Spain and Morocco's competition for the seabed: The struggle for the rare metals market

Competition for underwater wealth between Spain and Morocco: The battle for rare elements

Spain and Morocco have entered into a fierce struggle for control of an extinct underwater volcano located south of the Canary Islands. Scientific research conducted in the region has revealed the presence of vast quantities of rare earth elements deep within the volcano.

Both countries are trying to incorporate the area in question into their exclusive economic zones. These minerals, which are of vital importance for modern technology manufacturing and the green energy transition, are of great strategic and economic interest to both Spain and Morocco.

To resolve the dispute, the parties have applied to the United Nations (UN). In accordance with the norms of international maritime law, the relevant UN commission will determine which state owns the natural resources on the seabed.

According to experts, the reserves of this underwater volcano could significantly impact prices and supply chains for rare elements in the global market. Currently, all attention is focused on the final decision to be made by the UN.