and Intention to Deliver Final Rules, Regulations, and Procedures for Exploitation
TMC the metals company Inc. (Nasdaq: TMC), a pioneer in exploring the world's largest undeveloped source of critical battery metals, has recently applauded the International Seabed Authority (ISA) Council's decision to adopt a roadmap towards finalizing rules, regulations, and procedures (RRPs), also known as the Mining Code, for the exploitation of seafloor resources. This decision marks a significant step towards providing regulatory certainty in this emerging industry.
The ISA Council's Decision:
After the failure to adopt the Mining Code by July 9, 2023, the ISA Council concluded part two of the twenty-eighth session with a consensus decision to continue the elaboration of the Mining Code during formal sessions in November 2023, March 2024, and July 2024, along with informal intersessional working groups. TMC's Chairman and CEO, Gerard Barron, expressed optimism, stating that commercial-scale nodule collection is now a matter of "when" rather than "if."
While most ISA Member States have demonstrated their commitment to finalizing the Mining Code, some have supported a precautionary pause or moratorium on deep-sea mining. This introduced political uncertainty around the timing of the Mining Code adoption. However, the recent consensus decision by the ISA Council, which included Member States calling for a precautionary pause, represents a hard-won compromise to reduce such uncertainties.
TMC's Commitment to Responsible Exploitation:
TMC's wholly-owned subsidiary, Nauru Ocean Resources Inc. (NORI), remains committed to applying for a plan of work for exploitation once the RRPs are in place. NORI will continue to work diligently on a comprehensive, science-driven environmental and social impact assessment (ESIA) to ensure the responsible management of nodule collection. The Company aims to demonstrate that nodule collection can effectively mitigate potential impacts and be a sustainable alternative to sourcing metals from terrestrial ecosystems.
As The Metals Company continues its mission to supply lower-impact battery metals for the clean energy transition, it remains steadfast in promoting a circular metal economy. With the ISA Council's ongoing commitment to finalizing the Mining Code, the Company looks forward to a more certain regulatory landscape and continued support from sponsoring states.
This blog post is for informational purposes only and should not be considered as investment advice. Investing in emerging industries such as deep-sea mining carries inherent risks, including potential financial losses. Before making any investment decisions, it is recommended to consult with a qualified financial advisor. The author do not endorse or recommend any specific investment products or strategies. The information provided in this blog post is based on publicly available sources and should not be considered as a guarantee of future investment performance.