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☆ U.S. Political Support for Deep-Sea Mining Is Growing Despite Pushback From Allies
▼ + stars: | 2024-01-13 | by ( Yusuf Khan | ) www.wsj.com time to read: +3 min

Photo: The Metals CompanyU.S. political support for deep-sea mining has taken on a new urgency as Norway this week became the first country to legalize extraction of minerals from the ocean bottom despite strong opposition from western allies. On Tuesday, Norway became the first country in the world to approve deep-sea mining within its waters despite pushback from environmental groups and some nations. Despite the opposition, deep-sea mining in international waters could become legal this year. The International Seabed Authority—the United Nations-backed organization that regulates all mineral activities in international waters—has been drafting a mining code to govern the practice. “Promising to protect the oceans one day and proposing deep-sea mining the next, is next-level hypocrisy [for Norway],” said Amanda Louise Helle, Greenpeace Norway activist.

Persons: Sen, Lisa Murkowski, ”, Amanda Louise Helle, “, Yusuf Khan Organizations: Metals Company, Pentagon, Department of Defense, United Nations, ISA, U.S . Senate, United Nations Convention, Clarion, Greenpeace Locations: Norway, China, United States, France, Germany, Canada, U.S, isn’t, Alaska, Hawaii, Greenpeace Norway

☆ Deep-sea mining could help solve the global critical minerals shortage, but it's a lightning rod for controversy
▼ + stars: | 2023-09-20 | by ( Katie Brigham | ) www.cnbc.com time to read: +6 min

But extracting these metals via deep-sea mining has become a lightning rod for global controversy, as many fear the potential ecological disruptions it could cause in a part of our planet that remains largely unexplored. The Metals Company has announced that it's planning to submit its application next summer and begin exploitation in 2025, leaving many concerned about the potential implications. "What I am absolutely convinced of is that we can slow down or maybe even stop the growth in rainforest nickel," Barron said. Deep-sea mining avoids the emissions associated with blasting, as well as sulfidic tailings, a waste material that can contaminate groundwater. Great unknownsA few years ago, the World Wildlife Fund released a business statement calling for a moratorium on deep-sea mining.

Persons: Jessica Battle, Gerard Barron, we're, Barron, Andrew Miller Organizations: Clarion, United Nations, International, Authority, ISA, Metals Company, Mining, The Metals Company, Benchmark Mineral Intelligence, Metals, World Wildlife, Google, Samsung, BMW, Volkswagen, Volvo, Renault, WWF, CCZ, National Oceanic, Atmospheric Administration Locations: Indonesia, Congolese, U.S, Texas

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe global controversy around deep sea miningThere are billions of tons and billions of dollars worth of critical minerals in the deep sea. However, the debate over whether or not to extract them has become a global controversy, due to potential ecological disruptions and the lack of international regulations governing this type of mining. One corporation, The Metals Company, is forging ahead and planning to begin extraction by 2025, leaving many concerned that this timeline is too aggressive considering the absence of global governance.

Organizations: The Metals Company

☆ The Metals Company announces a controversial timeline for deep sea mining that worsens the divide in an already bitter battle
▼ + stars: | 2023-08-04 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +12 min

It then went public in 2021 through a special purpose acquisition company, or SPAC, and is looking to establish deep sea mining as a business. "Voices against deep sea mining have never been so loud — from the fishing sector to financiers, indigenous peoples, scientists and big business." In addition, the findings of the study do not mean that Benchmark is endorsing deep sea mining, she added. Deep sea mining won't replace land-based mining, but rather will simply add another source of minerals, she said in March. Regardless, Singh says, there is a lot of work yet to be done by members of the council to establish regulations before any deep sea mining commences.

Persons: Gerard Barron, Carolyn Cole, it's, Amon, That's, Louisa Casson, Charlotte Selvey Miller, Miller, that's, Barron, Kannah, Pradeep Singh, It's, Singh, Allseas, — Organizations: The Metals Company, Los Angeles Times, Authority, ISA, Metals Company, Maersk, CNBC, Greenpeace, Company, Benchmark Mineral Intelligence, Benchmark, Democratic, PT Vale Indonesia, . Geological Survey, Metals, Mining, Darton Commodities, Afp, Getty, International Union for Conservation of Nature Locations: Clarion, San Diego, Norway, Mexico, United Kingdom, Texas, Canada, Indonesia, Russia, Democratic Republic of the Congo, Sorowako ., Amon, Kolwezi, Shabara, Congo, Pacific, Nauru, Tonga, Kiribati

☆ Pacific Seabed Mining Delayed as International Agency Finalizes Rules
▼ + stars: | 2023-07-23 | by ( Eric Lipton | More About Eric Lipton | ) www.nytimes.com time to read: +1 min

The effort to postpone the start has been led by nations including Costa Rica, Chile and France. The three nations urged other countries that are members of the Seabed Authority’s governing council to agree that no permit authorizing mining in international waters should be granted until regulations are finalized. “We are on the side of the ocean,” said Gina Guillén Grillo, Costa Rica’s representative to the Seabed Authority who has helped lead the opposition to seabed mining. While the Seabed Authority continues its work to determine environmental standards, as well as a royalty rate that will be paid by the mining contractors, among other matters, the Metals Company will continue to lobby other nations, Mr. Barron said. The Metals Company and Nauru, along with the delegation from China, which also has been aggressively pursuing seabed mining, pushed unsuccessfully at last week’s meeting for the Seabed Authority to set a goal of finalizing the regulations by 2024.

Persons: ”, Gina Guillén Grillo, Costa, ” Gerard Barron, Barron, Mr Organizations: Metals, Metals Company, The Metals Company Locations: Costa Rica, Chile, France, Nauru, Indonesia, Congo, China

☆ Here are Tuesday's biggest analyst calls: Nvidia, Apple, Nio, Tesla, Netflix, JPMorgan, Amazon & more
▼ + stars: | 2023-07-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Here are Tuesday's biggest calls on Wall Street: Morgan Stanley reiterates Nio as overweight Morgan Stanley said it thinks the electric vehicle company's stock will begin to gain traction. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley reiterated Microsoft as a top pick and said it has "compelling positioning." Baird reiterates Tesla as outperform Baird said it's bullish on the company's supercharger opportunity. Cowen reiterates Netflix as outperform Cowen said it's standing by its outperform rating on the stock heading into earnings next week. Truist upgrades Scotts Miracle-Gro to buy from hold Truist said in its upgrade of Scotts that the pandemic hangover is finished.

Persons: Morgan Stanley, Nio, KeyBanc, –, Baird, Tesla, it's bullish, Cowen, it's, Piper Sandler, Piper, Wells, Uber, Evercore, Netflix Evercore, Argus, Generac, Canaccord, Canacccord, Newell, Wolfe, Jefferies, TOST, JPM, Goldman Sachs, Goldman, TD Cowen, Truist Organizations: Microsoft, CIO Survey, Netflix, TikTok, IG, Mobile, UBS, Commercial Metals, Commercial Metals Company, Amazon, Industrial, Newell Brands, destocking, Citi, Hewlett Packard Citi, HP Inc, Apple, Jefferies, JPMorgan, Bank of America, underperform Bank of America, Bancorp, of America, US Bancorp, JetBlue, Alliance, . Carriers, Target, Scotts Miracle, Gro, " Bank of America, American Express Locations: Wells Fargo, Underperform, Scotts

☆ Deep-sea metal rush in doubt as regulatory body meets
▼ + stars: | 2023-07-07 | by ( David Stanway | ) www.reuters.com time to read: +3 min

Environmental groups expect next week's meeting of the International Seabed Authority (ISA) in Kingston, Jamaica, to rule out any immediate permission for mining to begin. Mining companies say the ocean floor is potentially rich in metals like nickel and cobalt used in batteries for electric vehicles, so their extraction will support the global energy transition. Any permitting delay will hurt the prospects of Canada's The Metals Company (TMC.O) (TMC), which has led efforts to exploit seabed minerals in the Pacific. TMC says that while deep-sea mining will have some ecological impact, it would be less damaging than land-based extraction. "The fact is no one has ever mined the sea floor in any major commercial capacity," said Victor Vescovo, an investor and deep-sea explorer who will attend the meeting.

Persons: Sian Owen, Victor Vescovo, David Stanway, Melanie Burton, Clara Denina, Robert Birsel Organizations: Authority, Mining, The Metals Company, TMC, Conservation Coalition, ISA, Thomson Locations: SINGAPORE, Kingston , Jamaica, Pacific, Nauru, Germany, New Zealand, Switzerland, France, Norway, Melbourne, London

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Amazon, Eli Lilly, Broadcom, Microsoft & more
▼ + stars: | 2023-06-22 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Bank of America upgrades XP to buy from neutral Bank of America said the Brazilian investment company's shares will re-rate higher. JPMorgan reiterates Amazon as overweight JPMorgan reiterated the stock as a top idea and said it sees a runway for more growth for Amazon Prime. " Deutsche Bank adds a catalyst call buy on Walgreens Deutsche says it's bullish heading into earnings next week. Bank of America reiterates Eli Lilly as buy Bank of America said the biopharma company is still one of the firm's favorite ideas. Bank of America reiterates Broadcom as buy Bank of America raised its price target on AI beneficiary Broadcom to $1,050 per share from $950.

Persons: Fargo, Goldman Sachs, Wells, Bud, Bud Light, Bernstein, Kellogg, underperform Bernstein, Morgan Stanley downgrades Tesla, Morgan Stanley, Tesla, " Bank of America downgrades Dow, DOW, it's, Riley, Expedia, TripAdvisor, Eli Lilly, Lilly, Raymond James, Alcoa, Piper Sandler, Piper Organizations: Bank of America, of America, Deutsche Bank, Anheuser Busch InBev, Deutsche, Nielsen, JPMorgan, Amazon Prime, Kellogg, " Bank of America, Walgreens Deutsche, Microsoft, Apple, Developers, Broadcom, Alcoa, Citi, Boston Scientific Citi, PFA, Card Locations: Brazil

☆ Pro Take: Can Nickel, Cobalt and Other Battery Metals Be Sourced Sustainably?
▼ + stars: | 2023-05-11 | by ( Yusuf Khan | ) www.wsj.com time to read: +6 min

Lockheed Martin and Norway’s Storebrand also have recently sold their interests in deep-sea mining companies. Others including German luxury carmaker BMW have said that, given environmental concerns, they won’t use battery metals sourced from the deep sea. More than a dozen countries are concerned about the environmental impact of the practice and are calling for a moratorium on seabed mining. A nickel mining site on the island of Sulawesi, Indonesia. Proponents of deep-sea mining say the nascent practice is a less harmful way to extract nickel than how the mineral is currently sourced in Indonesia.

☆ Shipping Giant Maersk Drops Deep Sea Mining Investment
▼ + stars: | 2023-05-03 | by ( Yusuf Khan | ) www.wsj.com time to read: +4 min

Shipping company A.P. Moller-Maersk is selling its stake in deep-sea mining firm The Metals Company, even as the legal process to allow seabed mining approaches its final stages. The shipping company held more than 9% of TMC in 2021, according to data from FactSet and has been an investor in the company since 2017. TMC is one of the biggest proponents of deep-sea mining and is the most active company within the space, being the first to complete pilot testing. TMC and other deep-sea mining firms have come under fire over worries that the practice will harm the seabed environment.

☆ As Gen Z flounders at work and millennials struggle to buy a house, boomers are enjoying a golden moment
▼ + stars: | 2023-04-09 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

This week's dispatchThe Metals Company; Greenpeace; Luis Alvarez/Getty Images; Karl Hendon/Getty Images; Alyssa Powell/InsiderOptimists don't just dream — they do. Gen Zers and young millennials have soured on work just as much as everyone else — and that's bad news for companies everywhere. Also read:Tyler Le/InsiderOver the past few years, Lex Fridman has gone from an unknown academic researcher to a social-media celebrity and member of Elon Musk's inner circle. But recently, "The Lex Fridman Podcast" has become a haven for a growing and powerful sector looking to dismantle years of "wokeness." More on the rise of Lex Fridman.

He had told Oxford Gold that he wanted to "get the lay of the land" ahead of picking up a $9 million order for 151 gold kilo bars. But most unusual was that Mancuso wanted to pick up the order from the Oxford Gold office, the source said. The next day, Mancuso contacted Oxford Gold about buying $9 million worth of gold, and the company agreed to sell him 151 gold kilo bars. But Oxford Gold was alerted on December 2 that this was a fraudulent transaction, said a source with direct knowledge. Unsure what to do, Oxford Gold contacted the Beverly Hills Police Department, and eventually got in touch with the FBI, this source said.

☆ A deadline looms for rules governing deep-sea mining, but a rushed decision may be risky
▼ + stars: | 2023-03-27 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +12 min

Proponents say that deep-sea mining there is a less damaging way to gather metals like nickel, copper, manganese and cobalt. Opponents of deep-sea mining say there is not enough information to make that kind of decision. Critics of the idea of deep-sea mining have said the process is being rushed. That's what's behind the drive for diversity of supply on land-based mining, as well as exploration of alternatives such as deep-sea mining." Finding consensus for the Wild West of the seaOpponents of deep-sea mining want to tap the brakes.

☆ TMC Gets Approval for Pilot Deep-Sea Mining Project
▼ + stars: | 2022-09-12 | by ( Yusuf Khan | ) www.wsj.com time to read: 1 min

Deep-sea mining for battery metals is moving a step closer to reality after one of the most prominent companies in the space received approval to test whether it is safe to collect nodules from the sea floor. The Metals Company, based in Vancouver, received permission from the International Seabed Authority to collect iron or manganese nodules from the sea floor between Hawaii and Mexico, testing if it is viable to extract battery metals from the ocean for commercial purposes.

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