The Metals Company Subsidiary, NORI, Receives ISA Recommendation to Commence Pilot Nodule Collection Trials in the Clarion Clipperton Zone of the Pacific Ocean
September 07 2022 - 8:00AM
The Metals Company (Nasdaq: TMC) (the “Company” or “TMC”), an
explorer of lower-impact battery metals from seafloor polymetallic
nodules, today announced that the International Seabed Authority
has completed its review of the Environmental Impact Statement
(EIS) and Environmental Monitoring and Management Plan (EMMP)
submitted by its subsidiary, Nauru Ocean Resources Inc (NORI), and
recommended that it proceed with its forthcoming collector test.
The conclusion of the International Seabed Authority’s review
process allows NORI to proceed with its planned integrated pilot
collection system trials in its NORI-D exploration contract area in
the Clarion Clipperton Zone (CCZ) of the Pacific Ocean. NORI’s
offshore strategic partner Allseas will test a system consisting of
a prototype nodule collector at the seafloor and the riser system
to bring nodules to the surface production vessel, Hidden Gem.
Approximately 3,600 tonnes of polymetallic nodules are expected to
be collected during the trial beginning later this month with
an expected conclusion in the fourth quarter of 2022.
The trials will be monitored by independent scientists from a
dozen leading research institutions around the world who will
analyse the environmental impacts of both the pilot nodule
collector vehicle and the nodule riser system. The data collected,
together with many terabytes of existing baseline data collected by
NORI throughout 16 offshore campaigns, will form the basis of
NORI’s application to the International Seabed Authority for an
exploitation contract.
Gerard Barron, CEO and Chairman of The Metals Company,
commented: “Our team has worked tirelessly to produce an EIS, EMMP
and integrate constructive feedback and recommendations from the
ISA’s Legal and Technical Commission. With this green light from
the ISA, the team of world-class engineers from Allseas and
scientists from some of the world’s leading deep-sea research
institutions that we’ve brought together can begin technology
trials and our impact monitoring campaign. We have a couple of
exciting and no doubt challenging months ahead of us. The
environmental and operational data and insights from these trials
will be an important step in ensuring the safe and efficient
collection of polymetallic nodules to supply critical battery
materials for the clean energy transition.”
Following the submission of its EIS to the International Seabed
Authority in July 2021, the Republic of Nauru, the sponsoring state
of NORI, undertook an open stakeholder consultation program to
solicit comments and feedback. Based upon this feedback and with
over 600 comments received, an updated EIS was submitted to the ISA
in March 2022. Barron added: “I would like to thank the ISA’s Legal
and Technical Commission for their detailed review and feedback
which, together with stakeholder comments, has improved the EIS and
demonstrates the robustness of the ISA’s regulatory review
process.”
Previously, TMC and Allseas announced successful trials of the
nodule collector vehicle in deep-water in the
Atlantic [see video] as well as harbor wet-test
commissioning and shallow-water drive tests in the North
Sea.
Development of technologies to collect polymetallic nodules
first began in the 1970s when oil, gas and mining majors including
Shell, Rio Tinto (Kennecott) and Sumitomo successfully conducted
pilot test work in the CCZ, collecting over fifteen hundred tons of
nodules. More recently, contractors BGR and GSR conducted several
trials of prototype nodule collector vehicles in deep water, and
NORI’s forthcoming tests mark the first time this century that an
integrated collection system – including a nodule riser – would be
trialled in the CCZ.
About The Metals Company
The Metals Company is an explorer of lower-impact battery metals
from seafloor polymetallic nodules, on a dual mission: (1) supply
metals for the clean energy transition with the least possible
negative environmental and social impact and (2) accelerate the
transition to a circular metal economy. The Company through its
subsidiaries holds exploration and commercial rights to three
polymetallic nodule contract areas in the Clarion Clipperton Zone
of the Pacific Ocean regulated by the International Seabed
Authority and sponsored by the governments of Nauru, Kiribati and
the Kingdom of Tonga.
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Forward Looking Statements
Certain statements made in this press release are not historical
facts but are forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform
Act of 1995. Forward-looking statements generally are accompanied
by words such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook” and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. The
forward-looking statements contained in this press release include,
without limitation, statements regarding the approval and review of
our Environmental Impact Statement (EIS) by the international
seabed authority, the development and use of an ecosystem-based
management and monitoring plan (EMMP) as well as the design, use
and accuracy of any technology developed by TMC and its partners,
agents and/or service providers to support its operations. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside TMC’s control and are difficult
to predict. Factors that may cause such differences include, but
are not limited to: regulatory uncertainties and the impact of
government regulation and political instability on TMC’s resource
activities; changes to any of the laws, rules, regulations or
policies to which TMC is subject; the impact of extensive and
costly environmental requirements on TMC’s operations;
environmental liabilities; the impact of polymetallic nodule
collection on biodiversity in the Clarion Clipperton Zone and
recovery rates of impacted ecosystems; TMC’s ability to develop
minerals in sufficient grade or quantities to justify commercial
operations; the lack of development of seafloor polymetallic nodule
deposit; uncertainty in the estimates for mineral resource
calculations from certain contract areas and for the grade and
quality of polymetallic nodule deposits; risks associated with
natural hazards; uncertainty with respect to the specialized
treatment and processing of polymetallic nodules that TMC may
recover; risks associated with collection, development and
processing polymetallic nodules; risks associated with TMC’s
limited operating history; the impact of the COVID-19 pandemic;
risks associated with TMC’s intellectual property and the validity,
use and ownership of any new technology or intellectual property
subsisting therein; and other risks and uncertainties indicated
from time to time in the Company’s Form 10K, dated and filed with
the U.S. Securities and Exchange Commission (SEC) on March 25, 2022
as well as the Company’s Form 10Q filed with the SEC on August 15,
2022, including those under “Risk Factors” therein, and in TMC’s
other future filings with the SEC. TMC cautions that the foregoing
list of factors is not exclusive. TMC cautions readers not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. TMC does not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions, or
circumstances on which any such statement is based except as
required by law.
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