TMC - TMC The Metals Company to apply for seabed mining license in 2024

2023-08-03 07:23:44 ET

TMC The Metals Company ( NASDAQ: TMC ) said Thursday it plans to apply next year for a license to start mining in the Pacific Ocean, with production expected to start as early as late 2025.

The company said its Nauru Ocean Resources subsidiary intends to submit an application to the International Seabed Authority after the global regulator meets in July 2024.

A meeting of the ISA Council last month virtually ruled out applications this year, but countries opposed to ocean mining also were from discussing a moratorium at the regulator's Assembly meeting last week.

Deep sea mining could provide the Pacific Ocean island nation of Nauru with a vital source of income, but environmental campaigners say seabed mining could have a catastrophic impact on marine ecosystems.

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