Deepsea Ventures Readying Its Attack On Pacific Nodules

The continental margins and ocean basins represent by far the largest unexplored frontier for discovery and development of mineral values. In April 1971, Deepsea Ventures, Inc., at a press conference in its Gloucester Point, Va. headquarters, announced what may become the first commercial deepsea venture--15,000 ft below the ocean surface. During the presentation, Deepsea's president, John E. Flipse, announced that studies made by company personnel had proven the feasibility of mining, transporting, and milling L million tpy of manganese nodules taken from the ocean floor, and that, based on current conditions and prevailing construction costs, a venture of this magnitude would cost about $200 million split evenly between mining and processing facilities. A subsidiary of Tenneco, Deepsea has tentatively reserved 1976 as the year in which it plans to mine, process and market the nodules.