TMC and Nauru Announce Updated Sponsorship Agreement for Nauru Ocean Resources Inc. (NORI)

Core Points - The Government of Nauru and TMC have signed a revised Sponsorship Agreement, updating the terms from 2017, which ensures continued financial benefits and support for community programs in Nauru [1][2][5] - Nauru aims to enhance its economic stability through responsible deep-sea mineral development, guided by scientific research and ecological safeguards [6][7] - The partnership between Nauru and TMC is positioned as a model for other developing states in the deep-sea mining industry, emphasizing sustainable practices and community benefits [3][4][7] Group 1 - The revised Agreement guarantees that Nauru will continue to receive existing financial benefits and community support while ensuring continuity benefits upon the commencement of commercial production by NORI or TMC [2][5] - Nauru has taken a leading role in the deep-sea mining industry, having conducted 22 offshore research campaigns and developed a comprehensive dataset on deep-sea environmental information [3][5] - The President of Nauru highlighted the importance of science-based solutions for climate change and the need for small island nations to participate in the energy transition [3][4] Group 2 - The Agreement stipulates that the majority of financial benefits will be directed into Nauru's Intergenerational Trust Fund to enhance long-term economic resilience [6] - TMC's Chairman emphasized the importance of a science- and rules-based approach to deep-seabed mineral development, which has shaped the trajectory of the industry [7] - Nauru remains committed to working with the International Seabed Authority (ISA) and acknowledges the delays in adopting Exploitation Regulations that have affected NORI's commercial plans [5][6]