Deep Sea Minerals - Vol 2 - Manganese Nodules

been very volatile (Figure 12). However, in recognition of the growing demand (Figure 13) and in an effort to provide greater price transparency, the London Minerals Exchange introduced cobalt futures trading at the beginning of 2010. Cobalt is tra- ditionally produced as a byproduct of the extraction of other

metals, such as copper or nickel (Figure 14). The economic potential of the Cook Island nodules may increase if they are found to contain significant concentrations of rare metals and rare-earth elements. Determining this will require further geo- chemical analyses.

Metal tonnages in nodules from the Cook Islands compared to global reserves

Copper

Cobalt

Manganese

Nickel

25 Million tonnes

6000 Million tonnes

1000 Million tonnes

150 Million tonnes

5000

20

800

120

4000

15

90

600

3000

60

10

400

2000

30

5

200

1000

0

0

0

0

Cook Islands manganese nodules

Global land-based reserves

Global land-based reserve base

Source: James R. Hein, US Geological Survey

Figure 11 Current estimates of Cook Islands manganese nodules compared to global reserves. In-place tonnage of cobalt, nickel, copper and manganese in Cook Island nodules and a comparison with global land-based reserves and global land-based reserve base.

Cobalt metal prices between 1976 and 2011

US dollar per pound 60

50

40

30

20

10

0

1980

1985

1990

1995

2000

2005

2010

Source: SFP Metals, UK

Figure 12 Global cobalt prices 1976-2011. Source SFP metals UK, http://www.sfp-cobalt.co.uk.

MANGANESE NODULES 16