Labrador Current Labrador Current The Labrador Current is a cold current in the North Atlantic Ocean which flows from the Arctic Ocean south along the coast of Labrador and passes around Newfoundland, continuing south along the east coast of Nova Scotia. It is a continuation of the West Greenland Current and the Baffin Island Current. It meets the warm Gulf Stream at the Grand Banks southeast of Newfoundland and again north of Outer Banks of North Carolina. The combination of these two currents produces heavy fogs and has also created one of the richest fishing grounds in the world. In spring and
Atlantic Ocean development and economy of surrounding countries. Besides major transatlantic transportation and communication routes, the Atlantic offers abundant petroleum deposits in the sedimentary rocks of the continental shelves. The Atlantic harbors petroleum and gas fields, fish, marine mammals (seals and whales), sand and gravel aggregates, placer deposits, polymetallic nodules, and precious stones. Gold deposits are a mile or two under water on the ocean floor, however the deposits are also encased in rock that must be mined through. Currently, there is no cost-effective way to mine or extract gold from the ocean to make a profit. Various international treaties attempt to