Lockheed Martin in talks with mining companies for Pacific seabed access - FT

Lockheed Martin is in preliminary discussions with mining firms to grant access to its seabed mining licenses in the Pacific Ocean, following U.S. efforts to increase domestic production of essential minerals.

The company's COO, Frank St. John, noted significant interest from potential partners who recognize the value of the mineral deposits secured under licenses granted by the U.S. government in 1984.

This initiative aligns with recent actions by the Trump administration, which aimed to expedite the exploration of critical minerals on the seabed through an executive order.

The NOAA is also working on revising regulations to streamline the exploration and permitting processes for seabed mining, indicating a push towards more efficient operations in this sector.

Recommendation Rating Title: Strategic Moves in Seabed Mining

Lockheed Martin (NYSE:LMT) is reportedly engaged in preliminary discussions with various mining firms regarding access to its seabed mining licenses in the Pacific Ocean. This development comes as the United States seeks to bolster its domestic production of essential minerals, according to a report by the Financial Times on Monday.

Frank St. John, Lockheed Martin's Chief Operating Officer, informed the Financial Times that there has been substantial interest in the exploration rights held by the company, which were initially granted by the U.S. government back in 1984.

While St. John did not disclose the estimated worth of the mineral deposits under Lockheed's control, he indicated that potential mining partners have conducted thorough assessments, recognizing the inherent value in those resources.

"We are currently in the initial stages of dialogues with numerous companies about granting them access to our licenses, enabling them to process these materials," stated St. John.

This announcement follows recent efforts by the Trump administration, which included an executive order aimed at expediting the exploration and permitting processes for critical minerals located on the seabed.

In a related move, the National Oceanic and Atmospheric Administration (NOAA) proposed revisions to the current regulations concerning exploration licenses and recovery permit applications last week. This initiative is intended to streamline and digitize many aspects of the regulatory framework governing these processes.