US announces policy changes for offshore mineral development

Audio By Carbonatix

(Reuters) -U.S. President Donald Trump’s administration on Wednesday announced policy changes it said would speed up the search and development of offshore critical minerals.

The Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement are updating policies across all stages of development to “reduce delays, improve coordination and provide greater certainty for industry”, the U.S. Interior Department said in a statement.

WHY IT’S IMPORTANT

The move is a part of the Trump administration’s goal of reshaping a critical mineral industry dominated by China, the top U.S. economic rival.

The policy update announced by the Interior Department follows an executive order by Trump in April aimed at boosting the deep-sea mining industry in an attempt to improve U.S. access to nickel, copper and other critical minerals used widely across the economy.

DETAILS

For early-stage exploration, BOEM will apply existing streamlined environmental reviews whenever appropriate, and it plans to extend the duration of early-stage exploration permits to five years from three, the Interior Department said.

The administration will minimize “unnecessary paperwork and compliance steps” to fast-track approvals for mapping, testing, and site development.

BOEM will also start identifying potential areas for development without first issuing a formal request for information or forming a joint task force with state and federal agencies to speed up the leasing process, the department said.

The U.S. Geological Survey will provide the bureaus with scientific data on critical mineral resources, as well as potential environmental impacts and hazards associated with seafloor development.

(Reporting by Ismail Shakil in Ottawa, editing by Ed Osmond)