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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 reported a first-quarter 2022 net loss of $21.1 million, or $0.09 per share, improved from a net loss of $55.7 million in Q1 2021. Cash reserves stood at $69.0 million, sufficient for over 12 months of operations. The company is advancing partnerships, including a potential nodule processing plant in India with Epsilon Carbon. Significant progress was made with pilot nodule collection systems, aiming for a targeted 1.3 Mtpa capacity by Q4 2024. TMC's NORI and TOML projects rank among the largest undeveloped nickel projects globally.
TMC the metals company Inc. (Nasdaq: TMC) successfully conducted initial deep-water trials for its polymetallic nodule collector vehicle in the Atlantic Ocean. This marks a significant milestone as the vehicle was deployed to a depth of 2,470 meters, where it underwent rigorous testing, confirming its operational capabilities under extreme conditions. Upcoming trials will involve deploying a four-kilometer-long riser along with a jumper hose to connect the collector vehicle. These tests are part of TMC's efforts to collect nodules rich in critical metals for battery production, aiding the clean energy transition.
The Metals Company (TMC) announced results from a study by SINTEF showing that its nodule-derived manganese silicate can serve as an effective substitute for traditional manganese ores in steelmaking.
This product may improve production costs and reduce CO2 emissions, with potential value-in-use gains of 7% to 17% depending on carbon tax regimes. TMC estimates that this manganese silicate could contribute nearly 30% of future revenues, highlighting its significant role in the steelmaking supply chain.
The Metals Company (Nasdaq: TMC) will host a conference call on May 9, 2022, at 4:30 p.m. ET to discuss its first quarter financial results and recent corporate developments. Interested participants can register for the virtual webcast here. The conference call will be available for replay until May 23, 2022. The company focuses on sourcing lower-impact battery metals from seafloor polymetallic nodules to support the clean energy transition, while minimizing environmental impact.
TMC the metals company Inc. (TMC) has partnered with Benchmark Mineral Intelligence to conduct a Life Cycle Assessment (LCA) of its NORI-D nodule project. This independent study will evaluate the environmental impacts of producing battery metals from seafloor nodules compared to conventional land ores. Key materials analyzed include nickel sulfate and cobalt sulfate. TMC's project aims to meet increasing metal demands for clean energy while minimizing negative environmental effects. The LCA is expected to be completed by mid-Summer 2022.
TMC the metals company Inc. (Nasdaq: TMC) has successfully completed its North Sea drive test program for a robotic polymetallic nodule collector vehicle designed by Allseas. The tests confirmed the collector's mobility and dynamic positioning in open sea conditions, covering a distance of 4,533 meters. Upcoming trials will involve a four-kilometer-long riser and flexible hoses for future offshore operations in TMC's NORI-D contract area. These advancements are crucial for the regulatory and permitting process with the International Seabed Authority.
TMC the metals company reported a net loss of $19.8 million for Q4 2021, translating to a loss per share of $0.09. The full-year net loss stood at $141.3 million or $0.69 per share, primarily due to high share-based compensations totaling $60.3 million, along with substantial offshore campaign costs. The company's cash reserves of $84.9 million are anticipated to last until Q3 2023. TMC is progressing on its NORI-D project and aims to submit an exploitation contract application to the International Seabed Authority by Q3 2023.
The Metals Company (TMC) announced the successful deployment and testing of its pilot robotic nodule collector vehicle in collaboration with Allseas. This milestone occurred during a wet-test commissioning at the Port of Rotterdam, confirming all critical functions of the vehicle. Full pilot nodule collection trials are anticipated in the Clarion Clipperton Zone later this year. The trials are essential for collecting environmental data for regulatory processes. TMC aims to develop a commercial collection system for polymetallic nodules, sourcing critical battery metals for clean energy technologies.
TMC, an explorer of critical battery metals, announced that its subsidiary NORI has signed a non-binding term sheet with Allseas for a commercial nodule collection system. This system aims for a production capacity of 1.3 million tonnes of wet nodules per year, with expected readiness by Q4 2024. The total development costs are projected to be under EUR 100 million, shared equally by both companies. Initial nodule collection fees are estimated at ~EUR 150 per tonne, potentially decreasing by over 20% as production scales. This project could significantly reduce capital requirements and expedite the transition to commercial production.
TMC, The Metals Company (Nasdaq: TMC), has signed a non-binding MoU with Epsilon Carbon to establish a deep-sea nodule processing plant in India. The targeted capacity is over 1 million tonnes per annum, producing intermediate products for lithium-ion batteries. Epsilon plans to deliver a pre-feasibility report by Q4 2024, contingent on necessary contracts and agreements. The partnership aims to leverage TMC's nodules and Epsilon's expertise to tap into India's growing demand for critical minerals.
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