Introduction to The Metals Company (TMC)
The Metals Company (TMC), a Canadian firm, is set to become the first entity to extract precious minerals from the ocean floor. These minerals, rich in metals essential for the energy transition, are located in the Pacific Ocean. TMC’s CEO, Gerard Barron, is confident about their pioneering role, thanks to the support of former U.S. President Donald Trump.
TMC’s Unique Approach
Unlike the International Seabed Authority (ISA), which oversees seabed mining, TMC has taken an unconventional route by seeking the first commercial mining permit in international waters from the U.S. government through a U.S.-based subsidiary.
Timeline for Mining Operations
- Question: When do they plan to start mining operations?
- Answer: Thanks to President Trump’s executive order, TMC anticipates a swift permitting process. They hope to receive approval from the U.S. government within the next year, if not sooner.
- Question: Is it necessary to modify the Hidden Gem first?
- Answer: Initially, TMC planned significant modifications to boost production. However, anticipating a swift permit, they aim to start production as soon as possible with the Hidden Gem and then focus on large-scale production with buoys 2, 3, 4, and 5.
Production Targets
- Question: When do they expect to reach the desired large-scale production of 12 million tons of nodules annually?
- Answer: TMC aims to achieve this target by 2030-2031.
- Question: Is it crucial to be the first in seabed mining?
- Answer: While not essential, TMC acknowledges they will likely be first. They believe their competitors are those who opposed nuclear energy in the past.
Addressing Critics and Competition
TMC’s critics are similar to those who opposed nuclear energy, according to Barron. He asserts that the environmental impact of extracting and transforming these minerals is minimal compared to terrestrial alternatives. He also addresses concerns about collaboration with TMC from ISA member countries Japan and Switzerzuela, stating that commercial realities will prevail.
ISA and the “Mining Code”
TMC does not plan to reconsider their approach to the ISA, as activists have surpassed the mining code. China, with five exploration contracts and state-controlled companies, can afford to wait. Meanwhile, TMC aims to capitalize on their strategic partnership with the U.S.
