Seafloor Massive Sulfide deposits discovered at the Mid-Atlantic Ridge - potential target for the ocean mining in the Area

The seafloor massive sulfide (SMS) deposits are one of potential type of oceanic minerals for marine mining along with ferromanganese nodules and cobalt-rich ferromanganese crusts. According to plans of Nautilus Minerals Inc Solwara 1 SMS deposit located in the Papua New Guinea economic zone would be the first to mine. Favorable political, economic and geological factors make prospects of SMS development within the economic zones more preferable than beyond the limits of national jurisdiction. However, the approval in 2010 of “Regulations on prospecting and exploration for polymetallic sulfides in the Area” by International Seabed Authority gives impetus to search for new potential targets for marine mining at the mid-ocean ridge hosted majority of SMS in the Area. The Mid-Atlantic Ridge (MAR) SMS provide an example of such deposits. Such peculiar features as large size and tonnage, high gold and base metal grades, presence of both active and inactive deposits as well as indications of new deposits discovery in off-axis setting generated considerable scientific and potential commercial interests to MAR SMS deposits. Among the factors hampering evaluation of the mining prospects are the lack of information on the third dimension for most mid-ocean ridge deposits, great water depth and the absence of comprehensive estimates of economic feasibility of the development.