The existence of metalliferous mineral deposits on the deep-sea floor has been known since manganese nodules were discovered in the Arctic Kara Sea in 1868. Modern exploration to define commercially viable base and precious metal deposits began in the 1970s and gained further momentum in the last decade. High grade deposits have been delineated but investors remain cautious, many considering deep sea mining projects to be riskier than terrestrial projects. This paper compares opportunities and risks presented by terrestrial mining projects with those presented by deep sea mineral deposits (Table 1). The Solwara 1 volcanic-hosted massive Cu-Au-Ag sulphide deposit, the Atlantis II Deeps sedimentary base metal sulphide deposit, and the Mn-Ni-Cu-Co nodule deposits of the north-eastern Pacific Ocean are used as examples. These are advanced deep-sea projects with published Mineral Resource estimates, on the cusp of development. Off-shore diamond mines in Namibia are also considered. These examples provide a basis for comparing exploration and geological uncertainty, the technical risks of proposed mining systems, and the potential environmental and social impacts. CITATION: Lipton, I, 2018. A comparison of opportunity and risk in deep-sea and terrestrial mining projects, in Proceedings Complex Orebodies Conference 2018, pp 102-105 (The Australasian Institute of Mining and Metallurgy: Melbourne).