The Metals Company

Short description: Canadian mining startup

The Metals Company

Trade name

* NASDAQ: TMC

Type| Public
Founded| 2011
Headquarters| Vancouver , British Columbia, Canada
Website| metals.co

The Metals Company, formerly DeepGreen Metals, is a Canadian deep sea mining exploration company.[1] The company is focused on the deep sea mining of seafloor polymetallic nodules.[2][3]

In March 2021, DeepGreen Metals revealed it will be acquired by Sustainable Opportunities Acquisition Corp (SOAC) in a $2.9 billion deal.[4] Baird Maritime noted that The Metals Company had no revenue or production as of April 2021, and highlighted the risky nature of the company's commercialization efforts: "Nobody has successfully managed to commercially harvest the nickel, copper, manganese, and cobalt from the nodules in 4,500 metres of water since interest was first stimulated in seabed mining in the 1970s."[5]

Industry observers have called into question the company's "green" positioning in order to capitalize on a surge in environmentally-friendly investments.[3][6] The Wall Street Journal noted that the company's CEO, Gerard Barron, previously backed another deep sea mining company that "lost a half-billion dollars of investor money, got crosswise with a South Pacific government, destroyed sensitive seabed habitat and ultimately went broke".[3]

Many scientists have expressed concerns over the inherent risks and lack of data about the possible consequences of deep-sea mining.[7][8] In response to DeepGreen's efforts in Nauru, over 400 scientists signed a statement in opposition of deep-sea mining, arguing that it would result in the “loss of biodiversity and ecosystem functioning that would be irreversible on multi-generational timescales.”[7][9] DeepGreen published an open letter defending its practices after four major corporations–BMW, Volvo, Google, and Samsung SDI–supported a World Wildlife Fund call for a moratorium on deep-sea mining.[10]

## References

1. ↑ "Mining's Tesla moment: DeepGreen harvests clean metals from the seafloor" (in en-US). https://www.mining.com/web/minings-tesla-moment-deepgreen-harvests-clean-metals-seafloor/.
2. ↑ "A Mining Startup's Rush for Underwater Metals Comes with Deep Risks - Bloomberg". https://www.bloomberg.com/news/articles/2021-06-24/a-mining-startup-s-rush-for-underwater-metals-comes-with-deep-risks.
3. ↑ 3.0 3.1 3.2 Foldy, Justin Scheck, Eliot Brown and Ben (June 24, 2021). "Environmental Investing Frenzy Stretches Meaning of 'Green'". Wall Street Journal. https://www.wsj.com/articles/environmental-investing-frenzy-stretches-meaning-of-green-11624554045.
4. ↑ "DeepGreen to go public in $2.9bn SPAC deal | Sustainability". https://miningglobal.com/sustainability-1/deepgreen-go-public-dollar29bn-spac-deal.
5. ↑ Bosch, Hieronymus (2021-04-06). "COLUMN | Ocean Mining: DeepGreen to list and become The Metals Company as major car makers and WWF press for moratorium on seabed mineral extraction [Offshore Accounts"] (in en-US). https://www.bairdmaritime.com/work-boat-world/offshore-world/column-ocean-mining-deepgreen-to-list-and-become-the-metals-company-as-major-car-makers-and-wwf-press-for-moratorium-on-seabed-mineral-extraction-offshore-accounts/.
6. ↑ Woody, Todd (2021-06-23). "A Mining Startup's Rush for Underwater Metals Comes with Deep Risks". https://www.bloomberg.com/news/articles/2021-06-24/a-mining-startup-s-rush-for-underwater-metals-comes-with-deep-risks.
7. ↑ 7.0 7.1 "The Race for EV Parts Leads to Risky Deep-Ocean Mining" (in en-US). https://e360.yale.edu/features/the-race-for-ev-parts-leads-to-risky-deep-ocean-mining.
8. ↑ "Deep-sea mining: An environmental solution or impending catastrophe?" (in en-US). 2020-06-16. https://news.mongabay.com/2020/06/deep-sea-mining-an-environmental-solution-or-impending-catastrophe/.
9. ↑ "Deep-Sea Mining Science Statement" (in en-US). https://www.seabedminingsciencestatement.org/.
10. ↑ "DeepGreen hits backs at firms opposing seafloor mining" (in en-US). 2021-04-01. https://www.mining.com/deep-green-hits-backs-at-firms-opposing-seafloor-mining/.

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