US Congress Weighs In on Deep-Sea Nodule Collection
Bringing the NDAA to bear. The US Congress, specifically the House of Representatives’ Armed Services Committee, directed the US Department of Defense to explore and assess the domestic ability to process undersea polymetallic nodules in the United States for the purpose of establishing a critical materials supply chain independent of China. Auspicious timing. The timing of the request is notable, as it comes after several nations, including China, Norway, and Japan, began to move forward with deep-sea mineral extraction projects in their sovereign waters, now that the technology for collecting and transporting to the surface the polymetallic nodules found on the seabed is maturing and the July meeting of the ISA is about to get underway... Next potential catalyst. Maersk has placed its remaining TMC shares with TMC’s largest shareholder ERAS Capital, therefore eliminating a recent overhang in the stock. Last week’s US “vote of confidence” was positive news in the development of polymetallic mining. The upcoming ISA meetings and their outcome may provide the next catalyst in this rapidly evolving story.
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