Latest news with #DSHMRA
The Market Online
30-04-2025
- Business
- The Market Online
The Metals Company makes first move to mine US seabed
A subsidiary of The Metals Company (NASDAQ:TMC), developer of the world's largest estimated resource of critical metals, has submitted pioneering applications to mine the United States seabed The company is targeting resources estimated at 15.5 million tons of nickel, 12.8 million tons of copper, 2 million tons of cobalt and 345 million tons of manganese The Metals Company explores for lower-impact critical metals from seafloor polymetallic nodules to supply the infrastructure, power generation, transmission and battery industries The Metals Company stock has given back over 67 per cent since inception in 2021 A subsidiary of The Metals Company (NASDAQ:TMC), developer of the world's largest estimated resource of critical metals, has submitted pioneering applications to mine the United States seabed. If successful, the company will receive a commercial recovery permit and two exploration licenses under the Deep Seabed Hard Mineral Resources Act (DSHMRA) and National Oceanic and Atmospheric Administration (NOAA), allowing it to capitalize on US President Trump's recent executive order to fast-track domestic critical mineral production. The commercial permit covers 25,160 square-kilometers, including areas encompassing The Metals Company's indicated and measured resources in the Clarion Clipperton Zone about 1,300 nautical miles south of San Diego. The exploration licenses cover an area of 199,895 square kilometers the company believes to contain SEC SK 1300-compliant resources of about 15.5 million tons of nickel, 12.8 million tons of copper, 2 million tons of cobalt and 345 million tons of manganese. According to Wednesday's news release, the applications are supported by 'over a decade of scientific research, environmental data collection and proven offshore engineering by the company and its partners,' laying a high-conviction foundation for deep-sea critical metals development. The company sees the DSHMRA supporting 'an emerging industrial ecosystem expected to mobilize tens of billions of dollars in private-sector investment across US shipbuilding, port infrastructure, minerals processing and manufacturing,' the release goes on to state. The NOAA's initial determinations on the company's exploration and commercial applications are expected within 30 days and 60 days of receipt, respectively. Leadership insights 'Today marks a major step forward—not just for subsidiary TMC USA, but for America's mineral independence and industrial resurgence,' Gerard Barron, The Metals Company's chairman and chief executive officer, said in a statement. 'With these applications, we are offering the United States a shovel-ready path to new and abundant supplies of nickel, copper, cobalt and manganese—critical metals for energy, infrastructure and defense. After continuous delay at the international level, the United States now has a clear opportunity to reclaim its leadership role in the deep sea and set a global standard for responsible, science-based deep-seabed resource development.' 'We have invested over a half a billion dollars and have spent more than a decade preparing for this moment, investing in deep-sea science, engineering and technology to build the world's most advanced deep-sea minerals platform,' Barron added. 'With strong support from Washington and a stable, enforceable US regulatory pathway, we look forward to delivering the world's first commercial nodule project—responsibly, transparently and economically—and to helping power a new era of American industrial strength.' The Metals Company explores for lower-impact critical metals from seafloor polymetallic nodules to supply the infrastructure, power generation, transmission and battery industries, with the goal of making a net positive impact compared to conventional production methods. The Metals Company stock (NASDAQ:TMC) is down by 6.12 per cent trading at US$3.08 per share as of 11:02 am ET. The stock has given back over 67 per cent since inception in 2021. Join the discussion: Find out what everybody's saying about this seabed mining stock on The Metals Company Inc. Bullboard and check out Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here. (Top photo of The Metals Company's exploration vessel, the Maersk Launcher: The Metals Company)
Reuters
27-03-2025
- Business
- Reuters
The Metals Company to apply for deep sea exploration license under US legislation
March 27 (Reuters) - Canadian miner The Metals Company (TMC.O), opens new tab said on Thursday it had formally initiated a process under the U.S. Department of Commerce to apply for exploration licenses and permits to extract minerals from the ocean floor. The company plans to apply under the Deep Seabed Hard Mineral Resources Act of 1980 (DSHMRA) instead of the International Seabed Authority (ISA), stating the latter had not yet adopted regulations around deep seabed exploitation. It also added that it has requested a pre-application consultation with National Oceanic and Atmospheric Administration (NOAA). TMC's bid to become the first company to gain approval to develop deep sea minerals has been controversial. Environmental groups are calling for all activities to be banned, warning that industrial operations on the ocean floor could cause irreversible biodiversity loss. This move comes at a time when delegations from 36 countries are attending a council meeting of the U.N.'s ISA in Kingston, Jamaica this week to decide if mining companies should be allowed to extract metals such as copper or cobalt from the ocean floor. Few expect a final text for the mining code to be completed by the end of the latest round of talks on March 28, with delegates also planning to discuss potential actions if a mining application is submitted before the regulations are completed. "We believe we have sufficient knowledge to get started and prove we can manage environmental risks. What we need is a regulator with a robust regulatory regime, and who is willing to give our application a fair hearing," said Gerard Barron, CEO of The Metals Company.
