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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 (TMC) has advanced its environmental program with NORI entering a new phase focused on monitoring the environmental impacts of its integrated nodule collection system trials in the NORI-D area of the Clarion Clipperton Zone (CCZ). A multidisciplinary team of independent scientists will conduct these studies using advanced technology to collect critical data for an exploitation contract application to the International Seabed Authority, expected in late 2023. This marks the first comprehensive testing of a nodule collection system in the CCZ since the 1970s.
The Metals Company (NASDAQ: TMC) announced the appointment of Andrew C. Greig to its Board of Directors, effective September 29, 2022, following the departure of Gina Stryker. Greig brings 35 years of leadership experience, having served as President of Bechtel’s Mining and Metals unit. He is expected to enhance TMC's strategic direction in its mission to supply lower-impact battery metals. Additionally, Sheila Khama will join the Audit Committee, bolstering corporate governance expertise.
The Metals Company (TMC) and UAW have signed a labor neutrality agreement focused on strengthening the critical mineral supply chain for electric vehicle batteries. This partnership aims to support sustainable production while ensuring good-paying union jobs in the U.S. TMC operates with a commitment to environmental protection, processing battery metals from polymetallic nodules found on the seafloor, enough to potentially electrify 280 million vehicles. This agreement underscores the importance of a strong U.S. supply chain for clean energy and aims to secure workers’ rights in the evolving automotive landscape.
The International Seabed Authority (ISA) has completed its review of the Environmental Impact Statement (EIS) for The Metals Company's (TMC) subsidiary, Nauru Ocean Resources Inc. (NORI). This approval allows NORI to conduct pilot collection system trials in the Clarion Clipperton Zone. These trials are set to begin later this month and will include independent monitoring by various research institutions. Approximately 3,600 tonnes of polymetallic nodules are expected to be collected. This marks the first such trials in the CCZ since the 1970s.
TMC the metals company reported a net loss of $12.4 million for Q2 2022, with a loss per share of $0.05. The company holds approximately $46.3 million in cash and has initiated a private placement financing for 38 million shares at $0.80 per share, aiming for gross proceeds of $30.4 million. With anticipated proceeds, TMC expects to sustain operations beyond the July 2023 deadline set by the International Seabed Authority for exploitation regulations. Recent pilot collection system trials were successful, paving the way for future testing in the NORI Area D.
TMC the metals company Inc. (Nasdaq: TMC) announced a PIPE financing of $30.4 million, primarily from existing shareholders and insiders, to purchase common shares at $0.80 per share. The company expects $30 million in net proceeds will sustain operations for at least the next year, critical as the International Seabed Authority finalizes exploitation regulations. CEO Gerard Barron acknowledged strong demand for critical minerals, but noted inflation's impact on offshore costs. The transaction aims to support milestones preceding the anticipated NORI-D application submission to the ISA.
The Metals Company (TMC) announced a collaboration with Australia’s CSIRO and a consortium of research institutions to develop an ecosystem-based management and monitoring plan (EMMP) for its deep-sea polymetallic nodule collection operations in the Clarion Clipperton Zone. This research will utilize TMC’s extensive environmental baseline data to establish indicators and tolerance limits aimed at minimizing ecological impacts. The EMMP is expected to inform TMC's Adaptive Management System, enhancing operational efficiencies as the company prepares for commercial operations starting in 2024.
The Metals Company (Nasdaq: TMC) has successfully conducted deep-water trials for its polymetallic nodule collector vehicle and riser system. Following these advancements, the company plans to participate in several key conferences in June 2022, including the Benchmark Mineral Intelligence Battery Gigafactories USA 2022 and the PDAC Convention. These events will feature discussions on nickel and cobalt, essential battery metals, with participation from notable executives like Craig Shesky and Gerard Barron. The company's mission focuses on providing sustainable battery metals with minimal environmental impact.
TMC the metals company Inc. (TMC) released its inaugural Impact Report, focusing on its mission to operate sustainably while unlocking high-grade battery metals from seafloor polymetallic nodules in the Clarion Clipperton Zone (CCZ). The report outlines TMC's governance, stakeholder engagement, and environmental measures, emphasizing the necessity of these metals for the energy transition. TMC aims to create a circular metals economy and has made strides in environmental knowledge, operational transparency, and gender parity within its workforce. The report serves as the company's Communication of Progress for 2021.
TMC the metals company Inc. (Nasdaq: TMC) has successfully completed tests of a riser system and flexible jumper hose, pivotal for its pilot nodule collection system in collaboration with Allseas Group. Deployed from the Hidden Gem vessel to depths of 745 meters, these systems are set to be integral in future trials at TMC's NORI-D contract area, including a 4-kilometer riser deployment. This pilot will serve as a foundation for TMC’s first commercial production system, addressing the increasing demand for critical battery metals.
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