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The Metals Company (NASDAQ: TMC) is under fire from three civil society groups for its deep sea mining project in the Clarion–Clipperton zone of the Pacific Ocean between Mexico and Hawaii.
Deep Sea Mining Campaign (DSMC), The Ocean Foundation (TOF) and Blue Climate Initiative (BCI) have filed a formal complaint with the US Securities and Exchange Commission (SEC) against TMC. They accuse the company of significantly misleading investors, government officials and the public through material misrepresentations and omissions.
In the submission, they claim a pattern of overly optimistic and deceptive shareholder communications regards TMC’s financial forecasts, the feasibility of the mining operation, the level of demand for the battery metals that would be recovered, and the company’s environmental and socially responsible efforts.
Furthermore, TMC is accused of under-reporting the opposition to its plans and its “dubious” claims about using renewable power in their processes.
The lawsuit also alleges that the company misrepresents its ties and economic benefits to the united States, omits the impacts on Indigenous communities, misrepresents pricing data and asset values, and not updating its financial models.
DSMC, TOF and BCI say the new complaint builds on a previously closed investigation by the SEC into the company’s practices.
Last month, TMC and SGS Canada successfully produced cobalt sulphate from deep seafloor polymetallic nodules.
