The Metals Company Explained

TMC the metals company Inc.
Trading Name:The Metals Company
Former Name:DeepGreen Metals
Type:Public
Hq Location:Vancouver, British Columbia, Canada
Website:metals.co

TMC the metals company Inc.,[1] doing business as The Metals 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.[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".

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.”[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]

Notes and References

  1. Web site: XBRL Viewer . 2024-06-14 . www.sec.gov . en.
  2. Web site: Mining's Tesla moment: DeepGreen harvests clean metals from the seafloor. 2021-08-10. MINING.COM. en-US. 2021-08-10. https://web.archive.org/web/20210810123453/https://www.mining.com/web/minings-tesla-moment-deepgreen-harvests-clean-metals-seafloor/. live.
  3. Web site: A Mining Startup's Rush for Underwater Metals Comes with Deep Risks - Bloomberg . . 2021-06-28 . 2021-06-28 . https://web.archive.org/web/20210628211804/https://www.bloomberg.com/news/articles/2021-06-24/a-mining-startup-s-rush-for-underwater-metals-comes-with-deep-risks . live .
  4. News: Environmental Investing Frenzy Stretches Meaning of 'Green'. Justin Scheck, Eliot Brown and Ben. Foldy. Wall Street Journal. June 24, 2021. www.wsj.com. June 28, 2021. June 28, 2021. https://web.archive.org/web/20210628211913/https://www.wsj.com/articles/environmental-investing-frenzy-stretches-meaning-of-green-11624554045. live.
  5. Web site: DeepGreen to go public in $2.9bn SPAC deal | Sustainability. Mining Global. 2021-06-28. 2021-06-28. https://web.archive.org/web/20210628214057/https://miningglobal.com/sustainability-1/deepgreen-go-public-dollar29bn-spac-deal. live.
  6. Web site: Bosch. Hieronymus. 2021-04-06. COLUMN Ocean Mining: DeepGreen to list and become The Metals Company as major car makers and WWF press for moratorium on seabed mineral extraction [Offshore Accounts]]. 2021-08-10. Baird Maritime. en-US. 2021-08-10. https://web.archive.org/web/20210810122026/https://www.bairdmaritime.com/work-boat-world/offshore-world/column-ocean-mining-deepgreen-to-list-and-become-the-metals-company-as-major-car-makers-and-wwf-press-for-moratorium-on-seabed-mineral-extraction-offshore-accounts/. live.
  7. Web site: Woody. Todd. 2021-06-23. A Mining Startup's Rush for Underwater Metals Comes with Deep Risks. live. 2021-08-10. Bloomberg Green. 2021-08-14. https://web.archive.org/web/20210814025545/https://www.bloomberg.com/news/articles/2021-06-24/a-mining-startup-s-rush-for-underwater-metals-comes-with-deep-risks.
  8. Web site: The Race for EV Parts Leads to Risky Deep-Ocean Mining. 2021-08-10. Yale E360. en-US. 2021-08-09. https://web.archive.org/web/20210809151501/https://e360.yale.edu/features/the-race-for-ev-parts-leads-to-risky-deep-ocean-mining. live.
  9. Web site: 2020-06-16. Deep-sea mining: An environmental solution or impending catastrophe?. 2021-08-10. Mongabay Environmental News. en-US. 2021-08-10. https://web.archive.org/web/20210810122027/https://news.mongabay.com/2020/06/deep-sea-mining-an-environmental-solution-or-impending-catastrophe/. live.
  10. Web site: Deep-Sea Mining Science Statement. 2021-08-10. Deep-Sea Mining Science Statement. en-US. 2021-08-09. https://web.archive.org/web/20210809150752/https://www.seabedminingsciencestatement.org/. live.
  11. Web site: 2021-04-01. DeepGreen hits backs at firms opposing seafloor mining. 2021-08-10. MINING.COM. en-US. 2021-08-10. https://web.archive.org/web/20210810122026/https://www.mining.com/deep-green-hits-backs-at-firms-opposing-seafloor-mining/. live.
  12. https://amp.theguardian.com/tv-and-radio/article/2024/jun/10/john-oliver-last-week-tonight-deep-sea-mining

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