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TMC Enters into MOU with Leading Nickel Processor PAMCO to Evaluate the Processing of Polymetallic Nodules into Battery Metal Feedstocks
TMC and PAMCO have entered into a non-binding memorandum of understanding where PAMCO will evaluate the feasibility of processing of 1.3 million tonnes of wet
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":"TMC and PAMCO have entered into a non-binding memorandum of understanding where PAMCO will evaluate the feasibility of processing of 1.3 million tonnes of wet polymetallic nodules (PMN) per year from 2025 onwards to produce lithium-ion battery and steel making feedstocks as part of TMC’s NORI-D Project Zero developmentThis MoU is a key element of TMC’s stated capital-light strategy to get into commercial production with low upfront capital costs by leveraging existing production assets which require minimal modificationPAMCO will undertake studies and testing on a 22-tonne PMN sample collected by NORI during the successful integrated collection system test completed on the NORI – D area in November 2022 to confirm the capacity and identify any additional facility requirements of the PAMCO Hachinohe facility to process PMN into nickel-copper-cobalt alloy and manganese silicatePAMCO is also evaluating the feasibility of a new processing facility to convert nickel-copper-cobalt alloy into an upgraded matte productThe parties are working towards a binding MOU for toll-processing in 2023 with definitive agreements to follow NEW YORK, March 16, 2023 (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 announced that it has entered into a non-binding MOU with Pacific Metals Co Ltd (PAMCO) of Japan, to evaluate the toll treatment of an initial quantity of 1.3 million tonnes of wet polymetallic nodules per year at PAMCO’s Hachinohe smelting facility starting in 2025, consistent with the commencement of TMC’s planned first commercial production by end of 2024. The toll treatment is intended to take place on a dedicated rotary kiln-electric arc furnace (RKEF) processing line and produce two products: nickel-copper-cobalt alloy — an intermediate product used as feedstock to produce Li-ion battery cathodes — and a manganese silicate product used to make silico-manganese alloy, a critical input into steel manufacturing. PAMCO’s Hachinohe facility is located on the coast in northern Japan and is equipped with port and processing infrastructure required to receive and process polymetallic nodules and to ship products to customers. Under the MOU, PAMCO will undertake studies to estimate the cost of processing polym...