Executive summary  6

Recommendations  7

Governance and policy  9

Institutional overview  9

Mineral scope  12

Policy overview  13

Seabed mining  20

Public funding, research and development  22

International collaborations  26

Data collection  28

Supply chain security  31

Environmental, social, governance  33

Market overview  36

Reserves and exploration  36

Mining and refining  37

Trade  43

Recycling  43

Workforce and skills  47

Annex  49

Conversion rates (as of 1 July 2026)  49

Abbreviations and acronyms  49

Measurements  50