The Metals Company | |
Formerly | DeepGreen Metals |
Company type | Public |
Founded | 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]
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, Nautilus Minerals, 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]
The Metals Company says the harvesting in the ocean is less damaging than the land-based mining activities. Opponents to deep sea mining counter that the damage to the fragile ecosystem at the bottom of the ocean is irreversible and such mining is no guarantee that land-based mining will be slowed. Opponents say the ocean floor contains sea life that does not exist elsewhere and should not be disturbed. [12] The speed of life and development on the ocean floor is very slow, disturbances, even minor, may have long-lasting effects. [13]
Right now, however, there are no established regulations or environmental standards in place. The Metals Company says it’s leaving ample time for those rules to be finalized, but opponents say the company is bolting ahead of the collective efforts to come to a consensus about regulating the deep seas. [12]
New research also sheds new light on the effect of the polymetallic nodules on the sea floor. They have an effect on the amount of oxygen in that part of the marine environment, and removing the nodules has effects that are completely unknown. [14]
In 2024, the company was subject to scrutiny on an episode of Last Week Tonight with John Oliver. [15]
The International Seabed Authority (ISA) is a Kingston, Jamaica-based intergovernmental body of 167 member states and the European Union. It was 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 the development of mineral related operations in the international seabed, which is considered the "common heritage of all mankind", and to protect the ecosystem of the seabed, ocean floor and subsoil in "The Area" beyond national jurisdiction. The ISA is responsible for safeguarding the international deep sea, defined as waters below 200 meters, where photosynthesis is hampered by inadequate light. Governing approximately half of the total area of the world's oceans, the ISA oversees activities that might threaten biological diversity and harm the marine environment.
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.
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.
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.
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.
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.
Subsea technology involves fully submerged ocean equipment, operations, or applications, especially when some distance offshore, in deep ocean waters, or on the seabed. The term subsea is frequently used in connection with oceanography, marine or ocean engineering, ocean exploration, remotely operated vehicle (ROVs) autonomous underwater vehicles (AUVs), submarine communications or power cables, seafloor mineral mining, oil and gas, and offshore wind power.
Deep sea mining is the extraction of minerals from the seabed of the deep sea. The main ores of commercial interest are polymetallic nodules, which are found at depths of 4–6 km (2.5–3.7 mi) primarily on the abyssal plain. The Clarion–Clipperton zone (CCZ) alone contains over 21 billion metric tons of these nodules, with minerals such as copper, nickel, and cobalt making up 2.5% of their weight. It is estimated that the global ocean floor holds more than 120 million tons of cobalt, five times the amount found in terrestrial reserves.
Deep-sea exploration is the investigation of physical, chemical, and biological conditions on the ocean waters and sea bed beyond the continental shelf, for scientific or commercial purposes. Deep-sea exploration is an aspect of underwater exploration and is considered a relatively recent human activity compared to the other areas of geophysical research, as the deeper depths of the sea have been investigated only during comparatively recent years. The ocean depths still remain a largely unexplored part of the Earth, and form a relatively undiscovered domain.
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.
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.
Diva Joan Amon is a marine biologist from Trinidad. She is currently a post-doctoral researcher in the Benioff Ocean Initiative at the University of California, Santa Barbara and a 2022 Pew Marine Fellow. Previously, she was a Marie Skłodowska-Curie Actions (MSCA) Research Fellow at the Natural History Museum, London.
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.
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.
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.
Dark oxygen production refers to the generation of molecular oxygen (O2) through processes that do not involve light-dependent oxygenic photosynthesis. The name therefore uses a different sense of 'dark' than that used in the phrase "biological dark matter" (for example) which indicates obscurity to scientific assessment rather than the photometric meaning. While the majority of Earth's oxygen is produced by plants and photosynthetically active microorganisms via photosynthesis, dark oxygen production occurs via a variety of abiotic and biotic processes and may support aerobic metabolism in dark, anoxic environments.
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