Replies to post #29052 on The Rising Influence of Rising Affluence

[gfp927z]

n4807g, Thanks, TMC looks interesting, though some dicey aspects for sure -

>>> 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 <<<


>>> TMC the metals company Inc. (TMC) , a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in the Clarion Clipperton Zone (CCZ) in the south-west of San Diego, California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the CCZ of the Pacific Ocean. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, clean energy transmission, manganese alloy production required for steel production, and other applications. The company was formerly known as Sustainable Opportunities Acquisition Corporation and changed its name to TMC the metals company Inc. TMC the metals company Inc. was incorporated in 2019 and is based in Vancouver, Canada.

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The Metals Company (TMC) - >>> Pentagon to Deliver Report on Domestic Processing of Seafloor Nodules by March 1 as President Biden Signs NDAA


GlobeNewswire

The Metals Company

January 3, 2024


https://finance.yahoo.com/news/pentagon-deliver-report-domestic-processing-133000108.html


Under the National Defense Authorization Act (FY24) now signed into law by President Biden, the House Armed Services Committee directs the Assistant Secretary of Defense for Industrial Base Policy to submit a report assessing the domestic processing of seafloor polymetallic nodules by March 1, 2024.

Last month, thirty-one Members of Congress wrote a letter to the Secretary of Defense and the Pentagon urging the Department of Defense to “explore every avenue to strengthen our rare earth and critical mineral supply chains”, emphasizing “the importance of evaluating and planning for seabed mining as a new vector of competition...”.

The news comes as American and allied auto and battery makers struggle to secure supplies of critical battery metals that comply with guidelines for incentives under the Inflation Reduction Act.


NEW YORK, Jan. 03, 2024 (GLOBE NEWSWIRE) -- 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 welcomed the passage of the 2024 National Defense Authorization Act (NDAA) into law and the inclusion of provisions directing the Department of Defense to submit a report to the House Armed Services Committee assessing the domestic processing of seafloor polymetallic nodules by March 1, 2024.

In the language attached to the newly approved Act, the Committee acknowledged the imperative of establishing a secure supply chain of critical and strategic minerals and materials and noted, “that to meet national security requirements the United States must have the ability to source critical minerals in innovative arenas to decrease reliance on sources from foreign adversaries.” As a potential new frontier for resource extraction, the Committee directs the Pentagon to produce a report which, among other things, outlines “a roadmap recommending how the United States can have the ability to source and/or process critical minerals in innovative arenas, such as deep-sea mining.”

Through the NDAA, the House Armed Services Committee has directed the Assistant Secretary of Defense for Industrial Base Policy to submit a report to the Committee by March 1, 2024 “assessing the processing of seabed resources of polymetallic nodules domestically. The report shall include, at a minimum, the following: (1) a review of current resources and controlling parties in securing seabed resources of polymetallic nodules; (2) an assessment of current domestic deep-sea mining and material processing capabilities; and (3) a roadmap recommending how the United States can have the ability to source and/or process critical minerals in innovative arenas, such as deep-sea mining, to decrease reliance on sources from foreign adversaries and bolster domestic competencies.”

In November 2023, a bipartisan coalition led by Senator Lisa Murkowski (R-AK) re-introduced a resolution calling on the U.S. Senate to ratify the UN Convention on the Law of the Sea (UNCLOS), arguing that “the longer we sit out, the longer the rest of the world will continue to set the agenda of maritime domain, from seabed mining to critical subsea infrastructure.” That same month, five Members of the US House of Representatives from Texas urged the Department of Defense to support the use of federal resources under the NDAA towards TMC’s feasibility study for nodule processing along the Texas Gulf Coast. In a letter to the Assistant Secretary of Defense for Industrial Base Policy, Laura D. Taylor-Kale, the Members wrote: “The applicant seems to have the ability to produce battery-grade materials at commercial facilities in North America at pilot scale. The scope of the submission focuses solely on U.S. processing and appears to offer the Department of Defense the opportunity to re-shore critical mineral supply lines.”

Over recent years, TMC has welcomed letters from congressional leaders including the House Armed Services Committee as well as former military leaders urging the Biden Administration to assess domestic processing of seafloor polymetallic nodules as a means to secure key energy transition metals and “close national security vulnerabilities.” In March last year, TMC Chairman and CEO Gerard Barron wrote to the Senate Energy and Natural Resources Committee, noting, “Support from the U.S. Government for the development of the polymetallic nodule resource and TMC’s first project, NORI-D, would unlock access to the resource without overcoming legislative hurdles to ratify the United Nations Convention on the Law of the Sea.”

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 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 metals 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.

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[Bluewingcap]

I would think American Rare Earths is the better play versus TMC.
Their holdings include a slug of Wyoming State Acreage that should see expedited permitting versus federal lands (which include offshore seabeds, yes?). If the Supreme Court strikes down most of the Federal agency regulatory authority as expected, this could change. Environmental protections are way too complex for Congress to spell out in passed laws, yet that's what conservative jurists are demanding.
The bottleneck for rare earths is domestic processing capacity. An inherently dirty business. I have not done a deep dive into progress made on this front.
But very exciting news from both a national security and clean tech perspective!
Investment worthy? Hard to say. Speculative for sure...