‘Hidden Gem’ Arrives in Rotterdam to be Transformed into Nodule Collection Vessel for The Metals Company
September 21 2021 - 12:37PM
Business Wire
- 228-meter-long ship is expected to be the first to be
Classified as a sub-sea mining vessel under American Bureau of
Shipping
- Equipment integration underway to accommodate pilot nodule
collector vehicle and riser system engineered and currently being
built by Allseas
- Factory acceptance testing has commenced for system components
that will be integrated into the vessel.
The Metals Company (Nasdaq: TMC) today announced that the
228-meter-long former drill ship renamed the Hidden Gem has arrived
in Rotterdam, The Netherlands to begin its conversion into what is
expected to be the first ship classified as a sub-sea mining vessel
by the American Bureau of Shipping. TMC’s strategic partner Allseas
acquired the former ultra-deep-water drill ship, which can
accommodate 200 people, in March of 2020, as her configuration is
well-suited for modifications that will enable the deployment at
sea of a 4.5 kilometer-long riser to bring polymetallic nodules up
from the seafloor.
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Hidden Gem vessel (Photo: Business
Wire)
In partnership with The Metals Company (formerly DeepGreen
Metals Inc.), Allseas is developing a deep-sea mineral collection
system to responsibly recover polymetallic nodules from the ocean
floor and transfer them to the surface for transportation to shore.
The nodules contain high grades of nickel, manganese, copper and
cobalt—key metals required for building electric vehicle batteries
and renewable energy technologies.
“We are very happy to see the Hidden Gem over here in Europe and
to see Allseas making such tremendous progress with her,” said
Gerard Barron, Chairman and CEO of The Metals Company. “The vessel
has successfully embarked on the dry dock maintenance phase, which
bodes well for a smooth and timely conversion in advance of our
pilot mining project in 2022.”
The Metals Company recently completed its SPAC merger and public
listing on the Nasdaq and strategic partner Allseas, a global
leader in offshore engineering, congratulated the company. “As a
significant existing investor in the company and investor in the
PIPE, we further strengthen our strategic relationship with The
Metals Company. We share their vision to develop the world’s
largest estimated source of battery metals, which will be critical
in the green transition,” said Allseas Founder and President Edward
Heerema.
TMC and Allseas expect the vessel to be operational for pilot
nodule collection tests by mid-2022.
About The Metals Company
The Metals Company is a Canadian 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.
More information is available at www.metals.co.
About Allseas
Allseas Group S.A. is a world-leading contractor in offshore
pipeline installation, heavy lift and subsea construction. The
company employs over 4000 people worldwide and operates a versatile
fleet of specialised heavy-lift, pipelay and support vessels,
designed and developed in-house.
More information about Allseas is available at
www.allseas.com
Forward Looking Statements
Certain statements made in this presentation 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. These
forward-looking statements include, without limitation, TMC’s
expectations with respect to its exploration ship, the use and
functionality of its equipment and its partnership with Allseas and
the timing of the pilot nodule collection tests. 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: the inability to maintain the listing of TMC’s
shares on Nasdaq; the ability to recognize the anticipated benefits
of the recently completed business combination, which may be
affected by, among other things, the commercial and technical
feasibility of seafloor polymetallic nodule mining and processing;
the supply and demand for battery metals; the future prices of
battery metals; the timing and content of ISA’s exploitation
regulations that will create the legal and technical framework for
exploitation of polymetallic nodules in the Clarion Clipperton
Zone; government regulation of deep seabed mining operations and
changes in mining laws and regulations; environmental risks; the
timing and amount of estimated future production, costs of
production, capital expenditures and requirements for additional
capital; cash flow provided by operating activities; TMC’s ability
to raise financing in the future; unanticipated reclamation
expenses; claims and limitations on insurance coverage; the
uncertainty in mineral resource estimates; the uncertainty in
geological, hydrological, metallurgical and geotechnical studies
and opinions; infrastructure risks; TMC’s ability to enforce the
obligations of non-performing investors under subscription
agreements in connection with the business combination, potential
litigation risks, and dependence on key management personnel and
executive officers; and other risks and uncertainties indicated
from time to time in the proxy statement/prospectus relating to the
recently completed business combination, including those under
“Risk Factors” therein, and in other 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.
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Chelsea Lauber | Antenna Group | tmc@antennagroup.com
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