Ocean-floor miner The Metals Company starts trading
The Metals Company said today it began trading on the NASDAQ under the symbol TMC.
The Metals Company plans to collects polymetallic nodules containing cobalt, nickel, manganese and copper from the ocean floor. The company said production is expected to commence in 2024 from its NORI Area D block in the Pacific Ocean. The Metals Company is forecasting close to $2 billion in EBITDA in 2027.
A March financing valued the company at about $2.9 billion.
"Public listing and access to public capital markets is an important milestone in our mission to solve the raw materials challenges of the clean energy transition," said Gerard Barron, Chairman and CEO of The Metals Company.
“If you read the latest reports from the Intergovernmental Panel on Climate Change and the International Energy Agency, it’s clear that the transition to clean energy simply cannot happen at scale and on the schedule needed to keep global warming at bay without urgent, large-scale investment in the upstream production of critical metals. We believe we have a solution that is more scalable, secure, lower cost and lower impact than mining these minerals on land: We can produce battery metals from high-grade polymetallic nodules found on the seafloor in the international waters of the Clarion-Clipperton Zone."
There has been push back against mining on the ocean floor.
Earlier this week environment officials and campaigners called for a global moratorium on deep-sea mining, according to a report by Reuters.