TMC and PAMCO Sign Binding MOU to Complete Feasibility Study to Process Polymetallic Nodules into Battery Metal Feedstocks
13 Novembre 2023 - 1:00PM
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 announced that it has signed a
binding MOU with Pacific Metals Co Ltd (PAMCO) of Japan, where
PAMCO will complete a feasibility study to toll treat 1.3 million
tonnes of wet polymetallic nodules per year at its Hachinohe
smelting facility expected to start in Q1 2026, consistent with the
commencement of NORI’s planned first commercial production from the
NORI-D Polymetallic Nodule Project at the end of 2025.
The toll treatment is expected to take place on
a dedicated rotary kiln-electric arc furnace (RKEF) processing line
and produce two products: nickel-copper-cobalt alloy — an
intermediate product used as feedstock to produce Li-ion battery
cathodes — and a manganese silicate product used to make
silico-manganese alloy, a critical input into steel manufacturing.
PAMCO’s Hachinohe facility is located on the coast in northern
Japan and is equipped with port and processing infrastructure
required to receive and process polymetallic nodules and to ship
products to customers.
PAMCO successfully completed a pre-feasibility
exercise pursuant to a non-binding MoU signed by the parties in
November 2022. Under the new binding MoU:
- PAMCO, with TMC support, expects to
complete the feasibility study by Q3, 2024.
- TMC provides PAMCO with the
exclusive right to the first 1.3Mtpa of the expected 3Mtpa of wet
nodule collection capacity of the company’s first nodule collection
system until completion of the feasibility study.
- The parties will enter into good
faith negotiations to finalize definitive processing agreements on
completion of the feasibility study.
The feasibility study is expected to confirm
operating parameters and product specifications for PAMCO’s
dedicated production line and define the scope and execution plan
for any additional equipment requirements, which are currently
expected to be minor. An extended pilot demonstration program
utilizing existing kilns and furnaces at PAMCO’s Hachinohe facility
is expected to treat a 2,000 tonne sample of polymetallic nodules
collected during the successful pilot nodule collector test
completed by Allseas in November 2022 on the NORI-D area, with the
goal of optimizing the furnace refractory selection and confirm
commercial scale operating parameters such as tapping temperatures
and dusting rates when treating nodules through the Hachinohe
facility. The cost of processing polymetallic nodules will be
estimated to inform finalization of the definitive processing
agreements.
In parallel, PAMCO is continuing to study the
addition of a converting facility to process the intermediate alloy
to nickel-copper-cobalt matte, which is an upgraded intermediate
battery supply chain feedstock. It is expected that the additional
facility would be constructed once commercial processing of
polymetallic nodules to alloy has been demonstrated.
Gerard Barron, CEO & Chairman of The Metals
Company, said: “We have been impressed with PAMCO’s technical and
operating capability and are excited to progress to the next stage
of our relationship with a trusted partner. Work to date has
confirmed that the Hachinohe plant is well-suited to process
nodules with near-zero solid waste, with little modification. We
look forward to progressing with PAMCO on the upcoming feasibility
study, finalizing the definitive agreements and ultimately
processing nodules to provide the metals required for the energy
transition. This binding MoU underscores our stated capital-light
strategy to get into initial commercial production swiftly and with
lower upfront capital by re-using existing onshore production
assets, as well as by leveraging the deep operational expertise of
our partners Allseas and PAMCO. These partnerships and our
relentless focus on the environmental and social impacts of any
future operations is how we unlock the enormous battery metal
resource held by TMC.”
Masayuki Aoyama, PAMCO President, commented: “We
look forward to working further with TMC to enhance the value of
the Hachinohe facility by processing a higher value material with a
lower environmental impact. We are excited by the prospect of being
the first commercial processor of polymetallic nodules and see the
opportunity to emerge as supplier of Li–ion battery metals.”
About The Metals CompanyThe 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 metal 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. More information is
available at www.metals.co.
About Pacific Metals (PAMCO) Since its
establishment in 1949, Pacific Metals Co., Ltd. (PAMCO) has
performed through Japan’s post-war reconstruction and many crises
to develop new technologies, launch new products, and implement an
effective quality control program with a view to satisfying the
needs of the customer and becomes Japanese leading ferronickel
producer. With ferronickel as its main product, PAMCO produces
nickel slag products obtained as by-products in the smelting
process.
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media@metals.co Investors | investors@metals.co
Forward Looking Statements
Certain statements made in this press release are not historical
facts but are forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform
Act of 1995. Forward-looking statements generally are accompanied
by words such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook” and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters, including
related to statements regarding the studies to evaluate the
processing of polymetallic nodules, the pilot demonstration on a
2,000-tonne nodule sample and any engineering of additional
equipment needed for converting nickel-copper-cobalt alloy into an
upgraded matte product. These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from those discussed in the
forward-looking statements. Most of these factors are outside TMC’s
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to: TMC’s strategies and
future financial performance; the ISA’s ability to timely adopt the
final mining regulations and/or willingness to review and/or
approve a plan of work for exploitation under the United Nations
Convention on the Laws of the Sea (UNCLOS); TMC’s ability to obtain
exploitation contracts or approved plans of work for exploitation
for its areas in the Clarion Clipperton Zone; regulatory
uncertainties and the impact of government regulation and political
instability on TMC’s resource activities; changes to any of the
laws, rules, regulations or policies to which TMC is subject,
including the terms of the final mining regulations, if any,
adopted by ISA and the potential timing thereof; the impact of
extensive and costly environmental requirements on TMC’s
operations; environmental liabilities; the impact of polymetallic
nodule collection on biodiversity in the Clarion Clipperton Zone
and recovery rates of impacted ecosystems; TMC’s ability to develop
minerals in sufficient grade or quantities to justify commercial
operations; the lack of development of seafloor polymetallic nodule
deposit; TMC’s ability to successfully enter into binding
agreements with Allseas Group S.A. and other parties in which it is
in discussions, if any; uncertainty in the estimates for mineral
resource calculations from certain contract areas and for the grade
and quality of polymetallic nodule deposits; risks associated with
natural hazards; uncertainty with respect to the specialized
treatment and processing of polymetallic nodules that the Company
may recover; risks associated with collective, development and
processing operations, including with respect to the development of
onshore processing capabilities and capacity and Allseas Group
S.A.’s expected development efforts with respect to the Project
Zero offshore system; TMC’s dependence on Allseas Group S.A.;
fluctuations in transportation costs; fluctuations in metals
prices; testing and manufacturing of equipment; risks associated
with TMC’s limited operating history, limited cash resources and
need for additional financing; risks associated with TMC’s
intellectual property; Low Carbon Royalties’ limited operating
history; and other risks and uncertainties, including those under
Item 1A “Risk Factors” in TMC’s Annual Report on Form 10-K for the
year ended December 31, 2022, filed by TMC with the Securities and
Exchange Commission (“SEC”) on March 27, 2023, as updated and/or
supplemented by TMC’s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2023, filed with the SEC on August 14, 2023, and in
TMC’s other future filings with the SEC, including TMC’s Quarterly
Report on Form 10-Q for the quarter ended September 30, 2023, filed
with the SEC on November 9, 2023. TMC cautions that the foregoing
list of factors is not exclusive. TMC cautions readers not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. TMC does not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions, or
circumstances on which any such statement is based except as
required by law.
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