TMC the metals company has recently released its 10-K report, providing a comprehensive overview of its business and financial performance. The company, formerly known as Sustainable Opportunities Acquisition Corporation, is a deep-sea minerals exploration company focused on collecting, processing, and refining polymetallic nodules found on the seafloor in the Clarion Clipperton Zone (CCZ) in the Pacific Ocean. These nodules contain high concentrations of nickel, cobalt, copper, and manganese, which are crucial for electric vehicles, renewable energy storage, steel production, and other applications.
In 2023, TMC made significant progress in its exploration and development efforts. It submitted extensive deep-sea environmental data to the International Seabed Authority (ISA) and published data to the Ocean Biodiversity Information System, making it the largest contributor of biological occurrence data. The company also commissioned an independent third-party lifecycle assessment of the environmental impacts of its NORI Area D project, which showed favorable results compared to land-based production routes for key energy transition metals.
TMC also shared preliminary findings on the environmental impacts of its test mining campaign, demonstrating a commitment to understanding and mitigating potential ecological effects. Additionally, the company announced partnerships with Pacific Metals Co Ltd (PAMCO) of Japan to evaluate the toll treatment and conversion of polymetallic nodules into battery metal feedstock at PAMCO’s existing smelting facility in Hachinohe, Japan, aligning with its capital-light strategy for initial commercial production.
Today the company's shares have moved -11.9% to a price of $1.36. For more information, read the company's full 10-K submission here.
