The Metals Company (NASDAQ:TMC) chief financial officer Craig Shesky speaks to Thomas Warner from Proactive about the strides the company is making in the nascent deep-sea mineral extraction industry.
Shesky explains that The Metals Company specialises in collecting polymetallic nodules from the ocean floor, which contain crucial clean energy metals like nickel, copper, cobalt, and manganese and which do not require mining in the traditional sense. He likens the process of gathering the nodules to picking up golf balls from a driving range.
Shesky highlights the achievements the company has made so far, noting that Mining.com has ranked it as having the world's number one and number two largest undeveloped nickel projects in the world.
Addressing controversies surrounding deep-sea mining, Shesky stressed the importance of understanding the less invasive nature of their operations and their commitment to responsible resource collection. He emphasises stringent regulations overseen by the International Seabed Authority that ensure environmental protection and transparency.
The company recently raised funds, securing $27 million with the potential to increase to $38 million in a move that Shesky suggests demonstrates investor confidence in their mission. He notes that much of the funding came from existing stakeholders who recognise that the company "is playing for a very large upside."
Looking ahead, he says that The Metals Company's success hinges on forging commercial agreements, obtaining regulatory approval for commercial production, and meeting crucial milestones in the rapidly evolving critical minerals sector.
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