Lockheed Revives Plans For Pacific Deep Sea Mining

Lockheed Martin (NYSE:LMT) is re-entering deep-sea mining and talking to potential partners about activating two exploration zones it holds in the lucrative Clarion-Clipperton Zone (CCZ) in the Pacific Ocean.

The leading U.S. defense contractor first obtained the licenses in the early 1980s before exiting the sector by selling its U.K.-based subsidiary, U.K. Seabed Resources, to Norway's Loke Marine Minerals in 2023. However, following Loke's bankruptcy in April, an asset auction returned the licenses to Lockheed's control.

"We are in early stages of conversations with several companies about giving them access to our licenses and allowing them to process those materials," Frank St. John, Lockheed's chief operating officer, said for the Financial Times.

The CCZ, located between Hawaii and Mexico, contains polymetallic nodules rich in nickel, cobalt, ...