The Metals Company Comments on ISA Council Decision and Intention to Deliver Final Rules, Regulations and Procedures for Exploitation
24 Julho 2023 - 9:24AM
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 applauded the International Seabed
Authority (ISA) Council’s consensus decision agreeing a roadmap
towards adopting final rules, regulations, and procedures (RRPs,
also known as the Mining Code) to allow for the exploitation of
seafloor resources, in a major step toward regulatory certainty.
After failing to adopt the Mining Code by 9 July 2023, last
Friday the ISA Council concluded part two of the twenty-eighth
session with a decision to continue the elaboration of the Mining
Code during formal sessions in November 2023, March 2024 and July
2024 and informal intersessional working groups.
“It is now a question of when — rather than if —
commercial-scale nodule collection will begin,” said TMC Chairman
and CEO Gerard Barron. “Since June 2022, under strong pressure from
global NGOs, seventeen ISA Member States representing a minority of
the 169 ISA Members have formally supported a precautionary pause,
moratorium or a ban on deep sea mining. While the legal obligations
of Member States to adopt RRPs pursuant to the United Nations
Convention on the Law of the Sea (UNCLOS) and the Part XI
Implementation Agreement (the Agreement) remain unchanged, these
actions introduced a degree of political uncertainty around the
timing of the adoption of the Mining Code. Last Friday’s consensus
decision that included Member States who have called for a
precautionary pause is a hard-won compromise that reduces this
uncertainty. We are obviously disappointed that the ISA failed
to adopt RRPs by 9 July 2023 as we hoped two years ago. But we also
recognize that the vast majority of Member States worked very hard
in the last 24 months and demonstrated strong continued commitment
to finalizing the Mining Code through increased number of formal
sessions and twelve informal intersessional working groups. I
believe the finish line is now within sight and we look forward to
the consolidated regulatory text at the next meeting in November
2023.”
TMC’s wholly-owned subsidiary, Nauru Ocean Resources Inc.
(NORI), reiterated its preference to submit an application for a
plan of work for exploitation once these RRPs are in place.
However, consistent with NORI’s sponsoring state Nauru's rights
under UNCLOS, and as was reaffirmed in Friday’s decision, NORI
reserves its right to submit an application for a plan of work in
the absence of the adoption of the RRP’s pursuant to Section 1,
Paragraph 15 of the Annex to the Agreement.
NORI will continue to work tirelessly to complete a
comprehensive, science-driven environmental and social impact
assessment (ESIA) of the highest quality. As evidenced by the
recent submission of data and with significantly more environmental
data to be submitted this year, the Company believes this
information will further strengthen the case that the impacts of
nodule collection can be effectively understood, mitigated and
managed and will make a conclusive case why collecting polymetallic
nodules to produce energy transition metals is the right thing to
do, especially when compared to sourcing these metals by continuing
to destroy megadiverse terrestrial ecosystems and communities which
depend on them.
TMC Chairman and CEO Gerard Barron added: “We want to sincerely
thank our sponsoring states for their continued support and the ISA
Council for its hard work and further commitment to fulfil its
legal obligation and adopt all RRPs for the responsible
exploitation of seafloor resources.”
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 clean energy transition with the least possible
negative environmental and social impact and (2) accelerate the
transition to a circular metal economy. 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.
More Info
Media | media@metals.co
Investors | investors@metals.co
Forward Looking Statements
Certain statements made in this press release are not historical
facts but are forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform
Act of 1995. Forward-looking statements generally are accompanied
by words such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook” and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. The
forward-looking statements contained in this press release include,
without limitation, statements regarding the approval and review of
our Environmental Impact Statement (EIS) by the international
seabed authority, the development and use of an ecosystem-based
management and monitoring plan (EMMP) as well as the design, use
and accuracy of any technology developed by TMC and its partners,
agents and/or service providers to support its operations. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside TMC’s control and are difficult
to predict. Factors that may cause such differences include, but
are not limited to: regulatory uncertainties and the impact of
government regulation and political instability on TMC’s resource
activities; changes to any of the laws, rules, regulations or
policies to which TMC is subject; the impact of extensive and
costly environmental requirements on TMC’s operations;
environmental liabilities; the impact of polymetallic nodule
collection on biodiversity in the Clarion Clipperton Zone and
recovery rates of impacted ecosystems; TMC’s ability to develop
minerals in sufficient grade or quantities to justify commercial
operations; the lack of development of seafloor polymetallic nodule
deposit; uncertainty in the estimates for mineral resource
calculations from certain contract areas and for the grade and
quality of polymetallic nodule deposits; risks associated with
natural hazards; uncertainty with respect to the specialized
treatment and processing of polymetallic nodules that TMC may
recover; risks associated with collection, development and
processing polymetallic nodules; risks associated with TMC’s
limited operating history; the impact of the COVID-19 pandemic;
risks associated with TMC’s intellectual property and the validity,
use and ownership of any new technology or intellectual property
subsisting therein; and other risks and uncertainties indicated
from time to time in the Company’s Form 10K, dated and filed with
the U.S. Securities and Exchange Commission (SEC) on March 25, 2022
as well as the Company’s Form 10Q filed with the SEC on August 15,
2022, including those under “Risk Factors” therein, and in TMC’s
other future filings with the SEC. TMC cautions that the foregoing
list of factors is not exclusive. TMC cautions readers not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. TMC does not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions, or
circumstances on which any such statement is based except as
required by law.
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