This stuff is barely pollution. Everything there is a natural part of the environment and biological processes. Literally the only issue here is the concentration of it. Dumping it in the ocean is an ideal course of action. Failing that it should be dumped out in the wilderness, not in bags, but just on the ground. It may have a short-term change in the local environment, but long term it's fertilizer.
The risk of dumping it in the ocean is that some asshole will see that happening and think "gosh, i should slip my barrels of hazardous toxic waste in with that dumping activity."