TribLIVE

| Business

 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Lockheed to use Soviet submarine hunt data in seabed mining plan

Email Newsletters

Click here to sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

LMT $92.54 +$0.24

at close on THURSDAY

By Bloomberg News
Friday, March 15, 2013, 12:01 a.m.
 

Lockheed Martin Corp., the world's biggest defense contractor, is preparing to scour the Pacific Ocean seabed in a search for metals using data obtained in a cold-war hunt for a sunken Soviet submarine. Lockheed has set up a unit, U.K. Seabed Resources, to explore for so-called polymetallic nodules that can contain copper, nickel, cobalt, manganese and rare earths. The company, supported by the U.K. government, has been granted the first commercial exploration rights for a 22,000-square-mile area of the Pacific between Hawaii and Mexico.

Rare earths are 17 elements used in magnets, oil refining and smartphone batteries. They became a political and legislative flashpoint in July 2010 when China moved to limit domestic output and slash export quotas by 40 percent, souring ties with the U.S. and Japan.

Exploration will start late in the U.K. summer this year and the company expects to be ready to seek an exploitation license in about three years and to start extraction in five to six, Moore said.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. Obama’s Clean Power plan doesn’t change much; opponents remain firm
  2. Polymer Enterprises finds success in specialty tire market
  3. Coal producer Alpha Natural Resources files for bankruptcy
  4. Shell shovels millions into proposed Beaver County plant site
  5. Muni bond funds stressed
  6. Auto sales strong in July on SUV, luxury demand
  7. Labor Department ruling broadens definition of ‘employee’
  8. When it comes to home ownership, Hispanics finding locked doors
  9. Slump in energy stocks drags down Dow, S&P
  10. Oil prices slip on persistent fears of glut
  11. FirstEnergy to build coal waste processing facility in Beaver County