Latest news with #CCZ
RNZ News
06-08-2025
- Business
- RNZ News
Tonga signs updated seabed mining agreement with The Metals Company
Tonga and The Metals Company revise seabed mining agreement Photo: The Metals Company Tonga has a new contract with Canadian mining group The Metals Company (TMC) The deep sea mining frontrunner announced the "revised sponsorship agreement" between the Tongan government and TMC's subsidiary Tonga Offshore Mining Ltd in a press release on Monday. It is for a deep sea mining area of international waters Tonga has special rights to through international oceans law . The area is known as the Clarion Clipperton zone (CCZ). Tonga and TMC's previous contract for the country's block in the CCZ was signed 2021. The contract was for exploration activity only, and was signed through the International Seabed Authority (ISA) framework. The United Nations Convention on the Law of the Sea (UNCLOIS) recognises the ISA as the world's deep sea mining regulator. However, the United States has effectively challenged that by saying its own high seas legislation makes it a deep sea mining regulator in international waters. Prior to this year, TMC's contracts with its Pacific partners, which includes Nauru as well as Tonga, had been through the ISA framework. Nauru, like Tonga, has special rights in the CCZ. The country signed a new agreement with TMC in May which had provisions for mining to occur through both the ISA and US pathways. TMC's announcement this week said Tonga's new contract was "updating the terms of the agreement" from 2021. It did not specify whether the contract covered mining activity under both the US and ISA pathways. It also said Tonga would receive benefits should mining occur through its company, and that Tonga was committed to working with the ISA and meeting obligations under international law. Tonga's Natural Resources Minister said the contract marked "an important step toward ensuring that seabed minerals activities contribute meaningfully to Tonga's long-term development goals - with transparency, fairness, and environmental care at the core." Last week, RNZ Pacific reported the Civil Society Forum of Tonga wanted its government to refrain from signing a new agreement with TMC. Its chair Drew Havea said the group wanted Tonga out of deep sea mining entirely.
Yahoo
05-08-2025
- Business
- Yahoo
TMC publishes pre-feasibility study for NORI-D polymetallic nodule project
TMC, a developer of critical metals, has released the technical report summary for the pre-feasibility study (PFS) concerning its NORI-D Polymetallic Nodule Project, situated in the Clarion Clipperton Zone (CCZ) of the Pacific Ocean. This PFS is notable as it is the first-ever declaration of probable mineral reserves for deep-sea polymetallic nodules, prepared in compliance with Subpart 1300 of SEC Regulation S-K. In addition, TMC has published an initial assessment regarding the remaining resources in the NORI and TOML blocks within the CCZ. These reports follow TMC USA's application submitted in April 2025 for a commercial recovery permit under the US Deep Seabed Hard Mineral Resources Act, along with two exploration licence applications. The publication of these reports coincides with a 'strategic investment' from Korea Zinc, a company involved in non-ferrous metal smelting. These developments are said to underscore TMC's position in the exploration of significant undeveloped deposits of critical minerals. The move reflects a growing interest in the economic potential and development framework of the NORI-D Project amid ongoing efforts to enhance critical mineral supply chains in the US and allied nations. TMC chairman and CEO Gerard Barron said: 'The combined net present value of $23.6bn of the two studies should give investors a better idea of the economic potential of our total estimated resource. 'The PFS takes our NORI-D Project economics up the confidence curve and contains the declaration of mineral reserves – these are our first 50+ million tonnes with a potential commercially viable path to production, with more to follow as we advance our mine planning work. 'The phased project development plan will target initial production from the Hidden Gem vessel, with an estimated $113m of development capital expenditure each from TMC and Allseas. First production is targeted for Q4 [fourth quarter] 2027. 'This PFS brings us one step closer to responsible production, potentially opening the door to new pools of capital from strategic and government sources, and reinforces TMC's leadership in this emerging industry.' "TMC publishes pre-feasibility study for NORI-D polymetallic nodule project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Scoop
24-07-2025
- Business
- Scoop
Tiny Nauru Is Causing Big Waves Over Mining
A tiny Pacific nation that stands to make millions from a deal over deep sea mining in international waters may have found a way around the rules it signed up to One of the smallest islands in the South Pacific is causing some big waves right now. Nauru, just 21 square kilometres and with a population of 12,000, has opened the door to a deep sea mining company to explore and potentially harvest the sea bottom for minerals and resources. It can do that under International Seabed Authority (ISA) rules because it's one of 19 "sponsoring states" that's been allocated an area of the Pacific in the Clarion-Clipperton Zone, that it can potentially benefit from. Nauru signed a partnership with The Metals Company in 2011 to research what minerals and resources were on the seabed. Now, that company is becoming impatient with the slow progress on the ISA in drawing up rules for deep sea mining in international waters, and has found a way around them. Most of the world - that's 169 countries plus the European Union - are members of the ISA, but the USA has never signed up, retaining its right to mine the seabed. Until recently however, it hasn't authorised anyone to do that, and it's been assumed that because it has played by the rules, it agrees to them. But this year President Donald Trump signed an executive order to fast track deep sea mining off the US coast, and The Metals Company saw another pathway to begin mining. Nauru meanwhile is bound by the agreement it signed up to. That includes, under its sponsoring state responsibilities, exercising effective control over any activities in its patch of the CCZ. That means things like checking the contractor is sticking to the terms of the contract, and that all the paperwork is in order. It also must "apply a precautionary approach" and promote best environmental practice, respond to incidents and inquire into them, keep records, liaise with the ISA, and monitor and inspect activities. Environmental law experts say not only does this sort of "rogue mine" operation pose enormous risks to the largely unexplored seabed, but it would also see Nauru breaking its obligations to the rules it signed up to. Professor Karen Scott is a Canterbury University expert who's been working in the area of international law of the sea for 25 years. She specifically researches ocean environmental issues, and is the editor of the journal Ocean Development and International Law. "I would suggest that Nauru is very much being driven by the interests of The Metals Company, which obviously is a commercial organisation," she says. "And whilst clearly there are good reasons for supporting Nauru's economic development and the welfare of Nauru people, I think there's an equally good argument that that should not come at the cost of potentially significant environmental harm, which may well affect all states." Nauru stands to make millions from the venture, and it will also provide jobs for its people. Nauru's president has argued at the UN that the benefits of taking minerals to use them for batteries to increase electrification outweigh any environmental damage that might be caused. The chief executive of The Metals Company, Gerard Barron, is on record saying it's a less harmful way of getting the minerals we need than land-based mining in places such as Indonesia, where vast jungles are being ripped up to get minerals such as nickel. But one of the reasons that work to create an international rulebook over such mining has taken over a decade of debate and is still nowhere near completion is that we still don't know exactly what's in these ocean depths, and how they contribute to the ecosystem. On today's episode of The Detail, Karen Scott goes through the complexities of who rules the sea; and we also hear from RNZ Pacific journalist Teuila Fuatai, who's been across the subject. She points out that one of the big issues here is that there just isn't a lot of research on an area that is three to four kilometres deep in the ocean. "It's pitch black ... we don't know what the sea life is down there, and it's being researched by mining companies or deep sea exploration companies because they're interested in these deep sea minerals or polymetallic nodules. "They've got to put forward a case as to whether mining is financially viable and what the environmental impacts of that could be." Fuatai says The Metals Company, funded by shareholders, is frustrated by the amount of time it's taking the ISA to formulate regulations on deep sea mining, including how much can be taken. The process started in 2014 and hasn't got far. ISA members are meeting in Jamaica right now trying to get a draft agreement. In the meantime, New Zealand is one of 37 nations calling for a moratorium on deep sea mining in international waters until those rules are sorted out. Check out how to listen to and follow The Detail here.
