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TMC The Metals Company Inc. (symbol: TMC) is a pioneering deep-sea minerals exploration company engaged in the collection, processing, and refining of polymetallic nodules found on the seafloor in international waters of the Clarion Clipperton Zone (CCZ). With operations spanning across Nauru, Singapore, Tonga, and North America, TMC aims to supply critical battery metals with minimal environmental impact.
The polymetallic nodules targeted by TMC are rich in essential metals like nickel, cobalt, copper, and manganese, crucial for the production of electric vehicle batteries and clean energy technologies. TMC’s dual mission revolves around providing these metals for the global energy transition and promoting sustainable practices by tracing, recovering, and recycling the metals.
One of TMC’s significant achievements is securing exploration and commercial rights to three contract areas in the CCZ. These areas are regulated by the International Seabed Authority (ISA) and sponsored by the governments of Nauru, Kiribati, and the Kingdom of Tonga. The CCZ itself is a vast geological submarine fracture zone covering approximately 4.5 million square kilometers in the Eastern Pacific Ocean.
Recently, TMC has garnered considerable support from U.S. legislative bodies advocating for the responsible exploration and collection of seafloor resources. This includes the introduction of the Responsible Use of Seafloor Resources Act (RUSRA) and calls for the U.S. to support allied partners in this industry. TMC’s initiatives are seen as a way to reduce over-dependence on adversarial nations for critical minerals, thus bolstering national security and supporting clean energy transitions.
In its latest news, TMC announced the submission of comprehensive environmental data to the ISA’s DeepData platform, representing a decade-long effort to establish an environmental baseline for its NORI-D exploration area. This submission is a testament to TMC’s commitment to scientifically assessing and mitigating the environmental impacts of deep-sea mining.
Furthermore, TMC’s ongoing projects include studies on the feasibility of establishing a domestic refinery for nodule-derived products in the U.S., with potential funding from various governmental programs. This aligns with the broader legislative push to revitalize American manufacturing and secure a stable supply of critical minerals.
TMC continues to collaborate with leading scientists and marine research institutions to advance its environmental and social impact assessments, ensuring that their operations align with global sustainability goals. For more detailed information about their projects and updates, visit their official website at www.metals.co.
TMC the metals company has praised the U.S. House of Representatives for introducing legislation to allocate $2 million for a feasibility study on the domestic refining of polymetallic nodule-derived intermediates. This funding will be channeled through the Defense Department’s Industrial Base Policy Office as part of the fiscal year 2025 National Defense Authorization Act (NDAA). TMC's U.S. subsidiary is also seeking a $9 million grant under the Pentagon’s Defense Production Act Title III program for similar feasibility work. The legislation aims to enhance domestic production of metals like nickel, cobalt, and copper, important for clean energy and defense technologies. TMC plans to begin commercial-scale nodule collection by Q1 2026 and has a memorandum of understanding with Pacific Metals Co. for initial processing. The move is seen as a strategic step to reduce U.S. dependence on foreign critical minerals, aligning with Executive Order 14017 to strengthen supply chains and revitalize American manufacturing.
TMC the metals company (Nasdaq: TMC) reported its Q1 2024 financial results, highlighting significant developments. The company used $11.9 million in operations and reported a net loss of $25.2 million, or $0.08 per share. TMC's total liquidity stands at approximately $49 million, including cash and credit facilities. Operational highlights included the world's first production of nickel sulfate from deep-seafloor polymetallic nodules and extensive environmental data submissions to the International Seabed Authority. Notable appointments included Silicon Valley investor Steve Jurvetson joining as Vice Chairman. TMC's geopolitical engagements involve discussions with the Pentagon and Congress about nodule processing and refining in the U.S.
TMC's subsidiary, NORI, submitted a vast environmental dataset to the International Seabed Authority, detailing findings from numerous campaigns conducted over a decade. The dataset includes extensive benthic and pelagic biological occurrences, seafloor images, and time-series data. This submission is part of a broader dataset in the Clarion Clipperton Zone, forming the basis of an Environmental Impact Assessment for an exploitation contract application.
The Metals Company (Nasdaq: TMC) will host a conference call on Monday, May 13, 2024, to discuss first quarter financial results and recent corporate developments. The call will include an audio-only dial-in option and a virtual webcast with slides.
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