Lockheed Martin (LMT) is exploring opportunities with several mining companies to partner on using its long-held seabed licenses in the Pacific Ocean. The move comes amid growing global demand for critical minerals essential to defense, clean energy, and advanced technology supply chains.
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In separate news, Lockheed has delivered all F-35 jets as of May 1, following months of software upgrade issues, according to the Pentagon. The Defense Department had been holding back up to $5 million per jet until Lockheed proved the upgrades were ready for full training and combat use. Clearing the backlog marks a public relations boost for the company and its F-35 program, the world’s most costly weapons project.
Lockheed Eyes Strategic Role in Critical Minerals Supply Chain
Interest in key raw materials is rising fast as the global race for minerals used in EV batteries and defense tech intensifies. With China leading in supply, Western countries are working to boost their production to become more self-sufficient.
Lockheed Martin, a defense contractor, holds two licenses in the Clarion-Clipperton Zone (CCZ), an area in the eastern Pacific known for its rich mineral deposits. U.S. regulators issued these licenses in the early 1980s during an initial wave of ocean mining interest, but they have remained unused for many years. These licenses could be leveraged by mining companies to extract valuable resources, positioning Lockheed Martin as a potential key player in the race for critical minerals.
In April, President Donald Trump signed an executive order affirming America’s right to issue licenses for mining in international waters and proposed stockpiling seabed metals as strategic assets.
Consequently, Lockheed has attracted strong interest in its undersea mineral deposits and is in early talks with several deep-sea mining firms about granting access to its licenses for resource extraction.
Is Lockheed Martin a Good Stock to Buy?
On TipRanks, LMT stock has a consensus Moderate Buy rating based on six Buys and eight Holds assigned in the last three months. The average Lockheed Martin stock price target of $520 implies an upside of 9.8% from current levels.
Year-to-date, LMT stock has declined by over 2%.
