UNCLOS

TMC Announces Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Monday, March 25, 2024
Letter, The Metals Company, Exercise, UNCLOS, Environmental issues, Domestic, International Seabed Authority, Breakthrough, The Hidden Gem, Council, Memorandum of understanding, Representative, Legislation, ISA, Mining Code, Seabed, Manganese, Hand, Senate, State, CCZ, Hidden, National security, Research, LTIP, House, Louisiana House of Representatives, Pentagon, Engineering, Government, TMC, National Defense Authorization Act, EDT, Nickel, Sea, Bangladesh Technical Education Board, Ecosystem, Data, Collection, Total

NEW YORK, March 25, 2024 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of lower-impact battery metals from seafloor polymetallic nodules, today provided a corporate update and fourth quarter and full year financial results for the period ending December 31, 2023.

Key Points: 
  • NEW YORK, March 25, 2024 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of lower-impact battery metals from seafloor polymetallic nodules, today provided a corporate update and fourth quarter and full year financial results for the period ending December 31, 2023.
  • Meanwhile, two new applications for deep-sea mineral exploration have recently been submitted to the ISA by the government of India.
  • Exploration and evaluation expenses during the quarter ended December 31, 2023 were $26.7 million compared to $81.8 million for the quarter ended December 31, 2022.
  • We will hold a conference call today at 4:30 p.m. EDT to provide an update on recent corporate developments, fourth quarter and full year 2023 financial results and upcoming milestones.

TMC Applauds ~350 Former U.S. Political and Military Leaders Urging Senate to Ratify Law of the Sea for Deep-Sea Mine Sites "Each Containing a Trillion Dollars in Value"

Retrieved on: 
Thursday, March 14, 2024
ISA, Congress, Letter, Manganese, University, UNCLOS, Assistant, Manufacturing, TMC, National security, Committee, Copper, Metal, Nickel, Council, OPC, Foreign, Aircraft, Defense, Government, Cobalt, Policy, State, United Nations Convention, Mining

UNCLOS ratification remains a legislative uncertainty for the U.S., but the country can still potentially process and refine nodules through allied countries and contractors, and TMC’s offshore exploration and onshore processing campaigns have involved a wide array of American companies and universities.

Key Points: 
  • UNCLOS ratification remains a legislative uncertainty for the U.S., but the country can still potentially process and refine nodules through allied countries and contractors, and TMC’s offshore exploration and onshore processing campaigns have involved a wide array of American companies and universities.
  • The letter , which follows this week’s introduction of the Responsible Use of Seafloor Resources Act (RUSRA) in Congress, was signed by around 189 American ambassadors, 73 generals, 50 admirals, four directors of national intelligence and scores of other distinguished supporters.
  • Although the U.S. has yet to ratify UNCLOS — a legislative step that would enable it to access the vast, untapped critical minerals found in seafloor nodules in international waters — it can still process and refine critical minerals extracted from polymetallic nodules collected in international waters.
  • In December 2023, President Biden signed the National Defense Authorization Act, through which the House Armed Services Committee directed the Assistant Secretary of Defense for Industrial Base Policy to submit a report to the Committee to assess “the processing of seabed resources of polymetallic nodules domestically.”

Pentagon to Deliver Report on Domestic Processing of Seafloor Nodules by March 1 as President Biden Signs NDAA

Retrieved on: 
Wednesday, January 3, 2024
Lisa Murkowski, NDAA, Manufacturing, UNCLOS, Government, Texas Gulf Coast, Inflation, Member, National security, United Nations Convention, Language, Act, News, TMC, United, Pentagon, Metal, Policy, Assistant, Committee, Unitary state, National Defense Authorization Act, Rare-earth element

Under the National Defense Authorization Act (FY24) now signed into law by President Biden, the House Armed Services Committee directs the Assistant Secretary of Defense for Industrial Base Policy to submit a report assessing the domestic processing of seafloor polymetallic nodules by March 1, 2024.

Key Points: 
  • Under the National Defense Authorization Act (FY24) now signed into law by President Biden, the House Armed Services Committee directs the Assistant Secretary of Defense for Industrial Base Policy to submit a report assessing the domestic processing of seafloor polymetallic nodules by March 1, 2024.
  • The news comes as American and allied auto and battery makers struggle to secure supplies of critical battery metals that comply with guidelines for incentives under the Inflation Reduction Act.
  • NEW YORK, Jan. 03, 2024 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of the world’s largest estimated undeveloped source of critical battery metals, today welcomed the passage of the 2024 National Defense Authorization Act (NDAA) into law and the inclusion of provisions directing the Department of Defense to submit a report to the House Armed Services Committee assessing the domestic processing of seafloor polymetallic nodules by March 1, 2024.
  • In a letter to the Assistant Secretary of Defense for Industrial Base Policy, Laura D. Taylor-Kale, the Members wrote: “The applicant seems to have the ability to produce battery-grade materials at commercial facilities in North America at pilot scale.

Thirty-One Members of Congress Call Upon Pentagon to Develop Plan for Processing Deep-Sea Polymetallic Nodules

Retrieved on: 
Tuesday, December 12, 2023
Lisa Murkowski, House, UNCLOS, Government, Collection, Texas Gulf Coast, Mining, Inflation, Member, Representative, United Nations Convention, Congress, News, TMC, United, Pentagon, Metal, Letter, Policy, Member of Congress, Assistant, Unitary state, Renewable energy

In a letter to Secretary of Defense Lloyd Austin III and the Pentagon, thirty-one Members of Congress urged the Department of Defense to “explore every avenue to strengthen our rare earth and critical mineral supply chains”, emphasizing “the importance of evaluating and planning for seabed mining as a new vector of competition...”.

Key Points: 
  • In a letter to Secretary of Defense Lloyd Austin III and the Pentagon, thirty-one Members of Congress urged the Department of Defense to “explore every avenue to strengthen our rare earth and critical mineral supply chains”, emphasizing “the importance of evaluating and planning for seabed mining as a new vector of competition...”.
  • The news comes as American and allied auto and battery makers struggle to secure supplies of critical battery metals that comply with guidelines for incentives under the Inflation Reduction Act.
  • In their letter to U.S. Secretary of Defense Lloyd Austin, dated December 7, 2023, Members of Congress — including Representatives Robert Wittman (R-VA) and Elise Stefanik (R-NY) — highlight the strategic importance of polymetallic nodules, particularly in light of China's accelerating investment in the seafloor mineral space.
  • In a letter to the Assistant Secretary of Defense for Industrial Base Policy, Laura D. Taylor-Kale, the Members wrote: “The applicant seems to have the ability to produce battery-grade materials at commercial facilities in North America at pilot scale.

U.S. Senators Push for UNCLOS Ratification as Members of Congress Call for ISA to Adopt Seafloor Mining Regulations

Retrieved on: 
Tuesday, November 21, 2023
Lisa Murkowski, Council, Assembly, UNCLOS, Government, ISA, Collection, Texas Gulf Coast, Cobalt, Child, United Nations Convention, Congress, TMC, United, Metal, Policy, Assistant, Manganese, Nickel, Unitary state, Whaling

The U.S. faces an acute shortage of domestic supply and processing of critical lithium-ion battery cathode materials like cobalt, nickel and manganese.

Key Points: 
  • The U.S. faces an acute shortage of domestic supply and processing of critical lithium-ion battery cathode materials like cobalt, nickel and manganese.
  • In a letter to the Assistant Secretary of Defense for Industrial Base Policy, Laura D. Taylor-Kale, the members wrote: “Securing the U.S. critical mineral supply chain is a national security imperative.
  • To counter China’s growing hold on the global supply chain, it is essential that the United States secure its own innovative supply of critical metals.
  • The applicant seems to have the ability to produce battery-grade materials at commercial facilities in North America at pilot scale.

Peace and stability as key factors to ASEAN epicentrum of Growth

Retrieved on: 
Sunday, July 16, 2023
Consensus, EAS, EV, Education, AMM, SEANWFZ, ASEAN Regional Forum Disaster Relief Exercise, PMC, ARF, Conduct, Natural Resources, ASEAN Intergovernmental Commission on Human Rights, Treaty, ANTARA, Trust, UNCLOS, Human rights, European, Vancouver Foreign Ministers' Meeting on Security and Stability on Korean Peninsula, United Kingdom, Growth, Retno Marsudi, Ecosystem, APT, Health, International law, Food security, Guideline, Foreign minister, Drug, Renewable energy, ASEAN

"We, in ASEAN, are committed to continuously bolstering unity and solidarity as well as strengthening ASEAN's centrality in maintaining peace and stability in the region," the president said.

Key Points: 
  • "We, in ASEAN, are committed to continuously bolstering unity and solidarity as well as strengthening ASEAN's centrality in maintaining peace and stability in the region," the president said.
  • Indonesia stressed that ASEAN has excellent opportunities as the epicenter of growth as the region has abundant natural resources and a productive age population.
  • The meetings discussed several cooperations, including South China Sea, Myanmar, and Indo-Pacific issues, food security, energy transition, health, financial stability, and nuclear proliferation.
  • Meanwhile, during the ASEAN meeting with counterpart states and multilateral fora, the organization reiterated several agenda related to the region.

TMC Announces Corporate Update on Expected Timeline, Application Costs and Production Capacity Following Part II of the 28th Session of the International Seabed Authority

Retrieved on: 
Tuesday, August 1, 2023
Agreement, The Hidden Gem, LTC, Project Zero, Clipperton Fracture Zone, AMS, United Nations Convention on the Law of the Sea, United Nations Convention, Paragraph, EIS, Environmental resource management, Section 1, Water, Sanitation and Hygiene Monitoring Program, Part, International Seabed Authority, Mining Code, Radio Technical Commission for Maritime Services, Implementation, Environmental monitoring, ATM, Regeneration, TMC, Party, Data, Council, Motivation, Hand, Rare-earth element, Property management, Natural gas, Life insurance, Bank, Risk management, Security (finance), UNCLOS, Allseas

Assuming a one-year review process, NORI expects to be in production in the fourth quarter of 2025.

Key Points: 
  • Assuming a one-year review process, NORI expects to be in production in the fourth quarter of 2025.
  • The Company estimates that it will require $60 to 70 million of additional cash to submit an application for an exploitation contract following the July 2024 meeting of the ISA.
  • TMC had $20M cash on hand and an undrawn $25M unsecured credit facility as of June 30th 2023.
  • Assuming a one-year review process for an application, NORI expects to be in production in the fourth quarter of 2025.

Congressional Leaders Urge President Biden and the Department of Defense to Consider Polymetallic Nodules for U.S. Critical Mineral Supplies and National Security

Retrieved on: 
Monday, July 31, 2023
Pentagon, Plague, Mineral, Manganese, Senate, Metal, Defense, Member, Dan Sullivan (U.S. senator), United States House Committee on Natural Resources, United States House Armed Services Subcommittee on Strategic Forces, United States Senate Energy Subcommittee on Public Lands, Forests, and Mining, United States and the United Nations Convention on the Law of the Sea, United Nations Convention, Unitary state, Foreign policy of the Joe Biden administration, International Seabed Authority, DOE, Primary energy, Strategic planning, Government, Administration, Congress, Inflation, China Daily, UNCLOS, TMC, Nickel, ISA, Education minister, Inflation Reduction Act of 2022, Letter, Cobalt, House, News, Rare-earth element, Science, Pacific Ocean, United

In a letter to President Biden and the Pentagon, nine members of Congress urged the Administration to “keep all options on the table, including deep-sea opportunities, in assessing polymetallic nodules as a viable resource to secure critical minerals and close national security vulnerabilities.”

Key Points: 
  • In a letter to President Biden and the Pentagon, nine members of Congress urged the Administration to “keep all options on the table, including deep-sea opportunities, in assessing polymetallic nodules as a viable resource to secure critical minerals and close national security vulnerabilities.”
    The news comes as American and allied auto and battery makers struggle to secure supplies of critical battery metals that comply with guidelines for incentives under the Inflation Reduction Act.
  • Additionally, China dominates much of the international critical mineral supply chain on land and is now ramping up focus on seafloor resources known to be the largest estimated source of metals like cobalt, nickel and manganese, presenting a national security vulnerability for the United States…Recently, China has taken aggressive and brazen steps to secure and process seabed resources of polymetallic nodules into strategic planning for national security.
  • Currently, Chinese companies hold 5 out of 31 International Seabed Authority (ISA) contracts for exploration and development – more than any other country.”
    In March, China’s state-owned newspaper China Daily recognized TMC’s leadership position in the industry and announced its intention to invest further into the development of technologies to responsibly and economically recover seafloor polymetallic nodules.
  • In reply, Secretary Granholm confirmed, “Ongoing R&D on critical battery minerals processing through the DOE Office of Science and the Advanced Manufacturing Office is applicable to potential U.S. domestic processing and refining of metallic marine nodules...DOE is continuing to work with interagency partners to consider all potential sources of critical minerals for the supply chain including the role that seabed nodules could play in the future.”

The Metals Company Comments on ISA Council Decision and Intention to Deliver Final Rules, Regulations and Procedures for Exploitation

Retrieved on: 
Monday, July 24, 2023
Agreement, Pressure, Uncertainty, International Seabed Authority, Metal, United Nations Convention on the Law of the Sea, United Nations Convention, Paragraph, Section 1, Part, Mining Code, ESIA, UNCLOS, TMC, Non-governmental organization, Collection, RRP, ISA, Whaling

“It is now a question of when — rather than if — commercial-scale nodule collection will begin,” said TMC Chairman and CEO Gerard Barron.

Key Points: 
  • “It is now a question of when — rather than if — commercial-scale nodule collection will begin,” said TMC Chairman and CEO Gerard Barron.
  • Last Friday’s consensus decision that included Member States who have called for a precautionary pause is a hard-won compromise that reduces this uncertainty.
  • We are obviously disappointed that the ISA failed to adopt RRPs by 9 July 2023 as we hoped two years ago.
  • NORI will continue to work tirelessly to complete a comprehensive, science-driven environmental and social impact assessment (ESIA) of the highest quality.

International Cable Protection Committee Welcomes New Marine Biodiversity Treaty, Calls on All Parties to Promote Regulatory Certainty and Network Resilience

Retrieved on: 
Tuesday, June 27, 2023
Environment, Technology, Sustainability, Environmental Policy, Telecommunications, Environmental Issues, Environmental Health, EIA-649 National Consensus Standard for Configuration Management, United Nations Convention, STB, ICPC, Human, Research, International Cable Protection Committee, Human voice, Science, Biodiversity, UNCLOS, EIA, MPAS

The International Cable Protection Committee (ICPC) welcomes the formal adoption on 19 June 2023 of a new international treaty on the conservation and sustainable use of biodiversity in areas beyond national jurisdiction (the ‘BBNJ treaty’).

Key Points: 
  • The International Cable Protection Committee (ICPC) welcomes the formal adoption on 19 June 2023 of a new international treaty on the conservation and sustainable use of biodiversity in areas beyond national jurisdiction (the ‘BBNJ treaty’).
  • The ICPC is the premier global organisation dedicated to protecting submarine cables from natural and human risks of damage and promoting resilience of submarine cable networks.
  • The ICPC will not be a party to the treaty, as it is not a state.
  • It also seeks the inclusion of individuals with submarine cable technical expertise on the STB’s roster of experts.