Developing countries would receive virtually no revenue from the deep-sea mining expansion under the International Seabed Authority’s current revenue proposals according to a new study.

The analysis shows that the overwhelming economic value would flow to just a handful of private corporations, primarily headquartered in the Global North. This goes against the UN Convention on the Law of the Sea (UNCLOS) that deep-sea mining must benefit humankind as a whole. 

The independent study was undertaken by Centro Universitário de Brasília and King’s College London, and commissioned by Greenpeace International. 

There are currently 31 deep-sea mining exploration contracts in force with the ISA. If six mining sites were opened in the early 2030s with the current proposed sharing agreement in place African countries are expected to receive just 0.49% per country of total ISA royalties. 

And Brazil is expected to receive $2,334,000 – accounting for just 0.001% of their GDP.

Deep-sea mining is poised to begin near the Pacific island. Despite the severe environmental impact the practice would have locally, the Pacific Island State is only expected to receive $46,000 per year.

In contrast, mining companies are expected to receive 98% of the revenue, equivalent to $5,439,000,000 in 2028-2030.

Head of Pacific, Greenpeace Australia Pacific, Shiva Gounden said: “The people of the Pacific would sacrifice the most and receive the least if deep-sea mining goes ahead. 

“We are being asked to trade our spiritual and cultural connection to our oceans for almost nothing in return, risking our livelihoods and food sources,” she added.

Researchers have said their analysis shows a structural asymmetry, with private actors profiting directly from the early stages of raw material extraction, while long-term public benefits remain narrow, uncertain and deferred.

Dr Harvey Mpoto Bombaka, Report Author, Centro Universitário de Brasília said: “What’s described as global benefit-sharing based on equity and intergenerational justice increasingly looks like a framework for managing scarcity that would deliver almost no real benefits to anyone other than the deep-sea mining industry.”

Deep-sea mining campaigner for Greenpeace International, Ruth Ramos said: “What Global South governments are being promised amounts to little more than scraps, nowhere near enough to justify tearing open the deep-sea.”

Goulden added: “The international seabed is the common heritage of humankind and governments must act quickly to enact a moratorium.”

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