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Water Tower Hour Recap: TMC and Deep-Sea Mining's Role in Electrifying the Planet

Having gone public in 2021, TMC is a development-stage company working on commercializing a unique battery metals resource in the form of polymetallic nodules located on the seafloor in the abyssal region of the Clarion-Clipperton Zone of the Pacific Ocean in order to enable the global energy transition with the least possible negative impact on the planet and its inhabitants. Chief Financial Officer Craig Shesky and Head of Stakeholder Engagement Corey McLachlan joined us on the Water Tower Hour to discuss the current state of the deep-sea mining industry, the progress that has been made at the March 2024 International Seabed Authority (ISA) meetings in Jamaica, and the growing political awareness of the potential benefits deep-sea mining can provide to countries looking to accelerate energy transition away from fossil fuels, while decoupling from Chinese dominance of the sector. Those interested can listen to this podcast on Apple Podcasts, Google Podcasts, Spotify, or on our website. Links accessible in our report. Shesky and McLachlan discussed the nature and role of the ISA in developing a mining code that would allow for responsible exploitation of mineral and metal resources located in international waters, reviewed the ISA’s accomplishments at the March 2024 meetings, and talked about their expectations for the July 2024 meetings that will take another step toward finalizing and approving regulations around deep-sea mining. Positive media coverage. TMC management highlighted the recent spate of media attention refocused on deep-sea mining, from Wall Street Journal articles to a 60 Minutes special, which have provided a more balanced and fact-based take on the imperatives to develop metal resources that have the size, economic viability, and environmental profile that can address the growing demand for battery metals, while allowing countries to avoid dependence on China, Indonesia, and other geopolitically problematic regions as they develop their metals, battery, and EV industries. Growing government focus. Actions by the US government, including the recently signed National Defense Authorization Act (NDAA) that requires the DoD to develop a plan to utilize seafloor polymetallic nodules in establishing America’s metals independence and a letter signed by more than 300 former government and military officials encouraging the US to take its place as a member of the ISA and lend its weight to the mining code development efforts in order to catch up to China’s progress in this area, were also discussed. Former Tesla Director joins Board. Following our podcast, TMC announced the addition of Steve Jurvetson to its Board of Directors as Vice Chairman and engagement as a Special Advisor to the CEO, taking another step from development toward commercial production. This is the second podcast held with TMC. The August 2023 podcast with CFO Craig Shesky and Head of Stakeholder Engagement Corey McLachlan is accessible in our full report.