President Donald Trump signed an executive order Thursday that paves the way for mining of U.S. seabeds for raw materials.

The order would accelerate permitting for mining exploration and extraction of seabed resources within U.S. waters, including its exclusive economic zone, which generally extend 200 miles from the coastlines of the U.S. and its territories.

The order gives a 60 day timeline for speeding up new permits.

"We expect there to be over 1 billion metric tons of deep sea nodules available that we expect to make over 100,000 US jobs from these sectors and bring over $300 billion in additional US GDP over 10 years," a senior administration official said of potential resources and their development.

Sea mining operations would provide access to a new source of rare earth minerals as well as manganese, cobalt, nickel and copper, the official said.

"This will allow the US industry to bring in these materials for additional imports, but also allow us to export these materials over time."

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There are currently no active commercial seabed mining operations anywhere in the world, but that is expected to change soon as the International Seabed Authority issues contracts to begin mining.

The practice may also lead to controversial ecological impacts: Studies have shown seabed mining may cause declines in the local wildlife that may last for years.