TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “The
Metals Company”), an explorer of lower-impact battery metals from
seafloor polymetallic nodules, today released its second annual
Impact Report detailing the Company’s past, present and expected
future ESG impacts, while providing insight into the drivers of its
efforts to collect nodules from the CCZ including the global
scramble to meet an estimated six-fold increase in the
production of metals required for the energy transition.
Gerard Barron, CEO & Chairman of The Metals Company, said:
“We seek to create a carefully managed metal commons that is used,
recovered, and reused for generations to come, with the same metal
stocks serving humankind through countless cycles of technological
ingenuity. But to get there, unprecedented quantities of critical
minerals will need to be mined in the coming decades. With our
second Impact Report, we detail how we can responsibly tap the
planet's largest source of key battery materials to supply the
energy transition while minimizing its environmental, climate and
social impacts. We introduce our Sustainability Approach and
outline our efforts to integrate ESG principles into our strategy
before operations begin. As we work toward submitting what we
expect will be the world's first application to collect nodules
from the Clarion Clipperton Zone on a commercial scale, I am proud
to have this comprehensive road map to keep TMC on mission.”
Erica Ocampo, TMC’s Chief Sustainability Officer, said: “ESG
disclosures are a key tool to enable transparency. In addition to
reporting our own ESG impacts before we start commercial
operations, we are committed to promoting ESG thinking across this
industry from the outset. That’s why we’ve joined a broad
international consortium to develop ESG disclosure guidance of the
material topics associated with marine mineral projects, a key step
toward establishing a comprehensive ESG disclosure standard for
this industry. We have knowledgeable partners and strong
stakeholder engagement to assist us and we’re confident that
through our pioneering NORI project we can set a high bar for this
industry to responsibly bring to market the energy transition
metals that society needs."
TMC’s 2022 Impact Report, which can be read here, focusses
on:
ENVIRONMENTALData collection and
sharing for the NORI-D Project environmental impact assessment
(EIA): TMC and its subsidiary NORI spent 146 days at sea
with world-leading scientists at the NORI-D site in 2022 working
toward the completion of our environmental baseline assessment,
monitoring program, and post-test-mining impact studies.
Peer-reviewed research: Data collected from the
NORI-D site has served as the basis for five peer-reviewed papers
completed in 2022, while TMC employees have contributed to three
peer-reviewed papers (on lifecycle waste generation, ethical
considerations, and visioning a framework for effective
environmental management for deep-sea nodule collection).
NORI-D Project comparative lifecycle
assessment: TMC commissioned leading lithium-ion battery
supply chain research firm, Benchmark Mineral Intelligence, for an
independent, third-party lifecycle assessment of the environmental
impacts of its NORI Area D Nodule Project, comparing the production
of key energy transition metals (nickel, cobalt and copper) from
polymetallic nodules to key land-based production routes for the
same metals. Benchmark’s LCA shows the NORI-D Project model
performed better in almost every impact category analyzed than all
the land-based routes analyzed.
Safe operating parameters for deep-sea nodule
collection: TMC engaged a CSIRO-led consortium to develop
a science-based framework to assist NORI in developing an
ecosystem-based environmental management and monitoring plan (EMMP)
to enable the company to minimize adverse impacts in the marine
operating environment.
Operational visibility for stakeholders: In
collaboration with Kongsberg Digital, TMC deployed a prototype of
its Digital Twin during test mining conducted by NORI in 2022. The
Digital Twin will integrate multiple data streams from TMC’s future
production system and will enable 3D visualization of its deep-sea
operating environment, providing ‘eyes and ears’ to the regulator
and stakeholders, and will form a core part of its wider Adaptive
Management System which is designed to utilize the AI and hybrid
machine learning capabilities of the Digital Twin with expert
analysis to ensure operations remain within environmental impact
thresholds.
Our manganese silicate product’s downstream carbon
impacts: TMC commissioned SINTEF, one of Europe’s largest
independent research institutions, to characterize the properties
of our intermediate manganese silicate product when used to produce
silicomanganese alloys rather than conventional medium-grade
manganese ores. SINTEF found that, compared to conventional ores,
our product appears to have significant downstream advantages in
terms of cost and CO2 footprint and the potential for 7 to 17%
higher value-in-use depending on the carbon tax regime.
SOCIALPublic stakeholder consultation
program to scope a Social Impact Assessment (SIA) for the NORI-D
Project: As part of its SIA to determine the potential
socio-economic contributions of its NORI-D project, TMC subsidiary
NORI conducted a broad consultation program to engage stakeholders
in the development of a framework to measure and monitor its social
performance.
STEM talent pipeline: TMC’s subsidiaries NORI
and TOML sponsored 24 scholarships at the University of the South
Pacific (USP) in environmental sciences and marine management, as
well as additional offshore training opportunities.
Global stakeholder engagement: NORI provided
responses to over 600 comments on the environmental impact
statement (EIS) for NORI’s 2022 collector system trial in the
CCZ.
GOVERNANCEOur path to deliver net
positive impacts: TMC completed a materiality assessment
and developed sustainability goals. These goals are being publicly
released along with its 2022 Impact Report to inform a broad
dialogue with stakeholders about how TMC intends to operate and the
feedback from this process will bring valuable insights to refine
and finalize a robust set of sustainability targets and KPIs, to be
published early next year.
The first environmental, social, and governance (ESG)
handbook for marine minerals: TMC announced that it had
joined a broad international consortium to develop a marine
minerals ESG disclosure handbook. The purpose of the guidance
document is to enable consistent ESG disclosures for material
topics of marine mineral projects using a standardized
approach.
Commitment to healthy and productive oceans:
TMC joined the Ocean Stewardship Coalition to formalize our
contribution to the Blue Economy and UN Sustainable Development
Goals.
TMC’s 2022 Impact Report was prepared using the Global Reporting
Initiative (GRI) Standards as guidance. In addition to GRI, the
report references additional frameworks, such as Task Force on
Climate-related Financial Disclosures, the Task Force on
Nature-related Financial Disclosures and Sustainability Accounting
Standards Board for the metals and mining sector in addition to the
marine transportation sector. This report also serves as a
complement to TMC’s U.N. Global Compact Communication of Progress
for 2022 and illustrates our contribution to the Ocean Stewardship
Principles.
To access TMC’s 2022 Impact Report, click here.
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 global energy transition with the least possible
negative impacts on planet and people and (2) trace, recover and
recycle the metals we supply to help create a metal commons that
can be used in perpetuity. 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 information is available at www.metals.co.
More Info Media |
media@metals.co Investors | investors@metals.co
Forward Looking Statements
This press release contains “forward-looking” statements and
information within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements may be identified by words
such as “aims,” “anticipates,” “believes,” “could,” “estimates,”
“expects,” “forecasts,” “goal,” “intends,” “may,” “plans,”
“possible,” “potential,” “seeks,” “will” and variations of these
words or similar expressions, although not all forward-looking
statements contain these words. Forward-looking statements in this
press release include, but are not limited to, statements
concerning: the timing, terms and size, including the expected
proceeds from, of the Registered Offering and the expected
additional closings in the Registered Offering. The Company may not
actually achieve the plans, intentions or expectations disclosed in
these forward-looking statements, and you should not place undue
reliance on these forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in these forward-looking statements as a
result of various factors, including, among other things: the
Company’s ability to satisfy the closing conditions in the
securities purchase agreement; the risk that the investors will not
exercise the warrants issued or issuable as part of the Registered
Offering; the Company’s ability to access additional funds under
the unsecured credit facility, the ATM or otherwise; the Company’s
strategies and future financial performance; the International
Seabed Authority’s (“ISA”) ability to timely adopt the Mining Code
and/or willingness to review and/or approve a plan of work for
exploitation under the United Nations Convention on the Laws of the
Sea (UNCLOS); the Company’s ability to obtain exploitation
contracts or approved plans of work for exploitation for its areas
in the Clarion Clipperton Zone; regulatory uncertainties and the
impact of government regulation and political instability on the
Company’s resource activities; changes to any of the laws, rules,
regulations or policies to which the Company is subject, including
the terms of the final Mining Code, if any, adopted by ISA and the
potential timing thereof; the impact of extensive and costly
environmental requirements on the Company’s operations;
environmental liabilities; the impact of polymetallic nodule
collection on biodiversity in the Clarion Clipperton Zone and
recovery rates of impacted ecosystems; the Company’s ability to
develop minerals in sufficient grade or quantities to justify
commercial operations; the lack of development of seafloor
polymetallic nodule deposit; the Company’s ability to successfully
enter into binding agreements with Allseas Group S.A. and other
parties in which it is in discussions, if any; 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 the Company may recover; risks associated with
collective, development and processing operations, including with
respect to the development of onshore processing capabilities and
capacity and Allseas Group S.A.’s expected development efforts with
respect to the Project Zero offshore system; the Company’s
dependence on Allseas Group S.A.; fluctuations in transportation
costs; fluctuations in metals prices; testing and manufacturing of
equipment; risks associated with the Company’s limited operating
history, limited cash resources and need for additional financing;
risks associated with the Company’s intellectual property; Low
Carbon Royalties’ limited operating history and other risks and
uncertainties, any of which could cause the Company’s actual
results to differ from those contained in the forward-looking
statements, that are described in greater detail in the section
entitled “Risk Factors” in the Company’s Annual Report on Form 10-K
filed with the SEC on March 27, 2023, as updated in our Quarterly
Report on Form 10-Q filed with the SEC on August 14, 2023, as well
as in other filings the Company may make with the SEC in the
future. Any forward-looking statements contained in this press
release speak only as of the date hereof, and the Company expressly
disclaims any obligation to update any forward-looking statements
contained herein, whether because of any new information, future
events, changed circumstances or otherwise, except as otherwise
required by law.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5023a17a-5939-4b6b-ad72-985a58bc3c23
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