UK Seabed Resources
The question
To ask the Secretary of State for Business and Trade, whether his Department made an assessment of the potential costs and benefits to the UK of UK Seabed Resources Limited's two International Seabed Authority exploration licences.
Answered by Sarah Jones
The Department for Business and Trade has considered the potential future impacts to the UK in holding two Deep Sea Mining exploration licences and have found there is an opportunity for the UK to take a lead in this emerging market with potential for growth and revenue through taxation. This is subject to the establishment of strong, enforceable environmental regulations, standards and guidelines adopted by the International Seabed Authority (ISA) and where there is sufficient scientific evidence available to assess the potential impact of deep-sea mining activities on marine ecosystems.
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