The world’s first seabed mineral mining company—Canada’s Nautilus Minerals (TSX:NUS)—announced that its Solwara 1 gold, silver, and copper mine off the coast of Papua New Guinea will begin operations in early 2017.

　　Nautilus Minerals, headquartered in Toronto, Canada, is not the only company worldwide engaged in seabed mineral extraction. The company is also developing another seabed project off the coast of Mexico. According to Mike Johnston, the company’s president, all seabed mining equipment is expected to be in place by mid-next year, after which operations at the Bismarck Sea project can soon begin.

　　For Nautilus, this project has not been entirely smooth sailing. In the initial proposal stage, Solwara 1 faced protests from environmentalists who were concerned that seabed mining could severely damage aquatic ecosystems.

　　The company’s dispute with the Papua New Guinea government had been dragging on for years, only finally being resolved in 2014. Since then, the project has moved forward rapidly, while simultaneously facing increasingly intense competition.

　　It is estimated that, to date, the International Seabed Authority of the United Nations has issued 26 seabed mineral exploration and mining licenses to governments and companies.

　　New Zealand, Namibia, aircraft, Tonga, Vanuatu, and the Solomon Islands have all obtained exploration licenses for seabed minerals. The Cook Islands have even begun tendering for mineral exploration, yet Papua New Guinea remains the only country in the region that has already issued licenses for seabed mining operations.