per year production level; the potential actual extraction rates could be many times larger, and therefore our negative NPV estimates would be accordingly larger too. Given the findings of this more comprehensive CBA of DSM, at a minimum, commercial-scale DSM should be put on hold, as called for by several countries, financial institutions, insurance companies, important renewable and electric vehicle companies, scientists, and non-governmental organizations, until we know enough to make informed decisions that serve the best interest of humankind as a whole, both current and future generations 51 . Methods Computing the Net Present Value of the flow of costs and benefits Conventional discounting In the case of conventional discounting, the cost and benefit flow calculation over a 50-year time horizon is expressed as follows (Eq. 1): As expressed in the above equation, the NPV for DSM considers the flow of (i) direct financial costs and benefits; (ii) environmental costs and benefits; (iii) social costs and benefits; and (iv) option/existence value losses. Intergenerational discounting Intergenerational discounting, as introduced by Sumaila 33 and extended by Sumaila and Walters 9 , is a way of thinking about how we value benefits and costs that occur in the future, particularly across multiple generations. Conventional discounting tends to prioritize short-term benefits over long-term ones, meaning that benefits received by people today are often considered more valuable than those received by future generations 10 . This approach can lead to decisions that favor immediate economic gains while ignoring long-term environmental and social consequences 8 . To address this issue, intergenerational discounting introduces the idea that different generations should have their own discounting clocks by resetting the time at which they start discounting their own net benefits. We apply this approach instead of a single discounting clock, i.e., the one for the current generation, which heavily devalues future benefits and costs 33 . This method recognizes that each generation has its own stake in the outcomes of decisions made today regarding the use of the environment. Essentially, it ensures that the well-being of future generations is not excessively discounted, giving more weight to long-term environmental sustainability and social responsibility 9 . In practical terms, when evaluating activities like DSM, this ensures we do not only look at the immediate financial benefits but also consider the lasting environmental damage and resource depletion that future generations will inherit. By using different discounting clocks for different generations, intergenerational discounting helps policymakers make more balanced decisions—ones that acknowledge the rights and interests of both present and future people, ensuring that economic growth does not come at the expense of long-term planetary health. This approach is used to compute the intergenerational NPV for DSM and to compare it with the NPV calculated using conventional discounting. Equation 2 is applied for the calculations: Qualitative data collection and analysis A systematic literature review was conducted to assess the costs and benefits of DSM through both qualitative and quantitative lenses. Data were synthesized from a diverse range of sources, including peer-reviewed journal articles, technical reports, academic studies, industry assessments, and grey literature published between 2011 and 2024. The review identified 20 relevant publications that together yielded 25 DSM case studies, with the SPC Technical Report 36 and Kirchain 52 contributing three and four case studies, respectively Extended Data Table 1). Based on these, 16 key CBA elements were identified to facilitate a more comprehensive evaluation of the environmental, economic, and social dimensions associated with DSM activities. We used information provided in the 25 case studies to populate Extended Data Figure 2 qualitatively using the rule below in which 𝑀 ij represents whether case study 𝑖 considers CBA element 𝑗 or not: We enter in this table the available reported numbers for the check marked cells in Extended Data Figures 2 & 3. It should be noted that numbers were entered in Extended Data Figure 2 only if the primary data collection methods and time period information are properly described. To ensure data quality, data were excluded if the methodology was not specified; if there were duplicates from different primary sources; and/or if the source contained unverifiable data. Quantitative data collection and analysis Elements of costs and benefits Exploration and extraction; operational; annual maintenance costs: DSM operations demand significant investments in specialized equipment and vessels. Collection vehicles, designed to extract minerals from the seabed, are costly. Support vessels, which house equipment and personnel, are needed at a steep price. The riser and lifting systems, essential for transporting collected materials from the seabed to the surface, add hundreds of millions of dollars to the capital expenditures. Estimates for these costs from the case studies are presented in Extended Data Figures 2 & 3. It is worth noting that the data points reported in these figures were sourced from multiple studies, each offering varying estimates based on operational scale, duration, and environmental considerations. The data was normalized by converting them to the expenditure for mining 3 million dry tonnes of nodules annually. Regulatory compliance cost : Before initiating mining activities, companies are typically required to conduct comprehensive environmental baseline studies and impact assessments (EIS). These studies aim to understand the existing marine ecosystem and predict the potential impacts of mining operations. The costs for these assessments can vary widely depending on the project's scale and location but are generally substantial. In addition to this, the ongoing environmental monitoring throughout the mining operation, which is necessary to ensure compliance with environmental standards, further adds to the overall expenses. Beyond operational and environmental costs, companies must also consider fees associated with obtaining licenses and permits, as well as ongoing royalties or taxes imposed by regulatory bodies. It was not possible to find data in the 25 case studies for this CBA element but according to Impossible Metals (2024) 53 and TMC 54 , it costs between USD30 to 80 million and USD75 million, respectively, to collect and analyze the environmental data and write the EIA report in order to obtain an exploitation license. Also, analysis by Planet Tracker (2024) 41 suggests that the financial benefits to individual ISA member countries may be minimal. Our results are in line with these earlier findings since our study shows that there are no benefits to share, only net costs. Environmental remediation and restoration: Recent studies such as by (Planet Tracker, 2023) 43 suggest that attempting to restore deep-sea ecosystems, such as by installing artificial structures to replace disturbed habitats, could cost between USD5.3 million and USD5.7 million per square kilometer. In contrast, the extraction process itself is estimated at approximately USD2.7 million per square kilometer, indicating that remediation costs could potentially more than double the total expenditure 43 . We multiply the extraction cost in Extended Data Figure 2 by two to obtain estimates for the remediation and restoration costs. Revenue from extracted minerals: The potential revenue generated by DSM is simply the product of the price per tonne of minerals extracted, by the total quantity of minerals extracted, assumed for this analysis to be 3 million dry tonnes per year (Extended Data Figure 2). Salvage value: This is the estimated value of an asset at the end of its useful life. It's also known as residual value or scrap value. See Extended Data Figure 2 for the estimates found in the literature. Loss of biodiversity: DSM is expected to cause unavoidable biodiversity loss, with significant implications for ecosystem functions and services 31 . This includes via direct removal and destruction of seafloor habitats along with their unique fauna 55–57 . Sediment plumes created from seafloor disturbance and the return of sediment-laden wastewater (dewatering or midwater plume) will extend the impacts of DSM horizontally and vertically for tens to hundreds of kilometers 16,58–61 . There will be contaminant release and changes to water properties, and increases in noise and light 4,62 . The loss of biodiversity due to DSM activities is considered inevitable and permanent on a human timescale, as certain deep-sea formations, including the minerals targeted, take millions of years to form 63 . Given the current gaps in scientific knowledge about deep-sea ecosystems and their functions, as well as how they might be impacted by mining 25,64 , accurately quantifying the full economic impact of such irreversible damage remains beyond our reach. Estimates from the case studies are reported in Extended Data Figure 2 and 3. Disruption of deep-sea ecological functions and services: DSM poses risks to invaluable ecosystem services, including supporting global fisheries, nutrient cycling, and climate regulation 28,29,65,66 . Disruptions to these services could have far-reaching effects on global food security and climate stability, leading to broader environmental and economic consequences, and could translate into economic losses, particularly in industries reliant on healthy marine ecosystems 67–69 . For example, commercial fisheries may suffer from reduced fish stocks due to habitat degradation, leading to decreased catches and financial losses for fishing communities. The numbers found in the case studies for this CBA element are reported in Extended Data Figure 2. Chemical leakage and contamination: Chemical contamination from DSM could severely impact industries such as fisheries and tourism. Following the Deepwater Horizon spill, the fishing industry in the Gulf of Mexico suffered large losses of fish catch and tens of millions of dollars owing to contaminated waters and diminished consumer confidence 70–72 . Tourism also experienced a downturn, with potential losses projected in the billions 73 . Similar contamination from deep-sea mining, e.g., i) fuel spillage from mining vessels or bunkering/resupplying fuel tanker; ii) unexpected change in ecosystem resulting for e.g., in algae bloom; and iii) release of toxic elements affecting biodiversity and the fisheries, could lead to economic repercussions for coastal communities reliant on these sectors. The introduction of heavy metals and toxic substances into marine ecosystems can cause prolonged environmental damage. For e.g., abandoned hard rock mines have contributed to the contamination of rivers and lakes 74 , leading to long-term ecological degradation and substantial cleanup costs. No estimate of the potential cost of chemical leakage and contamination was found in any of the 25 case studies in our study. However, chemical spills in marine environments can be extremely damaging and costly. The 2010 Deepwater Horizon oil spill in the Gulf of Mexico resulted in BP paying approximately USD65 billion in cleanup costs, fines, and settlements 75 . While this incident involved oil extraction, it demonstrates the potential financial liabilities associated with marine chemical contamination. DSM operations could face similar challenges and billions of dollars of cost from contamination. Hence, we assume USD65 billion in cleanup costs, and use this to calculate the expected cost of this CBA element by multiplying this amount with a probability of contamination from DSM occurring. Another study by Sezer et al. (2023) 76 , focusing on crude oil tanker ships, found that during cargo loading operations, the occurrence probability of an oil spill was approximately 2.9%. For our calculations, we assume a conservative probability of 0.01%. Impact on Indigenous or traditional knowledge: Quantifying the monetary costs of DSM’s impact on Indigenous and traditional knowledge is challenging due to the intangible nature of cultural heritage and the variability of legal frameworks across regions. However, recent legal cases provide some context for potential compensation related to cultural and spiritual losses 77,78 . In Western Australia, the Yindjibarndi Ngurra Aboriginal Corporation filed a compensation claim of AUD1.8 billion (USD1.1 billion) against the state government, which seeks to address economic, cultural, spiritual, and social losses allegedly resulting from mining operations conducted without proper consent on their traditional lands 79 . In contrast, the Western Australian government has proposed a significantly lower compensation, ranging from AUD5 million to AUD10 million for the destruction of over 200 significant Aboriginal heritage sites during the construction of an iron ore mine. The large difference between the two estimates highlights the challenges in assigning monetary values to cultural and spiritual damages. Another persistent problem is that historically affected people, especially Indigenous Peoples, usually receive only a small portion of compensation relative to the damage suffered. For our calculations, the average of these two numbers of USD573 million is applied in this study. Reduction in greenhouse gas emissions (GHG) from DSM minerals supply: One of the main stated purposes of DSM is to contribute to the decarbonization of the economy. The GHG emissions for 3 million tonnes of nodules from a potential mining operation in the Clarion-Clipperton Zone are estimated at 82,600–482,000 t CO 2 -equivalent (-eq.) 80 . Most of the CO 2 emissions however are associated with the processing of nodules. GHG emissions for the extraction and processing of 3 million tonnes of nodules are estimated to vary between 4.1-5.5 million t CO 2 -eq using hydropower or fossil fuel energy for processing, respectively, compared to 6.6 million t CO 2 -eq for terrestrial mining 81 . Using an average social cost of CO 2 of USD170 per tonne between 2020 and 2070 82 , suggests a potential benefit of USD425 million for 3 million tonnes of nodules. Non-climatic effects are not included in the EPA social cost of CO 2 , so we also examine the potential benefits of the replacement of terrestrial supply by DSM supply on the reduction in photochemical oxidant formation and ocean acidification. DSM supply only provides a marginal gain (2%) in terms of photochemical oxidant formation, even in the best scenario for processing energy supply 81 . There are higher gains in terms of acidification with 34.5 and 38.1 Mmol H+-eq, under low or high carbon processing energy supply, compared to 126 Mmol H+-eq 81 . We estimate a potential benefit of USD732 million gains under low carbon processing of 3 million dry tonnes of nodules, based on an eco-cost (i.e. preventive cost of environmental burden) of USD8/mol H+-eq for 91.5 Mmol H+-eq 83 . This brings the total environmental benefits of reduced emissions at USD1.157 billion per year. We note that these benefits may be overestimated as DSM supply may not replace terrestrial supply but only add to it and thus mostly contribute to GHG reduction through potentially lowering minerals prices and marginally improving the affordability of low-carbon products and services, depending on demand level; furthermore, battery chemistry is evolving and may reduce the use of some of these minerals, such as cobalt, and thus the mitigation benefits of DSM mineral supply. Distribution of mining benefits and burdens: The ISA is tasked with ensuring that the benefits derived from DSM are shared equitably worldwide. Some analysts suggest that the financial gains from DSM may be minimal for many countries, especially when the potential for environmental degradation and its associated costs are considered 19 . Moreover, the ISA's mechanisms for benefit-sharing are still under development, and there is ongoing debate about how to balance commercial interests with the protection of marine environments and the rights of local communities 41 . None of the 25 case studies in our analysis provided an estimate for this CBA element. However, it has been reported that a range of between USD42,000 to USD1.1 million per member state is expected 41 . Therefore, the total annual estimated receipts for all ISA members would range between USD7.14 million (170 members × USD42,000), and USD187 million (170 members × USD1.1 million). This gives a mean estimate of USD97.07 million for our calculations. Employment/income/capacity building: DSM presents potential economic opportunities, particularly in terms of employment and capacity building. However, the nascent nature of the industry and the variability of projections make it challenging to provide precise estimates. The estimates we found in our case studies are reported in Extended Data Figure 2. Contribution to GDP: Estimating the potential contribution of DSM to a nation's Gross Domestic Product (GDP) involves evaluating projected revenues from mineral extraction and considering the broader economic context. While DSM offers access to valuable minerals currently essential for various industries, analyses suggest that its direct impact on national GDPs may be minimal overall but may be significant for some Small Island States. The estimates we found in our case studies are reported in Extended Data Figure 2. Cost of the impacts of deep-sea mining on option and existence values: Option value represents the value of preserving natural resources for potential future use 84 , acknowledging that their true worth may not yet be fully understood. Deep-sea ecosystems, largely unexplored and not fully understood, may harbor species and genetic materials with significant future benefits, such as medical discoveries or biotechnological applications 85,86 . The destruction of these habitats through mining activities could result in the permanent loss of these unknown resources, representing a substantial opportunity cost, e.g. due to the loss of potential valuable medical resources to save lives. The concept of quasi-option value further emphasizes the importance of delaying irreversible actions, like DSM, until more information is available about potential environmental impacts and the true value of the ecosystems at risk 87 . This approach suggests that the potential benefits of immediate exploitation may be outweighed by the value of preserving options for future use, especially when dealing with significant uncertainties. In the context of DSM, preserving option value supports a moratorium or a precautionary approach—one that prioritizes comprehensive research to deepen our understanding of deep-sea ecosystems and the potential long-term impacts of mining. Existence value reflects the importance people assign to knowing that these unique environments and organisms continue to thrive, contributing to global biodiversity and ecological balance. DSM poses threats to these ecosystems, potentially leading to irreversible loss of species and habitat degradation. Quantifying the economic impact of such losses is challenging, as it requires assigning monetary values to the non-use benefits that these ecosystems provide. None of the 25 case studies contain estimates for option and existence but Jobstvogt 88 estimated that the willingness to pay (WTP) by the Scottish for the preservation of deep-sea biodiversity was approximately 70 GBPs (USD89 US) per household annually. With an estimated number of households in Scotland of 2.54 million, this means that the total WTP by the Scottish is USD226 million per year. Now, assuming that a typical household in Scotland is representative of a household in the Western world, which is estimated to range between 900 million to 1.4 billion households, the total WTP by Westerners for both option and existence values would range between USD80 – 125 billion annually. This gives an average of 102.5 billion annually, which is used in this study. Quantifying costs and benefits Here we apply what we call a ‘crowdsourcing’ approach to quantify costs and benefits. Ten of the 16 CBA elements have at least one reported data point (Figure 1c). For these, we computed the average amounts obtained from all the identified case studies, and reported them together with numbers for 1-standard deviation less and greater than the mean estimates (Extended Data Table 4). For the five CBA elements without quantitative data, we filled the gaps by reviewing the more general literature to find information that we can deploy, using the benefit transfer approach, to fill the data gaps (see the above section entries for CBA elements for a description of how we did this). Finally, we used the ‘minimum=1 standard deviation less than the mean’ and ‘maximum=1 standard deviation more than the mean’ estimates (Extended Data Table 4) to calculate NPVs as described in equations 1 and 2 for conventional and intergenerational discounting, respectively. Declarations Declaration of interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this article. Acknowledgements This is a product of the Dona Bertalleri Philanthropy sponsored project at the University of British Columbia. In addition, URS thanks the SSHRC of Canada for its support of the Solving FCB research partnership. SV gratefully acknowledges the financial support from EQUALSEA (Transformative adaptation towards ocean equity) project, under the European Horizon 2020 Programme, ERC Consolidator (Grant Agreement # 101002784) funded by the European Research Council. Laboratory. URS, LA and SV acknowledge the support of the Earth Commission and Future Earth. DJA received funding from UC Santa Barbara’s Benioff Ocean Science Laboratory. References Ali, S. H. The US should get serious about mining critical minerals for clean energy. Nature 615 , 563 (2023). Vivoda, V. Uncharted depths: Navigating the energy security potential of deep-sea mining. J Environ Manage 369 , 122343 (2024). Nature Editorial Team. Deep-sea mining plans should not be rushed. Nature 627 , 704 (2024). Williams, R. et al. Noise from deep-sea mining may span vast ocean areas. Science (1979) 377 , 157–158 (2022). 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04:56:27","extension":"png","order_by":22,"title":"","display":"","copyAsset":false,"role":"acdc-reference","size":52102,"visible":true,"origin":"","legend":"","description":"","filename":"Onlinefloatimage9.png","url":"https://assets-eu.researchsquare.com/files/rs-7632394/v1/53478f56c415054a26a7a77f.png"},{"id":92225893,"identity":"d50cee53-37ed-4dea-b425-08ffaf280a86","added_by":"auto","created_at":"2025-09-26 04:48:27","extension":"xml","order_by":23,"title":"","display":"","copyAsset":false,"role":"acdc-reference","size":234007,"visible":true,"origin":"","legend":"","description":"","filename":"rs76323940structuring.xml","url":"https://assets-eu.researchsquare.com/files/rs-7632394/v1/ab9a0db1d8673de047bf38d7.xml"},{"id":92225891,"identity":"f53c476c-af62-43f4-9af1-116b9fee8e36","added_by":"auto","created_at":"2025-09-26 04:48:27","extension":"html","order_by":24,"title":"","display":"","copyAsset":false,"role":"acdc-reference","size":246642,"visible":true,"origin":"","legend":"","description":"","filename":"earlyproof.html","url":"https://assets-eu.researchsquare.com/files/rs-7632394/v1/cf282511fbd29c0cac8d5e70.html"},{"id":92225867,"identity":"9eb8d6c7-1fc1-443e-b0ff-213ecd839812","added_by":"auto","created_at":"2025-09-26 04:48:26","extension":"png","order_by":1,"title":"Figure 1","display":"","copyAsset":false,"role":"figure","size":58918,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eDisplays qualitative and quantitative information gathered from the 25 case studies reviewed\u003c/strong\u003e: a (top left) - number of case studies that include each CBA element qualitatively; b (top right) – number of CBA elements included in a case study qualitatively. c (bottom left) \u0026amp; d (bottom right) are the quantitative equivalents of a and b. \u003cstrong\u003eCBA Elements (E):\u003c/strong\u003e E1: Exploration \u0026amp; extraction cost; E2: Operational costs; E3: Annual maintenance cost; E4: Compliance cost; E5: Environmental remediation and restoration; E6: Revenue from extracted minerals; E7: Salvage value; E8: Loss of biodiversity; E9: Disruption of deep-sea ecological functions; E10: Chemical leakage and contamination; E11: Reduction greenhouse gases; E12: Impact on Indigenous or traditional knowledge; E13: Distribution of mining benefits and burdens; E14: Employment/income/capacity building; E15: Contribution to GDP; E16: Degradation of non-use and existence values. \u003cstrong\u003eCase Studies (C):\u003c/strong\u003e C1: SPC Technical Report 2016 (PNG); C2: SPC Technical Report 2016 (Marshall Islands); C3: SPC Technical Report 2016 (Cooks islands); C4: Planet tracker 2024; C5: Kirchaim et al. 2019 (MIT Model); C6: Wakefield \u0026amp; Myers 2016; C7: Sharma 2011; C8: Kirchaim et al. 2019 (African Group); C9: Kirchaim et al. 2019 (BMWi); C10: Kirchaim et al. 2019 (China Model); C11: Van Nijen et al. 2018; C12: Wilde 2023; C13: Binney \u0026amp; Fleming 2016; C14: AMC 2021; C15: Thaler 2024; C16: Amon et al. 2023; C17: Lapteva 2022; C18: EASAC 2023; C19: DSCC 2020; C20: Lof et al. 2022; C21: Levin et al. 2020; C22: OEWG 2022; C23: Groch 2023; C24: Donaldson 2023; C25: German study 2016.\u003c/p\u003e","description":"","filename":"1.png","url":"https://assets-eu.researchsquare.com/files/rs-7632394/v1/543204c17b519f294fcdea02.png"},{"id":92226515,"identity":"ae1a9199-05b3-4222-b4eb-4f34d3145946","added_by":"auto","created_at":"2025-09-26 04:56:26","extension":"png","order_by":2,"title":"Figure 2","display":"","copyAsset":false,"role":"figure","size":38118,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eNet Present Value (NPV) Comparison of DSM Scenarios\u003c/strong\u003e: Comparison of NPV estimates (in billion USD) for deep-sea mining under three scenarios (1-Stdv \u0026lt; Mean, Mean, and 1-Stdv \u0026gt; Mean). The left panel (a) presents estimates when conventional discounting is used, while the right panel (b) presents estimates when intergenerational discounting is applied.\u003c/p\u003e","description":"","filename":"2.png","url":"https://assets-eu.researchsquare.com/files/rs-7632394/v1/3eebb92e4fda1ed925558b00.png"},{"id":92225874,"identity":"5685649e-02ee-4d7c-8c89-f119e76f2766","added_by":"auto","created_at":"2025-09-26 04:48:26","extension":"png","order_by":3,"title":"Figure 3","display":"","copyAsset":false,"role":"figure","size":60911,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eTrade-off analysis: \u003c/strong\u003eMirror bar chart comparing Net Present Value (NPV) estimates for environmental, social, and intergenerational benefits under conventional and intergenerational discounting approaches. The left side (green) shows values under conventional discounting, while the right (blue) side shows values under intergenerational discounting. Each includes uncertainty bounds: 1-Stdv \u0026lt; Mean, Mean, and 1-Stdv \u0026gt; Mean. All values are in billion USD. Note that the negative signs on the left-hand side of the mirror (back-to-back) chart are not essential for interpreting the data, since the mirroring is purely visual to compare the results from the two discounting approaches side-by-side.\u003c/p\u003e","description":"","filename":"3.png","url":"https://assets-eu.researchsquare.com/files/rs-7632394/v1/b73d96331e60b65efa6268ca.png"},{"id":92226516,"identity":"aef9b51a-569e-445a-aa0e-35340f1505d3","added_by":"auto","created_at":"2025-09-26 04:56:26","extension":"png","order_by":4,"title":"Figure 4","display":"","copyAsset":false,"role":"figure","size":61705,"visible":true,"origin":"","legend":"\u003cp\u003e\u003cstrong\u003eEffects of discount rates and discounting approaches including the relative burden of deep-sea mining on future generations (total NPV/current generation share of total). \u003c/strong\u003eThe bar chart compares the NPVs under different discount rates for each generation (current, future, both) under conventional and intergenerational discounting approaches. All values are expressed in billion USD and are negative, reflecting the cost of deep-sea mining over a 50-year horizon.\u003c/p\u003e","description":"","filename":"4.png","url":"https://assets-eu.researchsquare.com/files/rs-7632394/v1/df3441da71679a9f4e243964.png"},{"id":92226618,"identity":"63b81e9a-6760-440f-9768-57671b38265f","added_by":"auto","created_at":"2025-09-26 05:04:27","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1269244,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-7632394/v1/ac4ff5f9-6f0f-408c-a2b5-94842fcb7cf9.pdf"},{"id":92225869,"identity":"03b0163d-6c24-40e1-976b-ac6b33abfb11","added_by":"auto","created_at":"2025-09-26 04:48:26","extension":"docx","order_by":1,"title":"","display":"","copyAsset":false,"role":"supplement","size":1776040,"visible":true,"origin":"","legend":"","description":"","filename":"Supplementarymaterials.docx","url":"https://assets-eu.researchsquare.com/files/rs-7632394/v1/03cf2788e96f4eae83b0e577.docx"}],"financialInterests":"The authors declare no competing interests.","formattedTitle":"\u003cp\u003eDeep-sea mining: Superficial riches, deep hidden costs\u003c/p\u003e","fulltext":[{"header":"Introduction","content":"\u003cp\u003eThe global demand for critical metals such as cobalt, nickel, manganese, and rare earth elements has increased as countries prioritize economic growth and accelerate their transition to renewable energy and digital technologies\u003csup\u003e\u003cspan citationid=\"CR15\" class=\"CitationRef\"\u003e15\u003c/span\u003e\u003c/sup\u003e. Deep-sea mining (DSM) has emerged as a controversial option to meet this growing demand, offering tempting access to untapped mineral reserves on the ocean floor, in particular, polymetallic nodules\u003csup\u003e\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e1\u003c/span\u003e,\u003cspan citationid=\"CR2\" class=\"CitationRef\"\u003e2\u003c/span\u003e,\u003cspan citationid=\"CR16\" class=\"CitationRef\"\u003e16\u003c/span\u003e\u003c/sup\u003e. Proponents argue that DSM can reduce dependence on terrestrial sources while alleviating supply chain vulnerabilities, providing economic opportunities for nations and companies willing to invest in this new frontier\u003csup\u003e\u003cspan citationid=\"CR1\" class=\"CitationRef\"\u003e1\u003c/span\u003e\u003c/sup\u003e. However, in addition to some of these arguments being challenged\u003csup\u003e\u003cspan citationid=\"CR17\" class=\"CitationRef\"\u003e17\u003c/span\u003e\u003c/sup\u003e, the pursuit of these assumed benefits comes with considerable uncertainty regarding environmental, social, and economic risks\u003csup\u003e\u003cspan citationid=\"CR3\" class=\"CitationRef\"\u003e3\u003c/span\u003e,\u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e12\u003c/span\u003e,\u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e14\u003c/span\u003e,\u003cspan additionalcitationids=\"CR19 CR20 CR21 CR22\" citationid=\"CR18\" class=\"CitationRef\"\u003e18\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e23\u003c/span\u003e\u003c/sup\u003e. The deep sea hosts fragile, largely unexplored and poorly understood ecosystems\u003csup\u003e\u003cspan additionalcitationids=\"CR25\" citationid=\"CR24\" class=\"CitationRef\"\u003e24\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR26\" class=\"CitationRef\"\u003e26\u003c/span\u003e\u003c/sup\u003e, and mining activities could result in irreversible damage to biodiversity, their functions, and the broader ecosystem services they provide, including climate regulation and fisheries support\u003csup\u003e\u003cspan citationid=\"CR11\" class=\"CitationRef\"\u003e11\u003c/span\u003e,\u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e12\u003c/span\u003e,\u003cspan citationid=\"CR23\" class=\"CitationRef\"\u003e23\u003c/span\u003e,\u003cspan additionalcitationids=\"CR28\" citationid=\"CR27\" class=\"CitationRef\"\u003e27\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR29\" class=\"CitationRef\"\u003e29\u003c/span\u003e\u003c/sup\u003e.\u003c/p\u003e\u003cp\u003eExisting CBAs often focus narrowly on potential financial returns from mineral extraction, assuming favorable market prices, low operational costs, and limited regulatory constraints (e.g., Sharma\u003csup\u003e\u003cspan citationid=\"CR30\" class=\"CitationRef\"\u003e30\u003c/span\u003e\u003c/sup\u003e). These studies typically underrepresent or omit the broader environmental and social costs of DSM, such as irreversible biodiversity loss, disturbance of ecosystem functions, and risks to coastal and Indigenous communities\u003csup\u003e\u003cspan citationid=\"CR12\" class=\"CitationRef\"\u003e12\u003c/span\u003e,\u003cspan citationid=\"CR31\" class=\"CitationRef\"\u003e31\u003c/span\u003e\u003c/sup\u003e. Moreover, most existing DSM CBAs lack transparent methodologies and robust sensitivity analyses to assess uncertainties in commodity prices, extraction costs, and technological performance\u003csup\u003e\u003cspan citationid=\"CR32\" class=\"CitationRef\"\u003e32\u003c/span\u003e\u003c/sup\u003e. Few if any incorporate intergenerational perspectives through discounting frameworks that account for long-term economic and ecological damage\u003csup\u003e\u003cspan citationid=\"CR8\" class=\"CitationRef\"\u003e8\u003c/span\u003e,\u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e33\u003c/span\u003e\u003c/sup\u003e. As DSM remains untested at commercial scale, and attempts to engage in DSM (Extended Data Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e) are insufficient to guide policy decisions that weigh short-term economic benefits against long-term planetary health. There is therefore a pressing need for comprehensive, transparent, and precautionary CBAs that integrate biophysical, socio-economic, and ethical dimensions \u0026ndash; a goal we set for this contribution.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eOur analysis considers direct financial gains, alongside the financial and external costs of habitat destruction, biodiversity loss, and climate risks. We identify the major existing published DSM CBAs in the literature, both peer and non-peer reviewed, and evaluate each study to determine their degree of comprehensiveness with respect to environmental, economic and social costs and benefits, both qualitatively and quantitatively (Methods; Extended Data Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e). We categorize costs and benefits into direct financial, environmental, social as well as the net cost of degrading option and existence values\u003csup\u003e\u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e34\u003c/span\u003e,\u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e35\u003c/span\u003e\u003c/sup\u003e. Data for the identified costs and benefits are obtained using a \u0026lsquo;crowdsourcing approach\u0026rsquo; by deploying all major publicly reported data in DSM CBAs (Methods). To explicitly and intuitively consider the interests of future generations, we employ both conventional and intergenerational discounting approaches\u003csup\u003e\u003cspan additionalcitationids=\"CR9\" citationid=\"CR8\" class=\"CitationRef\"\u003e8\u003c/span\u003e\u0026ndash;\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e10\u003c/span\u003e,\u003cspan citationid=\"CR33\" class=\"CitationRef\"\u003e33\u003c/span\u003e\u003c/sup\u003e. We also undertake trade-off analysis between direct financial returns and environmental, social, option and existence values. The trade-off analysis is conducted to reveal what values would have to be traded off in the sole pursuit of financial gains.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eOur objective is to present a comprehensive CBA of DSM, evaluating whether a project extracting 3\u0026nbsp;million dry tonnes of minerals annually\u0026mdash;a standard benchmark in the sector\u0026mdash;would yield net societal benefits over a 50-year horizon. Drawing on data from 20 publications (Extended Data Table\u0026nbsp;1), we integrate economic valuation, ecological assessments, and policy considerations. Our analysis incorporates insights from key regions such as the Clarion-Clipperton Zone and the South Pacific. The aim is to assess whether the long-term environmental and social costs of DSM outweigh its short-term financial gains, offering evidence to guide informed, responsible decision-making. Our findings are relevant to mining companies, investors, technology providers, governments, international organizations, affected communities, and global biodiversity stakeholders engaged in the ongoing DSM debate.\u003c/p\u003e\n\u003ch3\u003eHow comprehensive are existing CBAs?\u003c/h3\u003e\n\u003cp\u003eWe identified 25 DSM CBA case studies and 16 CBA elements from the literature for our analysis\u003csup\u003e\u003cspan citationid=\"CR34\" class=\"CitationRef\"\u003e34\u003c/span\u003e,\u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e35\u003c/span\u003e\u003c/sup\u003e, and used these to create 16 by 25 CBA cost elements by DSM CBA case studies matrix (Methods).\u003c/p\u003e\u003cp\u003eFigure \u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e \u003cb\u003ein here.\u003c/b\u003e\u003c/p\u003e\u003cp\u003eFigure \u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e shows four horizontal bar plots arranged in two rows, each comparing qualitative and quantitative representations of CBA elements and case study papers. Of the 400 cells in the qualitative data matrix, only 129 (or 32%) have qualitative data (check marked), an indication of how grossly inadequate current DSM CBA coverage is (Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003ea; Extended Data Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e). The CBA element with the highest check marks has only 11 out of 16 (Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003ea, Extended Data Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003ea). In fact, 16 of the case studies have only 0 to 5 check marks, and none of the case studies contain qualitative information on \u003cem\u003eOption and Existence\u003c/em\u003e, and \u003cem\u003eReduction in greenhouse gases.\u003c/em\u003e Of the 400 cells in the quantitative data matrix, only 44 (or 11%) have estimated amounts (Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003eb, Extended Data Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003eb). This percentage coverage indicates that current CBAs of DSM are less comprehensive than the qualitative insights depicted in Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003ea. \u003cem\u003eRevenue\u003c/em\u003e is the most frequently qualitatively-assessed element, followed by \u003cem\u003eEmployment\u003c/em\u003e and \u003cem\u003eOperational factors\u003c/em\u003e, whereas elements such as \u003cem\u003eSalvage, Option and Existence\u003c/em\u003e are discussed very infrequently (see terms\u0026rsquo; definitions in Methods). \u003cem\u003eRevenue\u003c/em\u003e and \u003cem\u003eEmployment\u003c/em\u003e are the most frequently quantified CBA elements, while CBA elements, such as \u003cem\u003eBiodiversity, Option and Existence\u003c/em\u003e, \u003cem\u003eReduction in greenhouse gases\u003c/em\u003e and \u003cem\u003eSalvage\u003c/em\u003e have very few or no quantitative estimates, highlighting a major gap (Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003eb; Extended Data Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e). The Pacific Communities\u0026rsquo; (SPC) studies\u003csup\u003e\u003cspan citationid=\"CR36\" class=\"CitationRef\"\u003e36\u003c/span\u003e\u003c/sup\u003e, which are grey literature, cover the broadest set of CBA elements qualitatively (Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003ec). Studies such as those issued by the ISA\u003csup\u003e\u003cspan citationid=\"CR37\" class=\"CitationRef\"\u003e37\u003c/span\u003e\u003c/sup\u003e and Donaldson\u003csup\u003e\u003cspan citationid=\"CR38\" class=\"CitationRef\"\u003e38\u003c/span\u003e\u003c/sup\u003e contain limited qualitative information. Similarly, the SPC studies have more quantitative data than most other studies (Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003ed; Extended Data Fig.\u0026nbsp;\u003cspan refid=\"Fig3\" class=\"InternalRef\"\u003e3\u003c/span\u003e). Overall, Fig.\u0026nbsp;\u003cspan refid=\"Fig1\" class=\"InternalRef\"\u003e1\u003c/span\u003e shows that market CBA elements such as \u003cem\u003eRevenue\u003c/em\u003e and \u003cem\u003eEmployment\u003c/em\u003e dominate both qualitative and quantitative analyses across the CBA matrix while non-market values such as \u003cem\u003eBiodiversity\u003c/em\u003e, \u003cem\u003eOption and Existence\u003c/em\u003e, \u003cem\u003eReduction in greenhouse gases\u003c/em\u003e and \u003cem\u003eIndigenous Considerations\u003c/em\u003e are severely under-quantified (Extended Data Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e). There is a general imbalance: many CBA elements are discussed qualitatively but not quantified, signaling critical knowledge gaps in DSM CBA studies.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cdiv id=\"Sec3\" class=\"Section2\"\u003e\u003ch2\u003ePresent value of net benefits\u003c/h2\u003e\u003cp\u003eFigure \u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e shows the net present value (NPV) of DSM across five categories including Direct Financial, Environmental, Social, Option and Existence, and Total under two discounting approaches, conventional and intergenerational. The direct net financial benefits are positive, at USD12\u0026nbsp;billion, indicating potential financial profitability for DSM operations (Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003ea).\u003c/p\u003e\u003cp\u003eFigure \u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003e \u003cb\u003ein here.\u003c/b\u003e\u003c/p\u003e\u003cp\u003eHowever, sensitivity analysis shows that DSM\u0026rsquo;s projected direct financial gain is highly vulnerable: a 42% price drop or an 85% cost increase would erase it entirely. Even a moderate combination of both (e.g. a 25% drop in the average price combined with an increase in the cost of extraction of 30%), would eliminate gains. Given current price trends with different metal prices declining from their peak by between 28% to 76% (Extended Data Fig.\u0026nbsp;\u003cspan refid=\"Fig4\" class=\"InternalRef\"\u003e4\u003c/span\u003e), and DSM\u0026rsquo;s untested nature, these scenarios are entirely plausible. With regard to environmental costs, we find substantial negative impacts, especially, in the worst-case scenario (i.e., 1-standard deviation\u0026thinsp;\u0026gt;\u0026thinsp;mean). The social costs of DSM are also consistently negative across all scenarios. We find that the effect of DSM on \u003cem\u003eOption and existence values\u003c/em\u003e is also negative, reflecting the loss of intrinsic and option values that are likely to be generated by DSM. Overall, our study finds that the total NPV generated by DSM is negative, implying that there is no net benefit to share, only costs (see Extended Data Tables\u0026nbsp;2 \u0026amp;3 for the flow of discounted net benefits over time). Sensitivity analysis reveals that no drop in the cost of extraction would turn the NPV positive. The implication of these results are profound \u0026ndash; even if the cost of extracting metals from the seafloor is costless, the NPV of the controversial activity would still be negative. On the other hand, the average price of extracted minerals used in the study has to increase by a virtually impossible 190% for the NPV to turn positive.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003eFigure \u003cspan refid=\"Fig3\" class=\"InternalRef\"\u003e3\u003c/span\u003e \u003cb\u003ein here.\u003c/b\u003e\u003c/p\u003e\u003cp\u003eWhen the interests of future generations are explicitly considered, the negative environmental, social and option/existence impacts increase (Fig.\u0026nbsp;\u003cspan refid=\"Fig2\" class=\"InternalRef\"\u003e2\u003c/span\u003eb ). This is because intergenerational discounting, unlike conventional discounting, is good at capturing long-term costs and benefits\u003csup\u003e\u003cspan citationid=\"CR10\" class=\"CitationRef\"\u003e10\u003c/span\u003e,\u003cspan citationid=\"CR39\" class=\"CitationRef\"\u003e39\u003c/span\u003e\u003c/sup\u003e. Our study suggests that for each dollar of potential direct financial gain, there is a trade-off of 5.6 times of combined non-financial benefits when conventional discounting is applied (Fig.\u0026nbsp;\u003cspan refid=\"Fig3\" class=\"InternalRef\"\u003e3\u003c/span\u003e). This trade-off is larger at 8.7 times, when intergenerational discounting is used to calculate NPVs (Fig.\u0026nbsp;\u003cspan refid=\"Fig3\" class=\"InternalRef\"\u003e3\u003c/span\u003e). Note that conventional discounting frontloads benefits while backloading costs (Methods).\u003c/p\u003e\u003cp\u003eThe NPV of DSM under two discounting approaches\u0026mdash;conventional and intergenerational\u0026mdash;across three discount rates (1%, 5%, and 10%, respectively) are presented in Fig.\u0026nbsp;\u003cspan refid=\"Fig4\" class=\"InternalRef\"\u003e4\u003c/span\u003e. These rates are chosen based on current interest rates and the writings of environmental economists (e.g. Nicholas Stern). NPV is computed for three categories: Current Generation, Future Generation, and Both Generations. Our study reveals four key observations: (i) costs decrease (become less negative) as the discount rate increases for both approaches; (ii) intergenerational discounting places greater weight on future costs, resulting in larger negative NPVs for future generations compared to conventional discounting; (iii) the aggregated burden of DSM on both generations is significantly higher under intergenerational discounting because it does not discount away future costs and benefits as conventional discounting; and (iv) using the conventional discounting approach and at the same time applying a high discount rate, e.g., 10%, is highly disadvantageous to future generations as the burden to be imposed on them by DSM is \u0026lsquo;discounted away\u0026rsquo; by a factor of up to 9.5. In other words, current miners backload the cost of DSM to both future and young members of the current generations while attempting to frontload its benefits to themselves\u003csup\u003e\u003cspan citationid=\"CR35\" class=\"CitationRef\"\u003e35\u003c/span\u003e\u003c/sup\u003e; and (v) the intergenerational approach is a great \u0026lsquo;generational inequity leveler\u0026rsquo; with the burden on future generations ranging from 1.66 t0 1.71 (Fig.\u0026nbsp;\u003cspan refid=\"Fig4\" class=\"InternalRef\"\u003e4\u003c/span\u003e).\u003c/p\u003e\u003cp\u003eFigure \u003cspan refid=\"Fig4\" class=\"InternalRef\"\u003e4\u003c/span\u003e \u003cb\u003ein here.\u003c/b\u003e\u003c/p\u003e\u003c/div\u003e"},{"header":"Discussion and conclusion","content":"\u003cp\u003eWe provide a nuanced perspective on the economic, environmental, social, and option and existence value impacts of DSM, highlighting critical trade-offs. While our study suggests the likelihood of generating a meager direct financial gain from DSM, we demontrate that this can easily be reduced to zero by plausible changes in the average price, cost of DSM or combination thereof. As the UN Convention on the Law of the Sea (UNCLOS) mandates that the financial and other benefits derived from deep-sea mining (DSM) on the international seabed be shared equitably under its \u0026ldquo;common heritage of [hu]mankind\u0026rdquo; principle, some developing countries continue to anticipate substantial financial gains from DSM. However, even from a strictly financial perspective, the benefits that would be available for distribution to countries are likely small after the mining companies and ISA have taken their cuts\u003csup\u003e\u003cspan citationid=\"CR40\" class=\"CitationRef\"\u003e40\u003c/span\u003e,\u003cspan citationid=\"CR41\" class=\"CitationRef\"\u003e41\u003c/span\u003e\u003c/sup\u003e. The significant non-financial costs raise critical questions about the overall economic sustainability and equity of this emergent industry. The environmental costs (-USD31\u0026nbsp;billion under conventional discounting and -USD48\u0026nbsp;billion under intergenerational discounting), highlight the significant ecological price to pay by society for pursuing this marginal financial gain by a small number of DSM companies.\u003c/p\u003e\u003cp\u003eThe ownership and control of deep-sea resources carry geopolitical implications. The challenge of balancing economic benefits with international law, territorial disputes, and governance is also a point to consider. Issues such as compliance and enforcement under frameworks such as UNCLOS, including unilateral action outside of UNCLOS as proposed recently by the United States, add layers of difficulty to resource management. The perceived financial gains could intensify geopolitical competition for access to mining sites, potentially increasing territorial disputes or sparking new conflicts over resource control. Cooperation among nations is imperative to mitigate these risks and ensure that, if allowed, DSM benefits are distributed equitably\u003csup\u003e\u003cspan citationid=\"CR42\" class=\"CitationRef\"\u003e42\u003c/span\u003e\u003c/sup\u003e.\u003c/p\u003e\u003cp\u003eThe negative environmental and social NPVs in our analysis provide a sharp focus on the potential deep ecological and human costs of DSM. For instance, estimated environmental costs (consisting of ecosystem degradation and biodiversity loss) are at a staggering\u0026thinsp;~\u0026thinsp;USD117\u0026nbsp;billion (high-end under conventional discounting) and ~\u0026thinsp;USD181\u0026nbsp;billion (high-end under intergenerational discounting), raising serious concerns about the long-term sustainability and viability of DSM (see also The Planet Tracker report)\u003csup\u003e\u003cspan citationid=\"CR43\" class=\"CitationRef\"\u003e43\u003c/span\u003e\u003c/sup\u003e. In addition, this study indicates consistent social costs across scenarios (USD13\u0026nbsp;billion and USD20\u0026nbsp;billion mean NPV for conventional and intergenerational discounting, respectively), providing evidence for the concerns expressed by Indigenous Peoples of the Pacific and 33 States currently demanding a moratorium, precautionary pause, or ban on DSM\u003csup\u003e\u003cspan citationid=\"CR44\" class=\"CitationRef\"\u003e44\u003c/span\u003e\u003c/sup\u003e (Extended Data Fig.\u0026nbsp;5 ). In addition, many scientists, government representatives, international and non-governmental organizations have expressed their deep concerns about the negative societal effects of DSM\u003csup\u003e\u003cspan citationid=\"CR13\" class=\"CitationRef\"\u003e13\u003c/span\u003e,\u003cspan citationid=\"CR21\" class=\"CitationRef\"\u003e21\u003c/span\u003e,\u003cspan citationid=\"CR45\" class=\"CitationRef\"\u003e45\u003c/span\u003e,\u003cspan citationid=\"CR46\" class=\"CitationRef\"\u003e46\u003c/span\u003e\u003c/sup\u003e .These concerns highlight the high risk of increasing disruptions to coastal communities and Indigenous practices, who hold deep spiritual and cultural connections to the ocean, including sacred sites which shape their ancestral identities\u003csup\u003e\u003cspan citationid=\"CR47\" class=\"CitationRef\"\u003e47\u003c/span\u003e,\u003cspan citationid=\"CR48\" class=\"CitationRef\"\u003e48\u003c/span\u003e\u003c/sup\u003e.\u003c/p\u003e\u003cp\u003eIt is worth noting that the current CBA does not account for the potential loss of yet to be fully understood ecological services such as the recent discovery of \"dark oxygen\" ecosystems on the seafloor\u003csup\u003e\u003cspan citationid=\"CR49\" class=\"CitationRef\"\u003e49\u003c/span\u003e\u003c/sup\u003e. This partly drives the recent calls for caution in engaging in DSM. Thus, our estimate of loss in option and existence value due to DSM of USD37\u0026nbsp;billion NPV under intergenerational discounting is almost certainly an underestimate of the amount of potential loss of these currently unknown critical services. This underestimation of the losses suggests an urgent need to incorporate evolving scientific knowledge into future CBAs. The total NPVs of -USD55\u0026nbsp;billion under conventional discounting and -USD 92\u0026nbsp;billion under intergenerational discounting over the 50-year time horizon of the study, highlight the overall negative balance when all costs and benefits are considered. This signals the necessity of policy measures to: (i) avoid harm by internalizing environmental costs; (ii) promote innovation by investing in technologies to minimize the environmental footprint of DSM while working to technologically decrease the demand and increase the supply of critical minerals from traditional sources and circular economy initiatives\u003csup\u003e\u003cspan citationid=\"CR14\" class=\"CitationRef\"\u003e14\u003c/span\u003e\u003c/sup\u003e; and (iii) strengthen governance by ensuring international cooperation in the extractive sector to regulate access and manage geopolitical risks effectively\u003csup\u003e\u003cspan citationid=\"CR50\" class=\"CitationRef\"\u003e50\u003c/span\u003e\u003c/sup\u003e.\u003c/p\u003e\u003cp\u003eThis contribution contrasts the direct financial potential of DSM against environmental and social costs. Throughout, we have based our analyses on a \u0026lsquo;unit\u0026rsquo; of 3\u0026nbsp;million dry tonnes per year production level; the potential actual extraction rates could be many times larger, and therefore our negative NPV estimates would be accordingly larger too. Given the findings of this more comprehensive CBA of DSM, at a minimum, commercial-scale DSM should be put on hold, as called for by several countries, financial institutions, insurance companies, important renewable and electric vehicle companies, scientists, and non-governmental organizations, until we know enough to make informed decisions that serve the best interest of humankind as a whole, both current and future generations\u003csup\u003e\u003cspan citationid=\"CR51\" class=\"CitationRef\"\u003e51\u003c/span\u003e\u003c/sup\u003e.\u003c/p\u003e"},{"header":"Methods","content":"\u003cp\u003e\u003cstrong\u003eComputing the Net Present Value of the flow of costs and benefits\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eConventional discounting\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIn the case of conventional discounting, the cost and benefit flow calculation over a 50-year time horizon is expressed as follows (Eq. 1):\u003c/p\u003e\n\u003cp\u003e\u003cimg 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\"\u003e\u003c/p\u003e\n\u003cp\u003eAs expressed in the above equation, the NPV for DSM considers the flow of (i) direct financial costs and benefits; (ii) environmental costs and benefits; (iii) social costs and benefits; and (iv) option/existence value losses.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eIntergenerational discounting\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eIntergenerational discounting, as introduced by Sumaila\u003csup\u003e33\u003c/sup\u003eand extended by Sumaila and Walters\u003csup\u003e9\u0026nbsp;\u003c/sup\u003e, is a way of thinking about how we value benefits and costs that occur in the future, particularly across multiple generations. Conventional discounting tends to prioritize short-term benefits over long-term ones, meaning that benefits received by people today are often considered more valuable than those received by future generations\u003csup\u003e10\u003c/sup\u003e. This approach can lead to decisions that favor immediate economic gains while ignoring long-term environmental and social consequences\u003csup\u003e8\u003c/sup\u003e.\u003c/p\u003e\n\u003cp\u003eTo address this issue, intergenerational discounting introduces the idea that different generations should have their own discounting clocks by resetting the time at which they start discounting their own net benefits. We apply this approach instead of a single discounting clock, i.e., the one for the current generation, which heavily devalues future benefits and costs\u003csup\u003e33\u003c/sup\u003e. This method recognizes that each generation has its own stake in the outcomes of decisions made today regarding the use of the environment. Essentially, it ensures that the well-being of future generations is not excessively discounted, giving more weight to long-term environmental sustainability and social responsibility\u003csup\u003e9\u003c/sup\u003e.\u003c/p\u003e\n\u003cp\u003eIn practical terms, when evaluating activities like DSM, this ensures we do not only look at the immediate financial benefits but also consider the lasting environmental damage and resource depletion that future generations will inherit. By using different discounting clocks for different generations, intergenerational discounting helps policymakers make more balanced decisions\u0026mdash;ones that acknowledge the rights and interests of both present and future people, ensuring that economic growth does not come at the expense of long-term planetary health.\u003c/p\u003e\n\u003cp\u003eThis approach is used to compute the intergenerational NPV for DSM and to compare it with the NPV calculated using conventional discounting. Equation 2 is applied for the calculations:\u003c/p\u003e\n\u003cp\u003e\u003cimg 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\"\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eQualitative data collection and analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eA systematic literature review was conducted to assess the costs and benefits of DSM through both qualitative and quantitative lenses. Data were synthesized from a diverse range of sources, including peer-reviewed journal articles, technical reports, academic studies, industry assessments, and grey literature published between 2011 and 2024. The review identified 20 relevant publications that together yielded 25 DSM case studies, with the SPC Technical Report\u003csup\u003e36\u003c/sup\u003e and Kirchain\u003csup\u003e52\u003c/sup\u003e contributing three and four case studies, respectively Extended Data Table 1). Based on these, 16 key CBA elements were identified to facilitate a more comprehensive evaluation of the environmental, economic, and social dimensions associated with DSM activities. We used information provided in the 25 case studies to populate Extended Data Figure 2 qualitatively using the rule below in which 𝑀\u003csub\u003eij\u003c/sub\u003e represents whether case study 𝑖 considers CBA element 𝑗 or not:\u003c/p\u003e\n\u003cp\u003e\u003cimg 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\"\u003e\u003c/p\u003e\n\u003cp\u003eWe enter in this table the available reported numbers for the check marked cells in Extended Data Figures 2 \u0026amp; 3. It should be noted that numbers were entered in Extended Data Figure 2 only if the primary data collection methods and time period information are properly described. To ensure data quality, data were excluded if the methodology was not specified; if there were duplicates from different primary sources; and/or if the source contained unverifiable data.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eQuantitative data collection and analysis\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eElements of costs and benefits\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eExploration and extraction; operational; annual maintenance costs:\u0026nbsp;\u003c/em\u003eDSM operations demand significant investments in specialized equipment and vessels. Collection vehicles, designed to extract minerals from the seabed, are costly. Support vessels, which house equipment and personnel, are needed at a steep price. The riser and lifting systems, essential for transporting collected materials from the seabed to the surface, add hundreds of millions of dollars to the capital expenditures. Estimates for these costs from the case studies are presented in Extended Data Figures 2 \u0026amp; 3. It is worth noting that the data points reported in these figures were sourced from multiple studies, each offering varying estimates based on operational scale, duration, and environmental considerations. The data was normalized by converting them to the expenditure for mining 3 million dry tonnes of nodules annually.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eRegulatory compliance cost\u003c/em\u003e: Before initiating mining activities, companies are typically required to conduct comprehensive environmental baseline studies and impact assessments (EIS). These studies aim to understand the existing marine ecosystem and predict the potential impacts of mining operations. The costs for these assessments can vary widely depending on the project\u0026apos;s scale and location but are generally substantial. In addition to this, the ongoing environmental monitoring throughout the mining operation, which is necessary to ensure compliance with environmental standards, further adds to the overall expenses. Beyond operational and environmental costs, companies must also consider fees associated with obtaining licenses and permits, as well as ongoing royalties or taxes imposed by regulatory bodies. It was not possible to find data in the 25 case studies for this CBA element but according to Impossible Metals (2024)\u003csup\u003e53\u003c/sup\u003e and\u0026nbsp;TMC\u003csup\u003e54\u003c/sup\u003e, it costs between USD30 to 80 million and USD75 million, respectively, to collect and analyze the environmental data and write the EIA report in order to obtain an exploitation license. Also, analysis by Planet Tracker (2024)\u003csup\u003e41\u003c/sup\u003e suggests that the financial benefits to individual ISA member countries may be minimal. Our results are in line with these earlier findings since our study shows that there are no benefits to share, only net costs.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eEnvironmental remediation and restoration:\u0026nbsp;\u003c/em\u003eRecent studies such as by (Planet Tracker, 2023)\u003csup\u003e43\u003c/sup\u003e suggest that attempting to restore deep-sea ecosystems, such as by installing artificial structures to replace disturbed habitats, could cost between USD5.3 million and USD5.7 million per square kilometer. In contrast, the extraction process itself is estimated at approximately USD2.7 million per square kilometer, indicating that remediation costs could potentially more than double the total expenditure\u003csup\u003e43\u003c/sup\u003e. We multiply the extraction cost in Extended Data Figure 2 by two to obtain estimates for the remediation and restoration costs.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eRevenue from extracted minerals:\u0026nbsp;\u003c/em\u003eThe potential revenue generated by DSM is simply the product of the price per tonne of minerals extracted, by the total quantity of minerals extracted, assumed for this analysis to be 3 million dry tonnes per year (Extended Data Figure 2).\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eSalvage value:\u0026nbsp;\u003c/em\u003eThis is the estimated value of an asset at the end of its useful life. It\u0026apos;s also known as residual value or scrap value. See Extended Data Figure 2 for the estimates found in the literature.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eLoss of biodiversity:\u0026nbsp;\u003c/em\u003eDSM is expected to cause unavoidable biodiversity loss, with significant implications for ecosystem functions and services\u003csup\u003e31\u003c/sup\u003e. This includes via direct removal and destruction of seafloor habitats along with their unique fauna\u003csup\u003e55\u0026ndash;57\u003c/sup\u003e. Sediment plumes created from seafloor disturbance and the return of sediment-laden wastewater (dewatering or midwater plume) will extend the impacts of DSM horizontally and vertically for tens to hundreds of kilometers \u003csup\u003e16,58\u0026ndash;61\u003c/sup\u003e. There will be contaminant release and changes to water properties, and increases in noise and light \u003csup\u003e4,62\u003c/sup\u003e. The loss of biodiversity due to DSM activities is considered inevitable and permanent on a human timescale, as certain deep-sea formations, including the minerals targeted, take millions of years to form\u003csup\u003e63\u003c/sup\u003e. Given the current gaps in scientific knowledge about deep-sea ecosystems and their functions, as well as how they might be impacted by mining\u003csup\u003e25,64\u003c/sup\u003e, accurately quantifying the full economic impact of such irreversible damage remains beyond our reach. Estimates from the case studies are reported in Extended Data Figure 2 and 3.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eDisruption of deep-sea ecological functions and services:\u003c/em\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003eDSM poses risks to invaluable ecosystem services, including supporting global fisheries, nutrient cycling, and climate regulation\u003csup\u003e28,29,65,66\u003c/sup\u003e. Disruptions to these services could have far-reaching effects on global food security and climate stability, leading to broader environmental and economic consequences, and could translate into economic losses, particularly in industries reliant on healthy marine ecosystems\u003csup\u003e67\u0026ndash;69\u003c/sup\u003e. For example, commercial fisheries may suffer from reduced fish stocks due to habitat degradation, leading to decreased catches and financial losses for fishing communities. The numbers found in the case studies for this CBA element are reported in Extended Data Figure 2.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eChemical leakage and contamination:\u0026nbsp;\u003c/em\u003eChemical contamination from DSM could severely impact industries such as fisheries and tourism. Following the Deepwater Horizon spill, the fishing industry in the Gulf of Mexico suffered large losses of fish catch and tens of millions of dollars owing to contaminated waters and diminished consumer confidence\u003csup\u003e70\u0026ndash;72\u003c/sup\u003e. Tourism also experienced a downturn, with potential losses projected in the billions\u003csup\u003e73\u003c/sup\u003e . Similar contamination from deep-sea mining, e.g., i) fuel spillage from mining vessels or bunkering/resupplying fuel tanker; ii) unexpected change in ecosystem resulting for e.g., in algae bloom; and iii) release of toxic elements affecting biodiversity and the \u0026nbsp;fisheries, could lead to economic repercussions for coastal communities reliant on these sectors. The introduction of heavy metals and toxic substances into marine ecosystems can cause prolonged environmental damage. For e.g., abandoned hard rock mines have contributed to the contamination of rivers and lakes\u003csup\u003e74\u003c/sup\u003e, leading to long-term ecological degradation and substantial cleanup costs. No estimate of the potential cost of chemical leakage and contamination was found in any of the 25 case studies in our study. However, chemical spills in marine environments can be extremely damaging and costly. The 2010 Deepwater Horizon oil spill in the Gulf of Mexico resulted in BP paying approximately USD65 billion in cleanup costs, fines, and settlements\u003csup\u003e75\u003c/sup\u003e. While this incident involved oil extraction, it demonstrates the potential financial liabilities associated with marine chemical contamination. DSM operations could face similar challenges and billions of dollars of cost from contamination. Hence, we assume USD65 billion in cleanup costs, and use this to calculate the expected cost of this CBA element by multiplying this amount with a probability of contamination from DSM occurring. Another study by Sezer et al. (2023)\u003csup\u003e76\u003c/sup\u003e, focusing on crude oil tanker ships, found that during cargo loading operations, the occurrence probability of an oil spill was approximately 2.9%. For our calculations, we assume a conservative probability of 0.01%.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eImpact on Indigenous or traditional knowledge:\u0026nbsp;\u003c/em\u003eQuantifying the monetary costs of DSM\u0026rsquo;s impact on Indigenous and traditional knowledge is challenging due to the intangible nature of cultural heritage and the variability of legal frameworks across regions. However, recent legal cases provide some context for potential compensation related to cultural and spiritual losses\u003csup\u003e77,78\u003c/sup\u003e. In Western Australia, the Yindjibarndi Ngurra Aboriginal Corporation filed a compensation claim of AUD1.8 billion (USD1.1 billion) against the state government, which seeks to address economic, cultural, spiritual, and social losses allegedly resulting from mining operations conducted without proper consent on their traditional lands\u003csup\u003e79\u003c/sup\u003e. In contrast, the Western Australian government has proposed a significantly lower compensation, ranging from AUD5 million to AUD10 million for the destruction of over 200 significant Aboriginal heritage sites during the construction of an iron ore mine. The large difference between the two estimates highlights the challenges in assigning monetary values to cultural and spiritual damages. Another persistent problem is that historically affected people, especially Indigenous Peoples, usually receive only a small portion of compensation relative to the damage suffered. For our calculations, the average of these two numbers of USD573 million is applied in this study.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eReduction in greenhouse gas emissions (GHG) from DSM minerals supply:\u0026nbsp;\u003c/em\u003eOne of the main stated purposes of DSM is to contribute to the decarbonization of the economy. The GHG emissions for 3 million tonnes of nodules from a potential mining operation in the Clarion-Clipperton Zone are estimated at 82,600\u0026ndash;482,000 t CO\u003csub\u003e2\u003c/sub\u003e-equivalent (-eq.)\u003csup\u003e80\u003c/sup\u003e. Most of the CO\u003csub\u003e2\u003c/sub\u003e emissions however are associated with the processing of nodules. GHG emissions for the extraction and processing of 3 million tonnes of nodules are estimated to vary between 4.1-5.5 million t CO\u003csub\u003e2\u003c/sub\u003e-eq using hydropower or fossil fuel energy for processing, respectively, compared to 6.6 million t CO\u003csub\u003e2\u003c/sub\u003e-eq for terrestrial mining\u003csup\u003e81\u003c/sup\u003e. Using an average social cost of CO\u003csub\u003e2\u003c/sub\u003e of USD170 per tonne between 2020 and 2070\u003csup\u003e82\u003c/sup\u003e, suggests a potential benefit of USD425 million for 3 million tonnes of nodules. Non-climatic effects are not included in the EPA social cost of CO\u003csub\u003e2\u003c/sub\u003e, so we also examine the potential benefits of the replacement of terrestrial supply by DSM supply on the reduction in photochemical oxidant formation and ocean acidification. DSM supply only provides a marginal gain (2%) in terms of photochemical oxidant formation, even in the best scenario for processing energy supply\u003csup\u003e81\u003c/sup\u003e. There are higher gains in terms of acidification with 34.5 and 38.1 Mmol H+-eq, under low or high carbon processing energy supply, compared to 126 Mmol H+-eq\u003csup\u003e81\u003c/sup\u003e. We estimate a potential benefit of USD732 million gains under low carbon processing of 3 million dry tonnes of nodules, based on an eco-cost (i.e. preventive cost of environmental burden) of USD8/mol H+-eq for 91.5 Mmol H+-eq\u003csup\u003e83\u003c/sup\u003e. This brings the total environmental benefits of reduced emissions at USD1.157 billion per year. We note that these benefits may be overestimated as DSM supply may not replace terrestrial supply but only add to it and thus mostly contribute to GHG reduction through potentially lowering minerals prices and marginally improving the affordability of low-carbon products and services, depending on demand level; furthermore, battery chemistry is evolving and may reduce the use of some of these minerals, such as cobalt, and thus the mitigation benefits of DSM mineral supply.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eDistribution of mining benefits and burdens:\u0026nbsp;\u003c/em\u003eThe ISA is tasked with ensuring that the benefits derived from DSM are shared equitably worldwide. Some analysts suggest that the financial gains from DSM may be minimal for many countries, especially when the potential for environmental degradation and its associated costs are considered\u003csup\u003e19\u003c/sup\u003e. Moreover, the ISA\u0026apos;s mechanisms for benefit-sharing are still under development, and there is ongoing debate about how to balance commercial interests with the protection of marine environments and the rights of local communities\u003csup\u003e41\u003c/sup\u003e. None of the 25 case studies in our analysis provided an estimate for this CBA element. However, it has been reported that a range of between USD42,000 to USD1.1 million per member state is expected\u003csup\u003e41\u003c/sup\u003e. Therefore, the total annual estimated receipts for all ISA members would range between USD7.14 million (170 members \u0026times; USD42,000), and USD187 million (170 members \u0026times; USD1.1 million). This gives a mean estimate of USD97.07 million for our calculations.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eEmployment/income/capacity building:\u0026nbsp;\u003c/em\u003eDSM presents potential economic opportunities, particularly in terms of employment and capacity building. However, the nascent nature of the industry and the variability of projections make it challenging to provide precise estimates. The estimates we found in our case studies are reported in Extended Data Figure 2.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eContribution to GDP:\u0026nbsp;\u003c/em\u003eEstimating the potential contribution of DSM to a nation\u0026apos;s Gross Domestic Product (GDP) involves evaluating projected revenues from mineral extraction and considering the broader economic context. While DSM offers access to valuable minerals currently essential for various industries, analyses suggest that its direct impact on national GDPs may be minimal overall but may be significant for some Small Island States. The estimates we found in our case studies are reported in Extended Data Figure 2.\u003c/p\u003e\n\u003cp\u003e\u003cem\u003eCost of the impacts of deep-sea mining on option and existence values:\u0026nbsp;\u003c/em\u003eOption value represents the value of preserving natural resources for potential future use\u003csup\u003e84\u003c/sup\u003e, acknowledging that their true worth may not yet be fully understood. Deep-sea ecosystems, largely unexplored and not fully understood, may harbor species and genetic materials with significant future benefits, such as medical discoveries or biotechnological applications\u003csup\u003e85,86\u003c/sup\u003e. The destruction of these habitats through mining activities could result in the permanent loss of these unknown resources, representing a substantial opportunity cost, e.g. due to the loss of potential valuable medical resources to save lives. The concept of quasi-option value further emphasizes the importance of delaying irreversible actions, like DSM, until more information is available about potential environmental impacts and the true value of the ecosystems at risk\u003csup\u003e87\u003c/sup\u003e. This approach suggests that the potential benefits of immediate exploitation may be outweighed by the value of preserving options for future use, especially when dealing with significant uncertainties. In the context of DSM, preserving option value supports a moratorium or a precautionary approach\u0026mdash;one that prioritizes comprehensive research to deepen our understanding of deep-sea ecosystems and the potential long-term impacts of mining.\u003c/p\u003e\n\u003cp\u003eExistence value reflects the importance people assign to knowing that these unique environments and organisms continue to thrive, contributing to global biodiversity and ecological balance. DSM poses threats to these ecosystems, potentially leading to irreversible loss of species and habitat degradation. Quantifying the economic impact of such losses is challenging, as it requires assigning monetary values to the non-use benefits that these ecosystems provide. None of the 25 case studies contain estimates for option and existence but Jobstvogt\u003csup\u003e88\u003c/sup\u003e estimated that the willingness to pay (WTP) by the Scottish for the preservation of deep-sea biodiversity was approximately 70 GBPs (USD89 US) per household annually. With an estimated number of households in Scotland of 2.54 million, this means that the total WTP by the Scottish is USD226 million per year. Now, assuming that a typical household in Scotland is representative of a household in the Western world, which is estimated to range between 900 million to 1.4 billion households, the total WTP by Westerners for both option and existence values would range between USD80 \u0026ndash; 125 billion annually. This gives an average of 102.5 billion annually, which is used in this study.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eQuantifying costs and benefits\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eHere we apply what we call a \u0026lsquo;crowdsourcing\u0026rsquo; approach to quantify costs and benefits. Ten of the 16 CBA elements have at least one reported data point (Figure 1c). For these, we computed the average amounts obtained from all the identified case studies, and reported them together with numbers for 1-standard deviation less and greater than the mean estimates (Extended Data Table 4). For the five CBA elements without quantitative data, we filled the gaps by reviewing the more general literature to find information that we can deploy, using the benefit transfer approach, to fill the data gaps (see the above section entries for CBA elements for a description of how we did this). Finally, we used the \u0026lsquo;minimum=1 standard deviation less than the mean\u0026rsquo; and \u0026lsquo;maximum=1 standard deviation more than the mean\u0026rsquo; estimates (Extended Data Table 4) to calculate NPVs as described in equations 1 and 2 for conventional and intergenerational discounting, respectively.\u003c/p\u003e"},{"header":"Declarations","content":"\u003cp\u003e\u003cstrong\u003eDeclaration of interest\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this article.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eAcknowledgements\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThis is a product of the Dona Bertalleri Philanthropy sponsored project at the University of British Columbia. In addition, URS \u0026nbsp;thanks the SSHRC of Canada for its support of the Solving FCB research partnership. SV gratefully acknowledges the financial support from EQUALSEA (Transformative adaptation towards ocean equity) project, under the European Horizon 2020 Programme, ERC Consolidator (Grant Agreement # 101002784) funded by the European Research Council. Laboratory. URS, LA and SV acknowledge the support of the Earth Commission and Future Earth. DJA received funding from UC Santa Barbara’s Benioff Ocean Science Laboratory.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n \u003cli\u003eAli, S. H. The US should get serious about mining critical minerals for clean energy. \u003cem\u003eNature\u003c/em\u003e \u003cstrong\u003e615\u003c/strong\u003e, 563 (2023).\u003c/li\u003e\n \u003cli\u003eVivoda, V. Uncharted depths: Navigating the energy security potential of deep-sea mining. \u003cem\u003eJ Environ Manage\u003c/em\u003e \u003cstrong\u003e369\u003c/strong\u003e, 122343 (2024).\u003c/li\u003e\n \u003cli\u003eNature Editorial Team. 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Marine mining and its potential implications for low-and middle-income countries (No. 2022/170). WIDER Working Paper (2022).\u003c/li\u003e\n \u003cli\u003eChair of the Open - ended working group of Council (OEWG). Meeting of the Open-ended Working Group of the Council on the financial terms of a contract under article 13, paragraph 1 of Annex III to the United Nations Convention on the Law of the Sea and under section 8 of the Annex to the Agreement relating to the implementation of Part XI of the United Nations Convention on the Law of the Sea of 10 December 1982. Kingston. https://www.isa.org.jm/wp-content/uploads/2022/12/Briefing_Note_OEWG_13_June_2022.pdf (2022).\u003c/li\u003e\n \u003cli\u003eGroch. It\u0026rsquo;s bloody EL Dorado: Undersea riches to be reaped by the few. https://www.smh.com.au/world/oceania/it-s-bloody-el-dorado-undersea-riches-to-be-reaped-by-the-few-20230713-p5do2v.html (2023).\u003cu\u003e\u0026nbsp;\u003c/u\u003e\u003c/li\u003e\n \u003cli\u003eRamboll. 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Here, we conduct arguably the most comprehensive cost-benefit analysis (CBA) of DSM to date, compiling and using data from publicly available articles simply yet powerfully. We estimate the net present value (NPV) of extracting 3 million dry tonnes of polymetallic nodules annually\u003csup\u003e6,7\u003c/sup\u003e, over 50-years, applying both conventional and intergenerational discounting to capture long-term impacts\u003csup\u003e8–10\u003c/sup\u003e. Using the average of reported metal prices, our study suggests that DSM could generate direct financial gains of ~USD12 billion over 50 years (i.e., ~USD240 million a year), non-financial costs are significantly higher —reaching ~USD68 billion (i.e.,\u0026nbsp; trading off USD5.6 of non-financial losses for USD1 of financial gain), and ~USD105 billion (trading off USD8.7 for USD1 of financial gain) under conventional and intergenerational discounting, respectively. Sensitivity analysis reveals that a 42% fall in mineral prices or an 85% extraction costs overrun, both plausible, would wipe out all projected financial gains. Even if the cost of extracting deep-sea minerals was zero, the NPV would still be negative. These findings highlight the economic flimsiness of DSM, reinforcing ecological and social concerns\u003csup\u003e11–13\u003c/sup\u003e. Given that DSM’s net value is negative, policymakers should strengthen existing mining practices and prioritize circular economy strategies over high-risk exploitation\u003csup\u003e14\u003c/sup\u003e.\u003c/p\u003e","manuscriptTitle":"Deep-sea mining: Superficial riches, deep hidden costs","msid":"","msnumber":"","nonDraftVersions":[{"code":1,"date":"2025-09-26 04:48:21","doi":"10.21203/rs.3.rs-7632394/v1","editorialEvents":[{"type":"communityComments","content":0}],"status":"published","journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true}}],"origin":"","ownerIdentity":"97ba95d8-d4fe-448a-afe7-ad2b7f931d35","owner":[],"postedDate":"September 26th, 2025","published":true,"recentEditorialEvents":[],"rejectedJournal":[],"revision":"","amendment":"","status":"posted","subjectAreas":[{"id":55234675,"name":"Environmental Economics"}],"tags":[],"updatedAt":"2025-09-26T04:48:22+00:00","versionOfRecord":[],"versionCreatedAt":"2025-09-26 04:48:21","video":"","vorDoi":"","vorDoiUrl":"","workflowStages":[]},"version":"v1","identity":"rs-7632394","journalConfig":"researchsquare"},"__N_SSP":true},"page":"/article/[identity]/[[...version]]","query":{"redirect":"/article/rs-7632394","identity":"rs-7632394","version":["v1"]},"buildId":"8U1c8b4HqxoKbykW_rLl7","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[84888],"gssp":true,"scriptLoader":[]}