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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.
The Metals Company (Nasdaq: TMC) has announced that Bechtel Australia Pty Ltd will compile techno-economic studies for its NORI-D Project, supporting its application for an exploitation contract with the International Seabed Authority. This application, anticipated for the second half of 2023, is based on data from the nodule collection tests completed in December 2022. The pilot collection system is expected to produce over one million wet tonnes of nodules. TMC aims to significantly increase battery metal supply, particularly nickel sulphate, to meet U.S. electric vehicle demands, with potential commercial operations outperforming 2021 production levels.
Low Carbon Royalties Inc. has completed two royalty transactions, marking its official launch. The company focuses on funding low-carbon energy solutions and transition metals for decarbonization. It acquired a 2.0% gross overriding royalty on future revenues from TMC's NORI project for US$5 million and a 35% equity stake in Low Carbon Royalties. This partnership aims to bolster TMC's cash balance and advance its projects without equity dilution. Low Carbon Royalties showcases a strong commitment to sustainable energy investments while being backed by significant Canadian asset management experience.
The Metals Company (NASDAQ: TMC) announced a strategic partnership with Low Carbon Royalties to enhance financing for low-carbon energy projects. Under a purchase agreement, TMC granted LCR a 2.0% gross overriding royalty on future revenues from its NORI project in exchange for a 35% equity stake in LCR and US$5 million cash. This partnership is expected to bolster TMC's cash reserves without diluting equity and provide ongoing funding for TMC’s projects. LCR's portfolio also includes a 1.6% royalty on a natural gas field, aligning with emissions reduction goals. The NORI project stands out as a key asset for driving energy transition metals production.
The Metals Company (TMC) has successfully concluded the first integrated nodule collection system trials in the Clarion Clipperton Zone, alongside an environmental impact monitoring campaign via its subsidiary, Nauru Ocean Resources Inc. This marks a significant milestone in their operations. TMC plans to showcase its advancements at various upcoming conferences in Q1 2023, including the NAATBatt Annual Meeting in Phoenix, and the PDAC Convention in Toronto. The company focuses on extracting battery metals with minimal environmental impact, facilitating the clean energy transition.
TMC the metals company reported a net loss of $27.9 million for Q3 2022, translating to a loss per share of $0.12. The company holds approximately $66.9 million in cash, sufficient to fund operations for at least the next 12 months. Significant milestones include the completion of the integrated pilot collection trials for polymetallic nodules in the Clarion Clipperton Zone, collecting around 4,500 tonnes of nodules. The company also announced a labor neutrality agreement with UAW and new board appointments, focusing on advancing the NORI project and commercializing battery metals.
TMC (Nasdaq: TMC) announced successful pilot tests of its nodule collection system in the Pacific's Clarion Clipperton Zone, marking a significant milestone since the 1970s. Engineers collected 4,500 tonnes of polymetallic nodules, transporting over 3,000 tonnes to the surface at a sustained rate of 86.4 tonnes per hour. The trial data will support TMC's application to the International Seabed Authority for an exploitation contract. The project aims for a commercial system targeting 1.3 million tonnes annually by Q4 2024, contributing to cleaner battery metal sourcing.
The Metals Company (Nasdaq: TMC) announced a conference call on November 15, 2022, to discuss its third-quarter financial results and corporate developments. A virtual fireside chat, hosted by Water Tower Research, will occur on November 16, 2022, highlighting the company’s plans leading to the anticipated submission of its ISA exploitation contract application in the second half of 2023. TMC aims to supply battery metals sustainably from seafloor polymetallic nodules, contributing to the clean energy transition while minimizing environmental impact.
The Metals Company (NASDAQ: TMC) has appointed Grant Lindner as Project Director for its NORI-D Project, which aims to supply battery metals essential for the clean energy transition. Lindner, with over 25 years of experience, previously held senior roles at BHP and Bechtel, managing significant resource projects. Anthony O'Sullivan, the current Chief Development Officer, resigned for personal and health reasons but will remain during a twelve-month transition period.
This strategic move is expected to strengthen TMC's capability in delivering high-quality project applications.
TMC the metals company has successfully completed its initial pilot collection run of polymetallic nodules in the Clarion Clipperton Zone, collecting approximately 14 tonnes. This marks the first such test since the 1970s. The pilot collector vehicle operated effectively, demonstrating resilience in deep-sea conditions. Concurrent environmental monitoring is underway, collecting data to support an application for an exploitation contract with the International Seabed Authority, expected in the second half of 2023. This pioneering advancement highlights TMC's commitment to sustainable resource extraction.
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