Business
The Metals Company Provides Business Update as It Advances Plan to Unlock Critical Battery Metal Resource
NEW YORK, Oct. 04, 2021 (GLOBE NEWSWIRE) -- The Metals Company (NASDAQ: TMC) (the “Company” or “TMC”), an explorer of the world’s largest estimated
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":"NEW YORK, Oct. 04, 2021 (GLOBE NEWSWIRE) -- The Metals Company (NASDAQ: TMC) (the “Company” or “TMC”), an explorer of the world’s largest estimated undeveloped source of battery metals for EVs, today reaffirmed its development and capital outlook and provided a business update. Development and Capital Outlook TMC today reaffirmed its development and capital plan through the third quarter of 2023, when it expects to submit its application to the International Seabed Authority for an Exploitation Contract for its NORI-D contract area in the Clarion-Clipperton Zone (CCZ) of the Pacific Ocean over 1,000 miles off the US western seaboard. Gerard Barron, Chairman and CEO of The Metals Company, said: “TMC is uniquely positioned at the intersection of three megatrends underpinning the multi-decade green energy transition: electrification, decoupling of supply chains and increased focus on ESG impacts. With the rally in prices for the metals contained in polymetallic nodules and President Biden prominently highlighting the need for more domestic processing and refining of critical minerals like nickel, we expect that the demand for battery metals will continue to grow. We continue building the operational, strategic and scientific foundations we need to unlock our enormous estimated resource with a lighter planetary and social footprint than land-based mining. This momentum, combined with our substantial cash position and world-class strategic partners and investors – including Allseas, Maersk and Glencore – position us strongly to deliver on our goals over the next two years. We expect to meet all key requirements to lodge our application by the end of the third quarter of 2023 for an exploitation contract for NORI-D, where a 3rd party economic analysis indicated, as of January 1, 2021, a project net present value of $6.8 billion assuming conservative metal prices1. The NORI-D area, ranked as the largest undeveloped nickel project in the world and representing just 22% of the Company’s estimated defined resource, is only the beginning. Across our full NORI and TOML contract areas, we have identified a sufficient estimated amount of nickel, copper, cobalt and manganese in situ to support the electrification of 280 million EVs, or approximately the entire US passenger vehicle fleet.”As of September 30, 2021, TMC held cash and cash equival...