Latest news with #ClarionClippertonZone
RNZ News
3 days ago
- Business
- RNZ News
Nauru could earn millions after backing US deep sea mining pathway
The Metals Company Photo: Facebook / The Metals Company Nauru is a step closer to mining in international waters under highly contentious United States legislation. The path has been set out in the nation's new agreement with Canadian mining group The Metals Company (TMC) and sits outside international law. News of it comes as delegates from around the world have gathered in Jamaica at the International Seabed Authority (ISA) - the world's deep sea mining authority. Nauru is among the body's 170 members and has special rights to a deep sea mining area of the Pacific Ocean in international waters under international oceans law. This area is known as the Clarion Clipperton Zone (CCZ). The ISA's jurisdiction of the CCZ has effectively been challenged by the US, which has claimed its own authority over deep sea mining in international waters through its high seas mining legislation. Nauru has had ambitions to mine in the CCZ for more than a decade. Since 2011, it has partnered with TMC to explore its block of the area for deep sea mining potential. However, after more than a decade of research, TMC has become frustrated by its inability to gain a commercial mining licence through the ISA because the body has not finished developing a mining code. The process began in 2014 and is ongoing. Now, it has backed the US claim as a deep sea mining authority, and international environmental lawyer Duncan Currie of the Deep Sea Conservation Coalition said it was pulling Nauru with it. The company, he said, had effectively incentivised Nauru to mine under the US pathway and break international law through the terms of its new contract. These included provisions for millions of dollars in payments to Nauru as well as an option to buy shares in TMC once deep sea mining occurred through US legislation. "[The contract specifically] states [Nauru] will be paid set amounts once the company does engage in seabed mining under the US regime. And it's a significant amount of money. It can be initial payments of US$265 million and can go up to US$515m. "And then on top of that, there are what's called share warrants, which is the ability for Nauru to buy into The Metals Company at a favourable price," Currie said. Meanwhile, potential payment amounts available through the ISA pathway, should mining occur, have been removed from the public version of the new contract. Currie believes it would be a fraction of what had been offered through the US pathway. At the ISA meeting in Jamaica, delegates have raised concerns over the conduct of TMC and the US. While Nauru's new contract had not come up in official sessions, Currie said it was being heavily discussed on the "sidelines" and "in corridors". "France, in particular, referred to what they called the elephant in the room. Then they changed it to a blue whale in the room. "[The contract] basically incentivises countries to breach international law frankly, and it could lead to other countries saying: 'Well, this looks good. We'll do the same thing.' So that's really why it's giving delegates concern. And of course, this kind of rogue mining - which it really would be - poses enormous risks to the deep seabed." The ISA said it would not comment on the contract, and the US agency in charge of deep sea mining - the National Oceanic and Atmospheric Administration (NOAA) - referred RNZ Pacific's request to TMC and Nauru. Neither responded. Thirty-seven countries support a moratorium on deep sea mining in international waters. The practice has divided the Pacific. Supporters include Nauru, Tonga and the Cook Islands, while Fiji, Vanuatu and New Zealand were against it. Indigenous rights advocate Solomon Kaho'ohalahala was at the ISA meeting for Hawaiian NGO Maui Nui Makai network. He wanted Nauru and mining supporters to consider the whole region. "I want to remind these nation states that we all belong to the same ocean, and that any of their activities that may be detrimental to that ocean is going to have an impact on all of us," he said. Ultimately, Duncan Currie said, Nauru had been backed into a corner in this contract. No amount of money or compensation would fix that, he said, particularly as the country stood to lose a lot. "Nauru, by entering into this agreement, has placed itself well outside international law. "Quite honestly, it is The Metals Company wanting a quick return, and Nauru is left there really getting what they can," Currie said. The new contract between Nauru and TMC is dated 29 May. According to online records of the US Securities and Exchange Commission, it was filed with the agency on 4 June.
Yahoo
12-07-2025
- Business
- Yahoo
TMC (TMC) Rallies 9.25% as Investors Cheer Copper Import Tariff
TMC the metals company Inc. (NASDAQ:TMC) is one of the . TMC saw its share prices increase by 9.25 percent on Thursday to close at $6.85 apiece as investor sentiment was supported by President Donald Trump's imposition of 50 percent tariffs on copper imports. According to Trump, the move was aimed at bolstering US copper production of a metal critical to electric vehicles, military hardware, the power grid, and various consumer goods. TMC the metals company Inc. (NASDAQ:TMC), which has operations in the US through its subsidiary The Metals Company USA LLC, is set to benefit from the imposition of levies as it would result in reduced competition and strengthen its pricing power for the said metal. In recent news, TMC the metals company Inc. (NASDAQ:TMC) earned an 'outperform' rating from Wedbush with an $11 price target, a significant upgrade from its 'neutral' stance and $6 price target previously. A tunneling machine underground, deep in the mine to extract the polymetallic nodules. According to Wedbush, the upgrade was based on a stronger US government from President Donald Trump's executive order in April, 'Unleashing America's Offshore Critical Minerals and Resources,' which could allow TMC the metals company Inc. (NASDAQ:TMC) to bypass the UN-affiliated International Seabed Authority and ramp up production in the Clarion Clipperton Zone. While we acknowledge the potential of TMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-07-2025
- Business
- Yahoo
TMC (TMC) Rallies 9.25% as Investors Cheer Copper Import Tariff
TMC the metals company Inc. (NASDAQ:TMC) is one of the . TMC saw its share prices increase by 9.25 percent on Thursday to close at $6.85 apiece as investor sentiment was supported by President Donald Trump's imposition of 50 percent tariffs on copper imports. According to Trump, the move was aimed at bolstering US copper production of a metal critical to electric vehicles, military hardware, the power grid, and various consumer goods. TMC the metals company Inc. (NASDAQ:TMC), which has operations in the US through its subsidiary The Metals Company USA LLC, is set to benefit from the imposition of levies as it would result in reduced competition and strengthen its pricing power for the said metal. In recent news, TMC the metals company Inc. (NASDAQ:TMC) earned an 'outperform' rating from Wedbush with an $11 price target, a significant upgrade from its 'neutral' stance and $6 price target previously. A tunneling machine underground, deep in the mine to extract the polymetallic nodules. According to Wedbush, the upgrade was based on a stronger US government from President Donald Trump's executive order in April, 'Unleashing America's Offshore Critical Minerals and Resources,' which could allow TMC the metals company Inc. (NASDAQ:TMC) to bypass the UN-affiliated International Seabed Authority and ramp up production in the Clarion Clipperton Zone. While we acknowledge the potential of TMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-07-2025
- Business
- Yahoo
TMC (TMC) Falls on Uncertainties from Deep-Sea Mining Talks
TMC the metals company Inc. (NASDAQ:TMC) is one of the . TMC dropped its share prices for a third straight day, losing 4.42 percent to close at $6.27 apiece as investors continued to unload positions amid uncertainties in the resumption of deep-sea mining talks. This is after the International Seabed Authority (ISA) announced the revival of negotiations on the controversies surrounding deep-sea mining, following President Donald Trump's order last April to fast-track permits for deep-sea mining even beyond US waters, taking advantage of its non-membership in the organization. Sentiment was further dampened by TMC, the metals company Inc.'s (NASDAQ:TMC) bypassing of the ISA after its immediate submission of its first offshore license application, despite being a Canadian company and with Canada being a member of the organization. In recent news, TMC the metals company Inc. (NASDAQ:TMC) earned an 'outperform' rating from Wedbush and an $11 price target, a significant upgrade from its 'neutral' stance and $6 price target previously. A tunneling machine underground, deep in the mine to extract the polymetallic nodules. According to Wedbush, the upgrade was based on a stronger US government from President Donald Trump's executive order in April, 'Unleashing America's Offshore Critical Minerals and Resources,' which could allow TMC the metals company Inc. (NASDAQ:TMC) to bypass the UN-affiliated International Seabed Authority and ramp up production in the Clarion Clipperton Zone. While we acknowledge the potential of TMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Malay Mail
04-07-2025
- Science
- Malay Mail
Deep-sea mining may harm marine life from seabed creatures to sharks, Aussie study finds
SYDNEY, July 4 — Deep-sea mining could impact marine life stretching from the tiniest bottom dwellers to apex predators like swordfish and sharks, a major piece of industry-funded research found yesterday. The Metals Company—a leading deep-sea mining firm—paid Australia's government science agency to pore through data collected during test mining in the remote Pacific Ocean. Huge tracts of Pacific Ocean seabed are carpeted in polymetallic nodules, bulbous lumps of rock that are rich in metals used in battery production—such as cobalt and nickel. The Metals Company is pushing to be the first to mine these nodules in international waters, striving to exploit a remote expanse known as the Clarion-Clipperton Zone. Australia's government science agency released a series of technical reports yesterday detailing how mining could be managed. Bottom-dwellers such as sea cucumbers, marine worms, starfish and crustaceans could see 'significant declines in abundance immediately following mining', research found. Some of these species would partially bounce back within a year, but filter feeders and other tiny organisms that feast on seabed sediments showed 'minimal recovery'. 'On the seafloor, our research shows that there are substantial local impacts from different mining operations,' scientist Piers Dunstan said during a briefing. Deep-sea mining companies are still figuring out the best way to retrieve nodules that can lie five kilometres (three miles) or more beneath the waves. Most efforts focus on robotic harvesting machines, or crawlers, which hoover up nodules as they rove the ocean floor. The Australian scientists looked at how sharks and fish might be harmed by plumes of sediment discharged as mining waste. In some scenarios, apex predators could see toxic metals start to build up in their blood after prolonged exposure to these plumes. 'Long-lived top predators, such as swordfish and large sharks, accumulated the highest simulated metal concentrations,' scientists noted in one report. Risk of harm Simulations showed blood metal concentrations would not exceed international health guidelines, and impacts were less pronounced if sediment was discharged at a greater depth. 'This project helps ensure that if deep-sea mining were to go ahead, there is a clear approach to understand potential risks and impacts to marine life and ecosystems,' Dunstan said. Canada-based The Metals Company is striving to start industrial deep-sea mining in the Clarion-Clipperton Zone within the next two years. The International Seabed Authority—which oversees deep-sea mining in international waters—has yet to adopt long-awaited rules governing the industry. The Metals Company has indicated it could forge ahead even without the authority's approval, pointing to an obscure US law that says American citizens can recover seabed minerals in areas beyond the nation's jurisdiction. The firm paid Australia's Commonwealth Scientific and Industrial Research Organisation—or CSIRO—around US$1 million to compile the reports. CSIRO stressed it was not for, or against, deep-sea mining—but that its work would help to measure and monitor impacts should it go ahead. Energy transition expert Tina Soliman-Hunter said it was one of the 'most comprehensive' pieces of research on deep-sea mining to date. 'Without such research, there is a risk of harm from mining activities that can persist for generations,' said Soliman-Hunter, from Australia's Macquarie University. Found in international waters between Mexico and Hawaii, the Clarion-Clipperton Zone is a vast abyssal plain spanning some 4 million square kilometres (1.7 million square miles). — AFP
