- The FY25 National Defense Authorization Act (NDAA) mandates a Defense Department feasibility study on refining polymetallic nodule-derived intermediates to high-purity nickel, copper, and cobalt products
- The study, to be led by the Industrial Base Policy Office, will evaluate options to bolster domestic critical mineral supply chains
- Separately, TMC’s U.S. subsidiary has applied for a $9 million Defense Production Act Title III grant to advance feasibility work on a domestic refinery for nodule-derived intermediate products
- Earlier this year, TMC and SGS successfully produced high-grade nickel and cobalt products from nodule intermediates in Ontario, while Pacific Metals Co. in Japan is conducting commercial-scale trials using nodules collected during TMC and Allseas’ pilot collection system test in the NORI area in 2022. These materials are expected to qualify for U.S. critical mineral incentives supporting clean energy, infrastructure and defense technologies
NEW YORK, Dec. 30, 2024 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of the world’s largest estimated undeveloped source of critical battery metals, today welcomed the signing of legislation calling for financial support from the Defense Department’s Industrial Base Policy office to “assess the feasibility of improving domestic capabilities for refining polymetallic nodule-derived intermediates into high-purity nickel, cobalt sulfate, and copper.”
The legislation, signed into law by President Biden on December 23, 2024, was led by the House Armed Services Committee and calls for the completion of a feasibility study by the end of 2025 for a nodule-derived intermediate refinery which would bring the U.S. closer to addressing the biggest vulnerability in its domestic battery supply chains – nickel refining – as identified in Executive Order 14017. A wide variety of lawmakers, including Trump’s nominee for UN Ambassador, Rep. Elise Stefanik (R-NY-21), and former military officials have urged the Administration to consider polymetallic nodules as a component of its national critical mineral strategy.
Vice Chairman of the House Armed Services Committee, Rep. Rob Wittman (R-VA-01), commented: “Polymetallic nodules have the potential to decouple America’s critical mineral supply chains from our adversaries, ensuring a stable and secure flow of essential materials like nickel, cobalt, and copper. By embracing this domestic refining capability, we can fortify our national security and enhance domestic manufacturing resilience with responsibly sourced materials. I was proud to support the inclusion of the original nodule-intermediate feasibility study amendment in this year’s conferenced National Defense Authorization Act, and I’m pleased to see this critical piece of legislation signed into law.”
TMC CEO and Chairman, Gerard Barron, stated: “I am delighted to see this further tangible support for domestic nodule refining from the United States as Congress moves to secure a stable supply of responsibly sourced critical minerals. Given existing strong support from Republicans in Congress and several key members of President-elect Trump’s administration, we expect 2025 will see a major leap forward in U.S. activity in this industry.”
The NDAA directs “the Secretary of Defense, in coordination with the Assistant Secretary of Defense for Industrial Base Policy, to report to the Committees on Armed Services of the Senate and the House of Representatives, not later than December 31, 2025, with a study on the feasibility and advisability of improving domestic capabilities for refining polymetallic nodule-derived intermediates into high-purity nickel, cobalt, sulfate, and copper for defense applications.”
Leader of the feasibility study directive, Rep. Brad Finstad (R-MN-01), added: “Our adversaries continue to outpace the United States in terms of access to resources and innovation. I’m happy that the FY25 NDAA included a study on the feasibility of improving domestic capabilities for refining deep-sea polymetallic nodule intermediates for defense applications and I look forward to building on these efforts in the future. I am also a proud to co-sponsor of the Responsible Use of Seafloor Resources Act, which calls for the U.S. to support seafloor resource exploration and responsible polymetallic nodule collection by the U.S. and our allied partners. Preventing adversaries like China from monopolizing mineral refining and increasing our critical investments in the domestic refining of deep-sea resources is imperative to national security and the future of defense in the U.S.”
In March, TMC welcomed the introduction of the Responsible Use of Seafloor Resources Act by House Republicans calling for the U.S. to “support international governance of seafloor resource exploration and responsible polymetallic nodule collection by allied partners” and to “provide financial, diplomatic, or other forms of support for seafloor nodule collection, processing and refining.” Later in May, the Company welcomed the allocation of funding under the House version of the fiscal year 2025 NDAA to the Defense Department’s Industrial Base Policy Office to study the feasibility of developing domestic capacity to refine polymetallic nodule-derived intermediates to high-purity nickel, copper and cobalt products. Recent developments follow those in 2023 in which Republicans urged the Defense Department to assess domestic processing of seafloor polymetallic nodules as a means to secure key energy transition metals and “close national security vulnerabilities.”
About The Metals Company
The Metals Company is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the global energy transition with the least possible negative impacts on planet and people and (2) trace, recover and recycle the metals we supply to help create a metals commons that can be used in perpetuity. The Company through its subsidiaries holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga.