The licences are issued by the International Seabed Authority (“ISA”1). UKSR also holds a 19.9% interest in the Ocean Mineral Singapore ISA licence in the CCZ.
The CCZ licences contain polymetallic nodules that lie unattached to the seabed, typically at 3,500 – 5,000m water depth. These nodules contain high concentrations of four metals that are currently essential for various technologies driving energy transition: cobalt, nickel, copper, and manganese. The CCZ holds the world’s largest, undeveloped resource potential of nickel and cobalt. These resources can secure the sourcing of critical minerals in the new geopolitical context.
Prior to this transaction, USKR has been a wholly owned subsidiary of Lockheed Martin UK. Through this transformative acquisition Loke will become one of the largest licence holders in the CCZ.
Loke is developing a number of differentiating technologies that will aim to minimize the environmental footprint and improve industrial efficiency through safe and responsible operations.
Loke CEO, Walter Sognnes, comments, “This acquisition accelerates Loke’s exploration plans, and ambition to deliver the safe production of nodules with as minimal an environmental impact as possible. Loke aims to make a Field Investment Decision in 2027 and start production in 2030. We are excited to have the UK as the sponsor state and see this as a natural continuation of the strong existing UK-Norway strategic cooperation in the offshore oil and gas industry.”