TribLIVE

| Business


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

Lockheed to use Soviet submarine hunt data in seabed mining plan

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

Daily Photo Galleries

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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. How to avoid Amazon and still get deals
  2. Mylan’s 3Q profit triples on strong U.S. sales
  3. Strengthening U.S. growth reflects help from Federal Reserve
  4. Sweet tooth will cost you more next year
  5. Profit falls at vitamin retailer GNC Holdings in third quarter
  6. Bayer profit edges higher, raises forecasts
  7. Radiation detection of drilling waste nearly set at W.Va. landfills
  8. Hedge funds sue to block EDMC deal
  9. Kennametal profit, sales improve in 1Q, but forecast reduced
  10. Health care law compliance complex for employers
  11. Marcellus shale boom lifts Civil & Environmental Consultants of Robinson
Subscribe today! Click here for our subscription offers.