The Metals Company, formerly DeepGreen Metals, is a Canadian deep sea mining exploration company.[1] The company focuses on the mining of polymetallic (manganese) nodules.[2][3]
 | |
| Company type | Public |
|---|---|
| Founded | 2011 |
| Headquarters | Vancouver, British Columbia, Canada |
| Website | metals.co |
In 2021, DeepGreen Metals was acquired by Sustainable Opportunities Acquisition Corp (SOAC) in a $2.9 billion Special Purpose Acquisition Company (SPAC) deal.[4] Baird Maritime noted that The Metals Company had no revenue or production as of April 2021, and highlighted the company's risky commercialization efforts: "Nobody has successfully managed to commercially harvest the nickel, copper, manganese, and cobalt from the nodules in 4,500 metres of water since interest was first stimulated in seabed mining in the 1970s."[5]
Criticism
Industry observers questioned the company's "green" positioning.[3][6] The Wall Street Journal noted that CEO Gerard Barron previously backed another deep sea mining company that "lost a half-billion dollars of investor money, got crosswise with a South Pacific government, destroyed sensitive seabed habitat and ultimately went broke".[3]
Many scientists expressed concerns over the risks of deep-sea mining.[7][8] In response to DeepGreen's efforts in Nauru, over 400 scientists signed a statement in opposition, alleging that it would result in the “loss of biodiversity and ecosystem functioning that would be irreversible on multi-generational timescales.”[7][9] DeepGreen published an open letter defending its practices after four BMW, Volvo, Google, and Samsung SDI supported a World Wildlife Fund call for a moratorium.[10]