Video: Trump is the best news for deep sea mining – TMC CEO
Shares of The Metals Company (Nasdaq: TMC) surged in January amid growing anticipation of support for deep-sea mining under the Trump administration.
TMC, in partnership with the Republic of Nauru, plans to submit its first application to mine the seafloor on June 27, ahead of the International Seabed Authority’s (ISA) second meeting in July.
The United Nations body responsible for regulating deep-sea mining is scheduled to meet in March to discuss rules and regulations for seabed mining.
According to the company’s chief executive editor, Trump’s victory is the best news for the deep-sea mining industry.
Gerard Barron told MINING.COM host Devan Murugan that the new administration’s focus on domestic mineral production comes at the right time.
“Mineral security is really important for critical minerals, and many in the new administration have been tremendous supporters. So we’re going into 2025 thinking this will be a breakout year,” Barron said.
The ocean floor is believed to hold vast reserves of metals such as nickel, manganese, and cobalt, with an estimated value ranging from $8 trillion to over $16 trillion. However, scientists caution that much remains unknown about the deep ocean and warn of the potential impacts of mining on ecosystems already threatened by pollution, trawling, and the climate crisis.
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2 Comments
Sandor Mulsow
Thank you for the note. Unfortunately, as citizen of the world, I can not stay without replying to the comments of TMC’s CEO. If there is someone does not know about geology, deep sea ecosystems and deep sea mining is this CEO.
There are more than 18 studies on physical disturbance, quite small in scale only few meters across, that have shown no recovery after more than 30 years! The size of land mines are 200 times smaller than those TMC will create, each one of them is 3000 sq km of systematic removal of the seafloor! On one side it tells you how abundant are the nodules to make it profitable, and on the other the amount of elements, only Ni has a similar scale in abundance to grades on land, the rest is not even closer! I am very sorry for the investors that saw their investement plunged more than 80% in few years, still TMC’s share is about a 1US from starting value 10 or 11 USD as it started! The rational for deep sea mining changes everyday since 2001. At the begginig was green transport transition to EV and batteries – now the CEO of TMC mentioned that deep sea mining is going for jobs creation on land as it was call on, by the elected President of USA – that by the way, his country is not a member of ISA, therefore not allow to sponsor mining at international waters. MINING.com also does not mentioned that major elements on manganese nodules are: MANGANESE and IRON and Copper. MINING .COM is sponsored by land base mining industry of those same metals and the same sponsors will feel the economic burden of putting on land market those 3 elements that will definetly collapse the status quo on pricing for land base countries that are miners and they are members of ISA.
Todd
The Metals company only care about share price. Nothing about the remediation of the ocean. How could they? Sandor agree with everything you are saying. There is no need to mine the sea.