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The US Is Auctioning Seabed Near American Samoa. A $3 Million Bid Will Not Build a Mine.
On November 19, the US Marine Minerals Administration is scheduled to auction mineral rights covering about 31.5 million acres of seabed near American Samoa. The two areas have minimum bids of $3 million apiece, with 20-year lease terms.
Summary
On November 19, the US Marine Minerals Administration is scheduled to auction mineral rights covering about 31.5 million acres of seabed near American Samoa. The two areas have minimum bids of $3 million apiece, with 20-year lease terms. It is an impressive area and a modest opening price for a prospective new metals industry. The difference between the two numbers helps explain what the sale is actually offering.
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