UK flags possible security review as deep-sea mining licences go up for sale: FT

Britain may trigger a national security review over the proposed sale of two deep-sea mining exploration licences after the Norwegian parent of UK Seabed Resources (UKSR) filed for bankruptcy, the Financial Times reported.

The licences, sponsored by the U.K. and located in the Pacific Ocean, are held by UKSR, which was acquired in 2023 by Norway’s Loke Marine Minerals from U.S. defence contractor Lockheed Martin. Loke filed for bankruptcy this month, prompting an auction for its assets.

The U.K. Department for Business and Trade said the transfer of these licences could be assessed under the National Security Investment Act, according to an email sent to Loke’s CEO Walter Sognnes and reviewed by the FT, the paper reported Friday. The government official also suggested restructuring UKSR under a U.K. holding company to avoid scrutiny, stating that having Norwegian parent company would be “problematic”.

The act grants the British government authority to examine and intervene in transactions deemed a threat to national security. The department declined to comment when contacted by FT.

Global interest

The potential sale comes amid heightened global interest in critical minerals used in batteries, such as nickel, cobalt and copper that are found on the ocean floor. U.S. President Donald Trump recently voiced support for accelerating deep-sea mining, adding pressure on allies to secure mineral supply chains.

Loke, which had been developing seabed mapping technology, said any ownership structure would be discussed by the future owner and U.K. authorities.

Seabed mining permits in international waters require state sponsorship under the UN Convention on the Law of the Sea. China currently leads in the number of such licences. Norway plans to begin commercial deep-sea mining in its national waters, while the U.K., France and Germany remain cautious over environmental concerns.