1310 ET - Deep sea miner Loke Marine Minerals has filed for bankruptcy, according to the company. Oslo-based-Loke had looked to mine the seabed in both Norwegian waters and the Pacific Ocean, with the aim of exploiting minerals such as cobalt and copper that are considered vital for the energy transition and defense technologies. In 2023, Loke purchased two large licenses for deep-sea mining exploration in the Pacific Ocean from U.S. defence giant Lockheed Martin. Loke did not provide further information on the future of the licenses. Deep-sea mining has been targeted by environmental groups who argue that the practice would cause irreparable damage to a largely untouched habitat. Its proponents say minerals such as copper and cobalt are vital for the energy transition including technologies like batteries. (yusuf.khan@wsj.com)

(END) Dow Jones Newswires

April 03, 2025 13:10 ET (17:10 GMT)

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