SINGAPORE, July 15 (Reuters) - The United Nations'

International Seabed Authority (ISA) will meet on Monday to

consider new rules allowing firms to extract minerals from the

ocean floor, despite mounting concerns about the economic and

environmental risks.

Supporters say deep sea mining will help boost supplies of

raw materials like cobalt and nickel, which are needed for the

global energy transition, but critics say it could destroy

ecosystems and disrupt migratory routes.

As many as 27 countries are calling for at least a temporary

halt of activities, and Hawaii last week became the fourth

Pacific U.S. state to issue a comprehensive ban.

Meeting in Kingston, Jamaica, until July 26, the 36-member

ISA council will negotiate the latest draft of a long-awaited

"mining code", designed to regulate the exploration and

extraction of "polymetallic nodules" and other deposits on the

ocean floor.

"I think it will become very clear at this session that

there is still a long way to go," said Pradeep Singh, an ocean

governance specialist at Germany's Potsdam Institute, saying

that countries were still divided over the final text.

Many are concerned the code is being rushed through without

proper scrutiny and want to slow the process down, Singh said.

While many are concerned about environmental risks, others

are also looking for clarity about how proceeds from deep sea

mining will eventually be shared.

The rush to complete the mining code was triggered by the

Pacific island state of Nauru, which is expected to submit a

mining license application on behalf of Canada's The Metals

Company (TMC) later this year, regardless of whether or

not regulations are complete.

"A growing number of states are saying no, we will not allow

that to happen," said Singh. "Those states calling for a pause

remain committed to negotiating the regulations, so it is not as

if they are saying they don't want deep sea mining to happen."

After the council session, the ISA's 168-member Assembly

will also meet on July 29 to elect a secretary-general, with

Brazil's Leticia Carvalho standing against the incumbent,

Michael Lodge.

Nine countries - including Chile and France - will also call

on the Assembly to discuss specific policies to safeguard the

marine environment if and when mining is allowed to start. China

blocked a similar proposal last year.

TMC has acknowledged that deep sea mining will have an

environmental impact, but it is less damaging than terrestrial

mining, and trade-offs are required to guarantee transition

mineral supplies.

But apart from the environmental risks, no one has yet been

able to establish the economic and technical case for operating

heavy industrial machinery in the depths of the ocean,

especially as costs rise, said Victor Vescovo, a U.S. investor

and deep sea explorer.

"It is a poor business case that is only getting worse," he

said.