Norwegian Green Mineral Ventures Stall Amid Political Pushback

Shares of Green Minerals, a Norwegian deep-sea mining start-up, plummeted by 40% after Norway halted its first licensing round for seabed mining. The decision follows political negotiations linked to the national budget. The government plans to continue preparatory work including environmental mapping.

In a recent financial upheaval, Green Minerals, a budding Norwegian start-up focused on deep-sea mining, witnessed a significant 40% drop in its market shares. This downturn comes after the Norwegian government abandoned its first licensing round for Arctic seabed mining, a decision tied to political budget negotiations.

Although Green Minerals has projected this halt as temporary, trading prices fell to 3.88 crowns ($0.3501) at 1030 GMT. The company maintains optimism, forecasting an accelerated timeline post a 12-month delay, with intentions to hold the first ore extraction by the late 2020s.

The Norwegian government intends to carry on with the groundwork, such as formulating regulatory frameworks and assessing environmental impacts. These developments surface amidst heated electoral climates, with upcoming polls potentially influencing future deep-sea mining projects.

(With inputs from agencies.)