Norway’s Loke Marine Minerals has acquired deep-sea mining firm UK Seabed Resources (UKSR) from U.S. weapons manufacturer Lockheed Martin (LMT.N), the companies said on Thursday as international rules governing seabed mining are hammered out.

Norway, whose vast oil and gas reserves made it one of the world’s wealthiest countries, has taken a leading role in the global race to mine the ocean floor for metals that are in high demand as countries transition away from fossil fuels.

Loke, which declined to disclose the value of the deal, aims to start mining by 2030 and plans to invest around $100 million in surveys, environmental mapping, and technology development.


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