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TMC the metals company Inc. develops critical-metal resources from seafloor polymetallic nodules in the Clarion Clipperton Zone of the Pacific Ocean. Company news centers on exploration and commercial recovery permitting, environmental research, technical assessments, collection-system development, and the metallurgical work needed to process nodules for metals used in energy, defense, manufacturing and infrastructure.
Recurring updates include NOAA and DSHMRA regulatory milestones for TMC USA, International Seabed Authority data submissions by NORI and TOML, commercial work with offshore contractor Allseas, quarterly financial results, business updates, and material agreements tied to sponsored exploration areas and future nodule recovery operations.
The Metals Company (NASDAQ: TMC) has reaffirmed its development and capital outlook, aiming to submit an application to the International Seabed Authority for an Exploitation Contract for the NORI-D area by Q3 2023. The area is projected to have a net present value of $6.8 billion based on conservative metal prices. With $113 million in cash as of September 30, 2021, TMC plans to complete key milestones including a pilot plant program and an Environmental Impact Assessment. The company is strategically positioned within the clean energy transition, addressing increasing demand for battery metals.
The Metals Company (TMC) announced the mobilisation of its Environmental Expedition 5C, part of a $75 million deep-sea research program in the Clarion Clipperton Zone. This expedition aims to establish an environmental baseline to assess the impacts of its proposed operations for sourcing critical battery metals from polymetallic nodules. TMC has identified over 1.6 billion tonnes of nodules, enough for 280 million electric vehicles. The project was recently ranked the top nickel project globally, with resource confidence improving from inferred to indicated status.
The Metals Company (TMC) has made progress towards establishing a full-scale metallurgical processing plant for battery metals. The company successfully derived an alloy of high-grade battery metals from a pilot smelting campaign, executed in partnership with Expert Process Solutions. This initiative follows a previous calcining campaign, underscoring the feasibility of using rotary kiln technology. TMC aims to minimize waste and provide critical metals for electric vehicle batteries, showcasing the potential of polymetallic nodules as an alternative to traditional mining.
The Metals Company (TMC) announced the arrival of the Hidden Gem, a 228-meter-long former drill ship, in Rotterdam for conversion into a sub-sea mining vessel, expected to be the first of its kind classified by the American Bureau of Shipping. The vessel, acquired by strategic partner Allseas, will facilitate the deployment of a 4.5 km riser for recovering polymetallic nodules from the seabed. TMC aims to conduct pilot mining tests by mid-2022, following recent completion of its SPAC merger and public listing on Nasdaq.
The Metals Company has completed its business combination with Sustainable Opportunities Acquisition Corporation (SOAC), approved by SOAC shareholders on September 3, 2021. The transaction provides TMC with $137.5 million in gross cash proceeds, enabling it to enhance its focus on environmentally sustainable production of battery metals. TMC's shares will begin trading on Nasdaq under the ticker symbol TMC on September 10, 2021. The company plans to conduct pilot trials for nodule collection by 2022 and aims to complete environmental impact studies by 2023.