Key points
- The White House’s 100 day supply chain review elevated battery grade nickel to critical mineral status.
- The review highlighted the $17 billion Advanced Technology Vehicles Manufacturing Loan Program for critical mineral processing.
- The Metals Company, formerly DeepGreen Metals, said its seafloor nodules could cut lifecycle impacts by 70 to 99 percent versus land ores.
- The company had announced in March 2021 a planned merger with Sustainable Opportunities Acquisition Corp (NYSE: SOAC).
Vancouver, Canada – June 10, 2021- The Metals Company (formerly DeepGreen Metals), a Canadian explorer of lower-impact battery metals from seafloor polymetallic nodules, today welcomed the findings of the White House’s comprehensive 100-day review addressing supply chain challenges and outlined how its plans can make a material contribution to re-shoring American supply chains for the critical minerals needed for batteries.
The challenges outlined by The Metals Company in its recent response to the Department of Energy’s Request for Information that followed an earlier Executive Order, include an insufficient and highly concentrated supply of battery metals, rising costs, and the growing environmental and social impact footprint for sourcing these minerals through land-based mining.
“The Biden Administration has rightly recognized that a stable and secure battery supply chain is paramount to maintaining American economic prosperity and national security. Declaring nickel as one of the top three most critical minerals for batteries and including processing of battery metals in the $17b Advanced Technology Vehicles Manufacturing Loan Program is an important step for the United States to start building mineral independence while taking a more prominent role in the clean energy transition,” said Gerard Barron, Chairman and CEO of The Metals Company, which announced in March that it would merge with Sustainable Opportunities Acquisition Corporation (NYSE: SOAC).
With relevance to The Metals Company, the report made the following recommendations and observations:
- Elevation of nickel to ‘critical’ status –
- Expanded government funding scope for critical mineral processing in the U.S.- reported by Reuters, the establishment of domestic nickel refining capacity was the highest priority outlined in the Biden administration’s 100-day supply chain review.
- Potential of seafloor minerals
- U.S. must invest in sustainable extraction and processing of critical minerals, at home and abroad.- Lying unattached on the seafloor, nodules can be collected without drilling or blasting.
- Compared to land ores, polymetallic nodules can reduce the lifecycle environmental and social impacts of battery metal production by between 70–99%.
- Nodules can be shipped anywhere in the world for processing with zero solid waste and no toxic tailings, bringing an abundant, lower-impact supply of battery metals to America’s doorstep.
- Work with allies and partners to diversify supply chains–
- Reform and strengthen U.S. stockpiles
Contacts
Media | The Metals Company | [[email protected]](/cdn-cgi/l/email-protection#89fbe6fbf0c9e4ecfde8e5faa7eae6)
Investors | [[email protected]](/cdn-cgi/l/email-protection#365f5840534542594445765b5342575a45185559)
