The Metals Company

Last updated
TMC the metals company Inc.
The Metals Company
FormerlyDeepGreen Metals
Company type Public
Founded2011;13 years ago (2011)
Headquarters Vancouver, British Columbia, Canada
Website metals.co

TMC the metals company Inc., [1] doing business as TheMetals Company, formerly DeepGreen Metals, is a Canadian deep sea mining exploration company. [2] The company focuses on the mining of polymetallic (nickel, copper, cobalt and manganese) nodules [3] [4] in the Clarion Clipperton Zone of the Pacific.

In 2021, DeepGreen Metals was acquired by Sustainable Opportunities Acquisition Corp (SOAC) in a $2.9 billion Special Purpose Acquisition Company (SPAC) deal. [5] TMC is now listed on the Nasdaq Stock Exchange. Baird Maritime noted that The Metals Company had no revenue or production as of April 2021, and highlighted the company's risky commercialization efforts: "Nobody has successfully managed to commercially harvest the nickel, copper, manganese, and cobalt from the nodules in 4,500 metres of water since interest was first stimulated in seabed mining in the 1970s." [6]

Criticism

Industry observers questioned the company's "green" positioning. [4] [7] The Wall Street Journal noted that CEO Gerard Barron previously backed another deep sea mining company that "lost a half-billion dollars of investor money, got crosswise with a South Pacific government, destroyed sensitive seabed habitat and ultimately went broke". [4]

Many scientists expressed concerns over the risks of deep-sea mining. [8] [9] In response to DeepGreen's efforts in Nauru, over 400 scientists signed a statement in opposition, alleging that it would result in the “loss of biodiversity and ecosystem functioning that would be irreversible on multi-generational timescales.” [8] [10] DeepGreen published an open letter defending its practices after four BMW, Volvo, Google, and Samsung SDI supported a World Wildlife Fund call for a moratorium. [11]

In 2024, the company was subject to scrutiny on an episode of Last Week Tonight with John Oliver. [12]

Related Research Articles

<span class="mw-page-title-main">International Seabed Authority</span> Intergovernmental body to regulate mineral-related activities on the seabed

The International Seabed Authority (ISA) is a Kingston, Jamaica-based intergovernmental body of 167 member states and the European Union established under the 1982 UN Convention on the Law of the Sea (UNCLOS) and its 1994 Agreement on Implementation. The ISA's dual mission is to authorize and control development of mineral related operations in the international seabed considered the "common heritage of all mankind" and also protect the ecosystem of the seabed, ocean floor and subsoil in "The Area" beyond national jurisdiction. The ISA is to safeguard the international deep sea, the waters below 200 meters or 656 feet, where photosynthesis is hampered by inadequate light. Governing approximately half of the total area of the world's oceans, the ISA is to exercise oversight of activities that might threaten biological diversity and harm the marine environment. The Authority operates as an autonomous international organization with its own Assembly, Council and Secretariat.

<span class="mw-page-title-main">Manganese</span> Chemical element with atomic number 25 (Mn)

Manganese is a chemical element; it has symbol Mn and atomic number 25. It is a hard, brittle, silvery metal, often found in minerals in combination with iron. Manganese was first isolated in the 1770s. Manganese is a transition metal with a multifaceted array of industrial alloy uses, particularly in stainless steels. It improves strength, workability, and resistance to wear. Manganese oxide is used as an oxidising agent; as a rubber additive; and in glass making, fertilisers, and ceramics. Manganese sulfate can be used as a fungicide.

<span class="mw-page-title-main">Manganese nodule</span> Mineral concretion on the sea bottom made of concentric layers of iron/manganese hydroxides

Polymetallic nodules, also called manganese nodules, are mineral concretions on the sea bottom formed of concentric layers of iron and manganese hydroxides around a core. As nodules can be found in vast quantities, and contain valuable metals, deposits have been identified as a potential economic interest. Depending on their composition and autorial choice, they may also be called ferromanganese nodules. Ferromanganese nodules are mineral concretions composed of silicates and insoluble iron and manganese oxides that form on the ocean seafloor and terrestrial soils. The formation mechanism involves a series of redox oscillations driven by both abiotic and biotic processes. As a byproduct of pedogenesis, the specific composition of a ferromanganese nodule depends on the composition of the surrounding soil. The formation mechanisms and composition of the nodules allow for couplings with biogeochemical cycles beyond iron and manganese. The high relative abundance of nickel, copper, manganese, and other rare metals in nodules has increased interest in their use as a mining resource.

<span class="mw-page-title-main">Hydrothermal vent</span> Fissure in a planets surface from which heated water emits

Hydrothermal vents are fissures on the seabed from which geothermally heated water discharges. They are commonly found near volcanically active places, areas where tectonic plates are moving apart at mid-ocean ridges, ocean basins, and hotspots. The dispersal of hydrothermal fluids throughout the global ocean at active vent sites creates hydrothermal plumes. Hydrothermal deposits are rocks and mineral ore deposits formed by the action of hydrothermal vents.

<span class="mw-page-title-main">Group 7 element</span> Group of chemical elements

Group 7, numbered by IUPAC nomenclature, is a group of elements in the periodic table. It contains manganese (Mn), technetium (Tc), rhenium (Re) and bohrium (Bh). This group lies in the d-block of the periodic table, and are hence transition metals. This group is sometimes called the manganese group or manganese family after its lightest member; however, the group itself has not acquired a trivial name because it belongs to the broader grouping of the transition metals.

<span class="mw-page-title-main">Bottom crawler</span> Underwater exploration and recovery vehicle that moves about on the bottom with wheels or tracks

A bottom crawler is an underwater exploration and recovery vehicle. It is designed to sink to the bottom of a body of water, where it moves about using traction against the bottom with wheels or tracks. It is usually tethered to a surface ship by cables providing power, control, video, and lifting capabilities, but this is not essential.

<span class="mw-page-title-main">Abyssal plain</span> Flat area on the deep ocean floor

An abyssal plain is an underwater plain on the deep ocean floor, usually found at depths between 3,000 and 6,000 metres. Lying generally between the foot of a continental rise and a mid-ocean ridge, abyssal plains cover more than 50% of the Earth's surface. They are among the flattest, smoothest, and least explored regions on Earth. Abyssal plains are key geologic elements of oceanic basins.

<span class="mw-page-title-main">Seabed</span> The bottom of the ocean

The seabed is the bottom of the ocean. All floors of the ocean are known as 'seabeds'.

The abyssal zone or abyssopelagic zone is a layer of the pelagic zone of the ocean. The word abyss comes from the Greek word ἄβυσσος (ábussos), meaning "bottomless". At depths of 4,000–6,000 m (13,000–20,000 ft), this zone remains in perpetual darkness. It covers 83% of the total area of the ocean and 60% of Earth's surface. The abyssal zone has temperatures around 2–3 °C (36–37 °F) through the large majority of its mass. The water pressure can reach up to 76 MPa.

Marine geology or geological oceanography is the study of the history and structure of the ocean floor. It involves geophysical, geochemical, sedimentological and paleontological investigations of the ocean floor and coastal zone. Marine geology has strong ties to geophysics and to physical oceanography.

<span class="mw-page-title-main">Mining in Japan</span> Overview of mining in Japan

Mining in Japan is minimal because Japan does not possess many on-shore mineral resources. Many of the on-shore minerals have already been mined to the point that it has become less expensive to import minerals. There are small deposits of coal, oil, iron and minerals in the Japanese archipelago. Japan is scarce in critical natural resources and has been heavily dependent on imported energy and raw materials. There are major deep sea mineral resources in the seabed of Japan. This is not mined yet due to technological obstacles for deep sea mining.

<span class="mw-page-title-main">National Institute of Ocean Technology</span> Scientific organization in Tamil Nadu

The National Institute of Ocean Technology (NIOT) was established in November 1993 as an autonomous society under the Ministry of Earth Sciences in India. NIOT is managed by a Governing Council and is headed by a director. The institute is based in Chennai. The major aim of starting NIOT was to develop reliable indigenous technologies to solve various engineering problems associated with harvesting of non-living and living resources in India's exclusive economic zone, which is about two-thirds of the land area of India.

<span class="mw-page-title-main">Deep sea mining</span> Mineral extraction from the ocean floor

Deep sea mining is the extraction of minerals from the ocean floor at depths of 200 metres (660 ft) to 6,500 metres (21,300 ft).

Nii Allotey Odunton, a mining engineer from Ghana, was the Secretary-General of the International Seabed Authority, serving consecutive four-year terms starting in 2009 and ending in 2017.

Nautilus Minerals Inc. was a Canadian deep sea exploration and mining company founded in 1997, and listed on the Toronto Stock Exchange between 2007 and 2019. The company was known for Solwara-1, the first deep sea mining project, an attempt to explore and mine a mineral deposit on the seabed off the coast of Papua New Guinea. By 2019, the company had faced bankruptcy and was delisted due to long-standing environmental concerns about the project and financial turmoil, resulting in its assets being owned by Deep Sea Mining Finance Limited.

<span class="mw-page-title-main">Clarion-Clipperton Zone</span> Fracture zone of the Pacific Ocean seabed

The Clarion-Clipperton Zone (CCZ) or Clarion-Clipperton Fracture Zone is an environmental management area of the Pacific Ocean, administered by the International Seabed Authority (ISA). It includes the Clarion Fracture Zone and the Clipperton Fracture Zone, geological submarine fracture zones. Clarion and Clipperton are two of the five major lineations of the northern Pacific floor, and were discovered by the Scripps Institution of Oceanography in 1954. The CCZ is regularly considered for deep-sea mining due to the abundant presence of manganese nodules.

Deep Ocean Mission is an Indian initiative to undertake the deep ocean exploration focused on India's exclusive economic zones and continental shelf. The program will consist of various crewed and uncrewed submersibles exploring the sea bed. One of the primary aims of the mission is to explore and extract polymetallic nodules, which are composed of minerals like manganese, nickel, cobalt, copper and iron hydroxide. The metals can be used in the manufacturing of electronic devices, smartphones, batteries and solar panels.

<span class="mw-page-title-main">Seabed mining</span> Mineral recovery from the bottom of the sea

Seabed mining, also known as Seafloor mining is the recovery of minerals from the seabed by techniques of underwater mining. The concept includes mining at shallow depths on the continental shelf and deep-sea mining at greater depths associated with tectonic activity, hydrothermal vents and the abyssal plains. The increased requirement for minerals and metals used in the technology sector has led to a renewed interest in the mining of seabed mineral resources, including massive polymetallic sulfide deposits around hydrothermal vents, cobalt-rich crusts on the sides of seamounts and fields of manganese nodules on the abyssal plains. While the seabed provides a high concentration of valuable minerals, there is an unknown risk of ecological damage on marine species because of a lack of data.

<span class="mw-page-title-main">Deepsea mining in Namibia</span> Deep sea mining in Namibia

Namibia is one of the first countries that issued mining licences regarding deep sea mining. studies that took place in 1970s discovered considerable amounts of phosphate deposits. The significance of seabed mining in Namibia's blue economy is highlighted by the country's status as a "phosphate factory". This is due to the exceptional upwellings of the Benguela Current ecosystem, a transboundary ocean current that spans from South Africa in the south to Angola in the north, passing through Namibia. Those deposits were found in depths between 180 and 300 meters below the sea level. In 2011 the Namibian government issued licences regarding the exploitation of the seabed phosphate resources after the necessary Environmental Impact Assessments (EIAs). The action plan that stood out was that of Namibian Marine Phosphates (NMP), a joint venture formed in 2008 between two Australian-based companies, Minemakers and Union Resources and Namibian-based Tungeni Investments. The so-called Sandpiper phosphate mining project outlay was introduced in January 2012 along with environmental reports regarding the effect this operation would have on marine life as well as the fishing industry and water quality changes. Those phosphorite resources are being found in continental shelves and slopes in America, Northern Spain, Morocco, Namibia, and South Africa which show a high potential for exploration.

On 25 June 2021, the president of Nauru, Lionel Aingimea, made a formal request to the president of the International Seabed Authority's (ISA) council to complete the adoption of rules, regulations and procedures necessary to facilitate the approval of plans of work for exploitation of deep-sea resources in the Area. This request is based on the "2-year rule", which is part of a provision from the 1994 Agreement relating to the Implementation of Part XI of the United Nations Convention on the Law of the Sea. The provision can be found in section 1 of the annex, and it states that the ISA must complete the adoption of rules, regulations and procedures for the approval of the exploitation of deep-sea minerals within 2 years of the request. The ISA's current deadline for drafting new regulation is set in July 2023, although some claim that this is not a "hard" or "fixed" deadline. Due to the issue's complexity, negotiations have thus far failed to come to a concrete agreement. Even if it fails to set clear standards for deep-sea mining activities, the ISA must consider applications for exploitation in waters outside national jurisdictions and provisionally approve contracts after July 2023. Many experts fear that deep-sea mining activities that are not adequately regulated could significantly impact the marine environment, the economies of many nations and the livelihoods of indigenous groups who depend on the oceans for survival.

References

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