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
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