Odyssey Marine Exploration files U.S. offshore critical minerals lease sale request

One company interested in doing some of that unleashing is Tampa, Fla=headquartered Odyssey Marine Exploration Inc. (NASDAQ: OMEX), which reports that it has submitted an unsolicited request for lease sale of marine mineral exploration and development rights to the U.S. Department of the Interior’s (DOI) Bureau of Ocean Energy Management (BOEM). Odyssey says that its request is among the first under the Outer Continental Shelf Lands Act (OCSLA) of 1953 in U.S. jurisdiction under BOEM’s oversight.

According to Odyssey the proposed lease area, located within the U.S. outer continental shelf (OCS) off the Mid-Atlantic coast, “is highly prospective for heavy mineral sands rich in titanium, zirconium, rare earth elements (REEs), and phosphate” and that “additionally, offshore sand and gravel resources from the recovery process can support coastal resiliency efforts.

If BOEM grants the requested lease sale and Odyssey obtains the development rights, the project will commence with the collection of comprehensive environmental and geological data to inform responsible resource assessment and project design......‘If the project advances to recovery, operations will utilize shallow-water dredging, a well-established and extensively studied method already used regularly worldwide for navigation and coastal resilience, implemented in ways that mitigate potential impacts,’ says the      company. “Odyssey carefully selected the proposed lease area to avoid sensitive habitats, marine protected areas, and active maritime zones, as well as to respect conservation areas.

If Odyssey obtains a lease, it says that its capability to advance a project will be enhanced by a recent collaboration agreement with Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD), America’s largest dredging contractor and a trusted federal partner for coastal restoration and resilience projects. GLDD has completed extensive work within the Chesapeake Bay and surrounding areas, maintaining more than 300 miles of navigation channels critical to regional and national commerce. The company’s projects have removed tens of millions of cubic yards of material while supporting beneficial reuse for ecosystem restoration, such as the Paul S. Sarbanes Ecosystem Restoration Project at Poplar Island.

“Odyssey is well positioned to align private-sector innovation with public-sector support to secure America’s access to the materials that power our economy, strengthen our defenses, and support American jobs,” said Mark Gordon, Odyssey CEO

“U.S. waters hold tremendous strategic resource potential, and if Odyssey is successful in obtaining the proposed lease, it will represent another step in Odyssey’s strategy to expand its diverse portfolio and unlock new seafloor resource opportunities,” said Gordon. “We’re seeing unprecedented momentum and funding from the U.S. government to advance projects that strengthen our critical mineral supply chains. Specifically, the U.S. is focused on developing ocean resources. Odyssey is well positioned to align private-sector innovation with public-sector support to secure America’s access to the materials that power our economy, strengthen our defenses, and support American jobs.”