underwater mining. the next big thing

"The geological potential down there is awesome," said Tony O'Sullivan, who joined Nautilus as chief operating officer in May after tiring of the hunt for new strikes on land as head of base metals exploration at BHP Billiton, based in Melbourne.

Two companies exploring the South Pacific seas with new remote-controlled robots are betting that rocks like these will start an underwater gold rush for billions of dollars lining the ocean floor, reversing the prospects for a method of mining that has never been economical.

Nautilus wants to produce 150,000 tons of copper per year and as much as 400,000 ounces of gold, valued at $630 million at long-term average prices, Heydon said. A 2002 study by WorleyParsons, a Sydney-based consulting firm, estimated the cost of setting up such a mine at $260 million. Heydon said that it could be more expensive, though it would cost less than a mine on land.

http://www.iht.com/articles/2006/10/03/bloomberg/sxgold.php

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