TMC Subsidiary NORI Shares Preliminary Findings on Environmental Impacts of Pilot Nodule Collection System Test
December 14 2023 - 8:00AM
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 provided an update on the
environment program of its NORI subsidiary, including a detailed
overview of the latest research on the potential impacts of
sediment plumes at the seafloor based upon emerging data from
NORI’s 2022 pilot nodule collection system test.
Contrary to plume models created by NGOs that were widely
publicized in the media, NORI’s preliminary benthic (seafloor)
plume data and modelling show that sediment mobilized by its nodule
collector vehicle at depths of approximately 4 kilometers (kms)
forms a gravity-driven turbidity current that hugs the contours of
the seafloor and does not loft up into the water column where it
could possibly be transported longer distances by ocean
currents.
Last month NORI provided an update on its environment program
and shared the latest data on the characteristics of sediment
plumes at the seafloor during a global stakeholder webinar [watch
here].
During its 2022 nodule collection system trials, NORI worked
with DHI Water and Environment — leading experts on sedimentation
modelling — to implement a plume monitoring study. Over 50 assets
and marine sensors were deployed to the 4km x 2km test field to
collect data on all aspects of plume dynamics, concentration, and
dispersal from which DHI have generated a verified plume model.
Building upon earlier laboratory predictions and in-field
observations from previous collector tests by other contractors,
multiple lines of evidence now show that the sediment plume at the
seafloor is low-lying and that the dispersal of this mud is largely
influenced not by ocean currents, as had been claimed, but by the
contours of the seafloor. Given the efficient manner with which the
Allseas-designed collector vehicle separates sediment at the
seafloor, NORI believes the sedimentation footprint will narrow
upon further in-field verifications taking place this month as part
of its ongoing offshore campaign.
Following a global stakeholder webinar to share the preliminary
results, NORI Environmental Manager Dr Michael Clarke commented:
“These new findings demonstrate the shortcomings of developing
plume models in the absence of any primary data and how this can
lead to significant errors in the results. Models put forward by
some activist groups claiming a vast area of impact are undermined
by their lack of appreciation that the benthic plume forms a
turbidity current spreading under its own weight away from the
collector tracks, underlining the importance of investing in the
science before engaging in speculation.”
In November, NORI provided additional details of its ongoing
offshore environmental campaign to assess ecosystem function and
recovery one year on from test mining, adding to the significant
research conducted in the deep sea. Since the late 1960s, over 300
hundred offshore campaigns have been conducted in international
waters with over $2 billion invested in environmental baseline and
impact studies and technology development, with most of the capital
invested by private companies. To address knowledge gaps,
governments and contractors like NORI have spent over 9,000 days –
the equivalent of almost 25 years – at sea, assessing the deep-sea
environment, research and investment which has accelerated
significantly since the establishment of the International Seabed
Authority’s exploration regime.
About The Metals CompanyThe Metals Company is
an explorer of lower-impact battery metals from seafloor
polymetallic nodules, on a dual mission: (1) supply metals for the
global energy transition with the least possible negative impacts
on planet and people and (2) trace, recover and recycle the metals
we supply to help create a metal commons that can be used in
perpetuity. 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. More information is
available at www.metals.co.
More Info Media | media@metals.coInvestors |
investors@metals.co
Forward-Looking Statements
This press release contains “forward-looking” statements and
information within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements may be identified by words
such as “aims,” “anticipates,” “believes,” “could,” “estimates,”
“expects,” “forecasts,” “goal,” “intends,” “may,” “plans,”
“possible,” “potential,” “seeks,” “will” and variations of these
words or similar expressions, although not all forward-looking
statements contain these words. Forward-looking statements in this
press release include, but are not limited to, TMC’s expectations
with respect to the success of its ongoing offshore campaign, the
results or outcomes of the campaign and the data generated during
the ongoing offshore campaign respectively. The Company may not
actually achieve the plans, intentions or expectations disclosed in
these forward-looking statements, and you should not place undue
reliance on these forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in these forward-looking statements as a
result of various factors, including, among other things: the
Company’s ability to successfully complete the ongoing campaign;
the Company’s strategies and future financial performance; the
International Seabed Authority’s (“ISA”) ability to timely adopt
the Mining Code and/or willingness to review and/or approve a plan
of work for exploitation under the United Nations Convention on the
Laws of the Sea (UNCLOS); the Company’s ability to obtain
exploitation contracts or approved plans of work for exploitation
for its areas in the Clarion Clipperton Zone; regulatory
uncertainties and the impact of government regulation and political
instability on the Company’s resource activities; changes to any of
the laws, rules, regulations or policies to which the Company is
subject, including the terms of the final Mining Code, if any,
adopted by ISA and the potential timing thereof; the impact of
extensive and costly environmental requirements on the Company’s
operations; environmental liabilities; the impact of polymetallic
nodule collection on biodiversity in the Clarion Clipperton Zone
and recovery rates of impacted ecosystems; the Company’s ability to
develop minerals in sufficient grade or quantities to justify
commercial operations; the lack of development of seafloor
polymetallic nodule deposit; the Company’s ability to successfully
enter into binding agreements with Allseas Group S.A. and other
parties in which it is in discussions, if any; 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 the Company may recover; risks associated with
collective, development and processing operations, including with
respect to the development of onshore processing capabilities and
capacity and Allseas Group S.A.’s expected development efforts with
respect to the Project Zero offshore system; the Company’s
dependence on Allseas Group S.A.; fluctuations in transportation
costs; fluctuations in metals prices; testing and manufacturing of
equipment; risks associated with the Company’s limited operating
history, limited cash resources and need for additional financing;
risks associated with the Company’s intellectual property; Low
Carbon Royalties’ limited operating history and other risks and
uncertainties, including those under 1A “Risk Factors” in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2022, filed by the Company with the Securities and Exchange
Commission (“SEC”) on March 27, 2023, as updated and/or
supplemented by the Company’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2023, filed with the SEC on August 14, 2023,
the Company’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023, filed with the SEC on November 9, 2023, this
press release and in the Company’s other future filings with the
SEC. The Company cautions that the foregoing list of factors is not
exclusive. The Company cautions readers not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. The Company 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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