We are seeing a shortage of some metals, and the deep sea provides the opportunity to gather metals that are needed, particularly rare earths.
The UK is well placed to influence how deep-sea mining is taken forward, what standards should apply and how to minimise the impact on the environment. In 2012, the UK sponsored its first application to the International Seabed Authority for a UK company to explore for polymetallic nodules in the deep sea in the Pacific ocean, as my hon. Friend mentioned. The application was agreed and a contract was signed between the ISA and the UK company. In 2013, the UK sponsored another application from the same company. That still has to be considered by the ISA council, but the UK Government was able to sponsor and issue a licence to that company under the 1981Act.