Arctic seabed has potential to be significant source of valuable minerals
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Oil and natural gas are not the only resources likely to be found in the Arctic valuable minerals may also exist on the seabed. Scientists have long known about unconventional mineral ore deposits known as manganese nodules. These nodules are spherical accretions of manganese, cobalt, copper and nickel which precipitate out of sea water at depth. n48 They form when warm solutions of dissolved metals from the earth's crust leach into cold ocean waters, and they are found on roughly a quarter of the ocean floor.n49 Recovering the nodules can be technically difficult. The nodules are usually found under at least 2 miles of water and dredging them stirs large quantities of sediment which seriously disrupts marine habitat.n50 Thus, excitement surrounding the minerals has calmed significantly since the 1970's.n51 Not only must the technology become cheaper and more widely available, but industrial commodity prices must also remain high to make manganese nodules profitable.n52
According to the U.S. Geological Survey, the Arctic region is the largest unexplored prospective area for petroleum remaining on earth with an estimated ninety billion barrels of undiscovered oil reserves, and 1,670 trillion cubic feet of natural gas. In addition, the unpredictability of the Persian Gulf region makes the Arctic region even more attractive for exploitation.