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It might look like something from space, but some folks think lumps of rock like this could help us solve one of the biggest problems facing the planet.
Others fear they could trigger ecological catastrophe.
Presenting the weird, unsettling story of polymetallic nodules
These potato-sized mineral lumps form over millions of yrs on the ocean floor as metals accrete around organic fragments.
Up until 150 years ago no-one knew polymetallic nodules even existed. Today they're a very big deal.
So. Here are the 2 main things you need to know abt them
1. These nodules contain ASTOUNDING concentrations of certain metals - esp nickel, manganese, cobalt and copper. The grades of metals are multiples better than anything you can find on land (esp now we've mined out most of the easy stuff).
And 2. You find these polymetallic nodules in vast quantities on some parts of the seabed. Most notably the Clarion Clipperton zone in the Pacific.
Look at this map. As far as anyone can tell, you will find loads of these nodules in the red parts.
So, quite a lot of them.
Worth saying: these nodules aren't the only type of mineral you can find under the sea.
In Material World I also wrote abt seafloor massive sulphides: essentially extinct black smokers which used to puff volcanic fumes from the seabed. There's LOTS of copper embedded in them too
Anyway it so happens these are PRECISELY the metals we need LOADS of if we're going to make enough electric cars to eliminate our carbon emissions. Which brings us to a knotty problem.
We've mined the easy stuff.
Today mining copper means blasting ever bigger holes in the ground
Little appetite for that so there's a looming shortfall - a gap between plans for new mines and the likely demand we'll need for the copper in our wind turbines/electric cars/solar panels.
This could well be filled from terrestrial mining - but there's lots of resistance.
Or consider cobalt.
Most of the world's supply comes from the Democratic Rep of Congo.
Conditions in many of the mines there are abject. For more, read Cobalt Red by Siddarth Kara.
And NB you need LOTS of cobalt for smartphone cells and high performance EV batteries.
Then there's nickel...
Needed in vast quantities for long-range EV batteries.
Most comes from Indonesia.
There are MASSIVE environmental question marks about its exploitation: rainforest being torn down, toxic waste dumped into the sea.
The mucky reality of critical metals👇
Anyway, given this, a lot of people are saying: hold on, instead of destroying pristine ecosystems on land, could we just get minerals from the sea instead?
Consider cobalt. USGS says there's many multiples of terrestrial resources. We'd never have to rely on DRC cobalt again!
And some argue it's less damaging than terrestrial mining.
"You just hoover those potatoes up. You don't even need to drill," they say. Some mining companies have funded research saying the damage - tailings, disruption etc - would be less than on land onlinelibrary.wiley.com/doi/10.1111/ji…
Problem is: there's SO much we know we don't know about the impact.
Up until recently no one thought those potatoes played much role in ecosystems.
But we now know they're a crucial part of some fish habitats.
They might even produce oxygen! 👀 nature.com/articles/s4156…
But right now all that might prove moot.
Countries around the world are lining up to try to mine the deep sea.
And while the commercial case has yet to be proved (and folks have been predicting this would be the "next big thing" for decades) the mining tech is finally ready...
As I write, nations are meeting at the International Seabed Authority in Jamaica to negotiate the rules over high seas mining.
You might not have heard of the ISA but it has power to decide who gets to mine over 50% of the seabed, as the boss once told me
Chief among those trying to mine the seabed is China.
It already dominates refining of pretty much every critical material (look at the red bits in the right section of the chart). But not the ores (left section).
Deep sea mining provides a chance to control the WHOLE chain.
Sidenote: the US never signed up to the UN treaty so doesn't get a vote at the ISA.
However it is also keeping an eye on deep sea mining. & it has access to loads of polymetallic nodules via the pacific islands it once took in its quest for guano en.m.wikipedia.org/wiki/Guano_Isl…
So... deep sea mining is fast becoming a new front, not just about economics or green tech but abt big power diplomacy.
Then again you could say the same thing about much of what I call the Material World. The underbelly of the modern world.
UK edition out in paperback TOMORROW!
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What does a trade war look like?
Much of what you've heard about tariffs is prob soundbites from politicians & economists.
But what does a trade war actually FEEL like at ground level?
We've spent the past year working on a film on just that.
Here's some highlights
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Best place to start is with this👇
It may look like a lump of metal but don't be fooled.
This is a die: a sort of mould used to shape plastics. Looks simple but it's super-engineered - designed to withstand enormous pressure.
Without dies like this there's no manufacturing...
Dies and moulds are the unsung champions in modern mass production.
One of the single most impressive things about Tesla's manufacturing processes is what @elonmusk calls the Gigapress: a massive machine that shapes metal. And at the heart of the gigapress are enormous dies.
The PM keeps repeating the figure £16bn in relation to the OBR's latest forecasts - giving the impression that this would have left a big hole in the public finances. What he fails to acknowledge is that that this is LITERALLY ONLY ONE PART OF THE STORY.
Here's why...
Yes: the OBR downgraded the fiscal numbers by £16bn (actually £15.6bn) due to weaker productivity (red bar below).
But it also simultaneously UPGRADED them by a whopping £32bn (blue bars).
This chart from @TheIFS shows it pretty clearly👇
Banging on about the £16bn productivity - as the PM did repeatedly in his press conference today - without also mentioning the £14bn inflation UPGRADE and the £17bn of other UPGRADES seems... pretty misleading to me.
It's simply NOT the full picture...
NEW
UK abolishes its "de minimis" rules which exclude cheap imports below £135 from paying tariffs.
A massive deal for the fast fashion/cheap Chinese imports sector: this is the so-called loophole used to great effect by SHEIN and Temu.
Should also bring in some tariff revenue
For more background on this, here's our investigation from earlier this year on de minimis and what it means in practice - including a glimpse inside the planes carrying these imports into the UK 👇
The flip side to this policy is:
a) stuff (yes, a lot of it is tat but even so) will get more expensive
b) it primarily hits lower income households
c) as you'll see from my thread, de minimis was a lifesaver for small regional airports. Its demise is v bad news for them...
NEW
"Data center alley" in North Virginia.
Home to the biggest cluster of server centres in the world.
Here, more than anywhere else, is the global epicentre of AI.
It's where the recent AWS outage happened.
And we've secured rare access INSIDE one of the data centres...
The inside of one of the centres, run by Digital Realty, one of the biggest datacenter companies in the world.
Extremely high security. Long, long corridors, flanked by rooms in which those servers are operating.
This is the very heart of the biggest economic story right now
And inside one of those rooms, here is one of the supercomputers powering the AI boom. This Nvidia DGX H100 is the physical infrastructure making AI a reality.
🚨EXCLUSIVE
The firm at the heart of Britain's critical minerals strategy has ditched plans for a rare earths refinery in the UK, and will build it in the US instead.
It's a serious blow to the Chancellor and her plans for "securonomics" ahead of next month's Budget👇
Not long ago Pensana was being hailed as key to Britain's industrial future.
It had plans to ship rare earth ores to the UK and refine them in a plant just outside Hull, creating 126 jobs and bringing in hundreds of millions of pounds of investment...
Its Saltend site was where the then Biz sec Kwasi Kwarteng launched the govt's official critical minerals strategy a few years ago, saying: "This incredible facility will be the only of its kind in Europe and will help secure the resilience of Britain's supplies into the future"
📽️Is Britain REALLY facing a 1970s-style fiscal crisis?
Why are investors so freaked out about UK debt?
Is this REALLY worse than under Liz Truss?
Who's to blame? Rachel Reeves? The Bank of England?
And would a bit of productivity really solve everything?
📈 Your 6 min primer👇
OK, so let's break it down.
Start with the chart everyone (well, everyone in Whitehall) is talking about.
The 30yr UK government bond yield. Up to the highest level since 1998. And it's still rising.
Does this mean the UK is facing a fiscal crisis? Let's look at the evidence
First let's compare the UK to other G7 countries.
There's two ways to do this.
First, look at absolute levels👇
And it looks pretty awkward for the UK.
Pre-mini Budget we were middle of the pack. That changed post-Truss. And now, under Labour, the UK is even more of an outlier.