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Canada - Anti-deep sea mining rally held on Ocean's Day - MINING.COM

A deep-sea mining pilot expected to occur later this year 1,300 nautical miles southwest of Sandiego, California was the subject of a rally in Vancouver Wednesday.

A deep-sea mining pilot expected to occur later this year 1,300 nautical miles southwest of Sandiego, California was the subject of a rally in Vancouver Wednesday.

Wednesday was Oceans Day, and one of the companies blazing a path in the new frontier of deep ocean mining – The Metals Company (Nasdaq:TMC) — is incorporated in the Cayman Islands but headquartered in Vancouver.

Two of its early investors are from Vancouver — mining mogul Frank Giustra and Brian Paes-Braga, founder of Lithium-X (TSX-V:LIX), which he sold in 2018 for C$265 million ($209m).

The Metals Company was formed last year through a C$2.9 billion ($2.29bn) merger between Vancouver’s DeepGreen Metals with a special-purpose acquisitions company, Sustainable Opportunities Acquisition Corp.

The company’s stock hit a high of $12.45 September 13, 2021, but has since fallen to $1.42 – perhaps a reflection of just how risky investors consider this new process for mining the ocean floor for minerals may be. No one has yet done it on a commercial scale.

The company and its technology partner, Allseas, recently marked the commissioning of key components of the underwater mining system that will be used to scoop up metals-rich pollymetallic nodules laying on the ocean floor in an area known as the Clarion Clipperton Zone between Hawaii and Mexico.


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