Core Viewpoint - The International Seabed Authority (ISA) cannot legally approve deep seabed mining without establishing benefit-sharing rules, which remain unresolved despite increasing pressure for commercial extraction [1][4][14] Industry Overview - The debate surrounding deep seabed mining focuses on the ISA's timeline for finalizing exploitation regulations, especially after Nauru invoked the two-year rule in 2021 to expedite the process [2] - Mining companies and certain states believe that the adoption of exploitation rules would facilitate commercial activities, but legal experts argue that these rules alone do not fulfill the requirements of the UN Convention on the Law of the Sea (UNCLOS) [3][4] Regulatory Challenges - Under UNCLOS, the ISA Assembly holds the authority over benefit-sharing regulations, which must be approved separately from exploitation rules, leading to a slower process [6] - The absence of clear benefit-sharing rules prevents states from assessing whether seabed mining serves the interests of humanity as a whole, with African nations emphasizing the need for demonstrable shared benefits [7] Geopolitical Context - Geopolitical interest in seabed minerals is rising, particularly from the US, which is not a party to UNCLOS but seeks access to critical minerals from the ocean floor, causing concern among treaty members [8] - Companies like Lockheed Martin and Impossible Metals are actively pursuing seabed mining opportunities, despite ongoing regulatory uncertainties [8][9] Financial Developments - The Metals Company from Canada has made strides by filing for a commercial permit and securing an $85.2 million investment from Korea Zinc, positioning itself as a viable alternative for refining extracted materials [10] Progress on Benefit Sharing - Progress on establishing benefit-sharing regulations has been slow, with the ISA's Finance Committee only releasing its first draft framework in 2024, decades after initial discussions began [11] - Current discussions are leaning towards creating a Common Heritage Fund to finance research and capacity building, although critics argue this diverts from the goal of reducing global inequality [12] Future Considerations - The ISA Council has requested further development of the Common Heritage Fund concept, while legal experts warn that proceeding with mining before resolving benefit-sharing issues would violate UNCLOS and hinder future negotiations [13]

Summary of Deep Sea Mining and Offshore Oil & Gas Industry Insights Industry Overview - The report focuses on the deep sea mining and offshore oil & gas industry, highlighting the potential for significant mineral resource extraction from marine areas deeper than 200 meters, which constitute approximately 90% of the ocean's total area [12][13]. Key Findings 1. **Mineral Resource Valuation**: - Estimated mineral resources in the deep sea are valued at approximately **US$177 trillion**, with an upside scenario reaching **US$287 trillion** [12][16]. - The total value of deep sea mineral reserves includes **US$81 trillion** in metals and **US$95 trillion** in oil & gas [49][51]. 2. **Capital Expenditure Forecast**: - Offshore oil & gas exploration and production (E&P) capital expenditure (capex) is projected to be around **US$2.5 trillion** over the next decade [12][29]. - Deep sea metal mining equipment capex is expected to surge from **US$150 billion** in the next decade to **US$1.5 trillion** from 2036 to 2050 [12][68]. 3. **Market Opportunities**: - The deep sea mining market is anticipated to grow significantly, with a total addressable market (TAM) reaching **US$1.7 trillion** from 2026 to 2050 [3][68]. - Key beneficiaries identified include companies like MODEC, CIMC, Saipem, SLB, Wärtsilä, Jereh, COSL, and Vale Indonesia [2]. Challenges and Concerns 1. **Environmental and Regulatory Issues**: - Major concerns include environmental protection, biodiversity loss, and the slow regulatory progress from the International Seabed Authority (ISA) [4][15]. - The deep sea mining industry faces significant ecological risks, including potential irreversible damage to marine ecosystems and biodiversity [15][81]. 2. **Technological and Cost Barriers**: - Current deep sea mining costs are approximately **25% higher** than terrestrial mining, but advancements in technology could lead to cost parity by **2033** [64][65]. - The report emphasizes the need for technological advancements to reduce operational and environmental costs [64]. Market Dynamics 1. **Supply Constraints**: - The demand for critical metals such as copper, cobalt, and nickel is increasing due to the transition to green energy and high-tech industries, while terrestrial supplies are depleting [18][20]. - Geopolitical tensions are exacerbating supply pressures, particularly as production is concentrated in a few countries [18][20]. 2. **Geopolitical Influence**: - The report notes significant developments in 2025, including the US and China prioritizing deep sea technology and mining, which may accelerate the commercialization of deep sea mining [14][42]. Sector Implications - The report identifies various sectors that could benefit from the deep sea economy, including: - **Oil & Gas**: Increased exploration and production activities, particularly in deepwater regions [85]. - **Capital Goods**: Demand for underwater robotics and equipment is expected to rise [85]. - **Shipping and Transportation**: Increased demand for dry bulk shipping as deep sea minerals are collected and transported for refining [85]. Conclusion - The deep sea mining and offshore oil & gas sectors present substantial investment opportunities, driven by technological advancements and increasing demand for critical minerals. However, environmental concerns and regulatory challenges remain significant hurdles that need to be addressed for sustainable development in this industry [84][85].

Market Overview - The market has experienced significant volatility this week, with reactions to various news events impacting performance [2][3] - Despite the volatility, there are bullish charts indicating potential buying opportunities in certain sectors [2][3] Company Analysis: AMD - AMD has seen a substantial increase of 45% over the last month, but is currently pulling back to support levels [3][5] - The technical analysis shows an ascending triangle pattern with resistance around 240 and support near 203 [7][10] - The moving averages indicate a bullish trend, with the 21-day exponential moving average aligning closely with the support level at approximately 201 [8][9] Company Analysis: Newscale Power - Newscale Power has demonstrated impressive performance, up about 145% year-to-date, despite experiencing two significant downturns of around 40% [12][13] - The company is positioned well within the nuclear energy sector, particularly with military interest in small reactors for power generation [12][15] - Technical indicators suggest a potential retest of support levels around 42, with the 63-day EMA near 39 [18][19] Company Analysis: The Metals Company - The Metals Company has experienced a meteoric rise of over 700% in the last 12 months, driven by favorable regulatory conditions for rare earth metals [25][26] - The stock has shown volatility, including a recent 10% drop, but is currently stabilizing around the $8 level, which is a critical support area [21][29] - Technical analysis indicates a potential for a rally if the stock can hold above the $8 level, with significant trading activity noted around this price point [30][32]

Financial Data and Key Metrics Changes - In Q2 2025, TMC reported a net loss of $74.3 million or $0.20 per share, compared to a net loss of $20.2 million or $0.06 per share in the same period of 2024 [32] - Free cash flow for Q2 2025 was negative $10.7 million, an improvement from negative $12.2 million in Q2 2024 [33] - The company had pro forma cash of approximately $120 million as of June 30, 2025, which includes proceeds from various capital raises [30] Business Line Data and Key Metrics Changes - The Pre-Feasibility Study (PFS) indicated a combined project net present value (NPV) of over $23 billion, with a clear capital-efficient path to first production [9] - The estimated recoverable nodules for the PFS is 164 million wet tons, with an assumed production start date in Q4 2027 [21] - Annual production in steady state is modeled at 10.8 million tons of wet nodules, with expected revenue per dry ton of approximately $600 during steady state production [22][24] Market Data and Key Metrics Changes - The revenue mix is expected to be 45% from nickel products, 28% from manganese, 17% from copper, and 9% from cobalt [24] - The company is positioned in the first quartile of the cost curve, with C1 nickel cash costs just over $1,000 per ton, making it profitable in nearly any nickel price environment [24] Company Strategy and Development Direction - TMC aims to adapt to a capital-light approach while advancing its projects, maintaining a unique position in the seabed mining industry [8] - The company has renewed partnerships with Nauru and Tonga, focusing on a science-based approach to develop the industry sustainably [12] - TMC is exploring funding opportunities from various U.S. government departments to support its projects [41][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory path and the support from the U.S. government, indicating a favorable environment for seabed mining [45][60] - The anticipated ramp-up period post-permitting is expected, with production targeted for Q4 2027 [10] - Management highlighted the importance of securing domestic supply chains and advancing U.S. mineral independence [14] Other Important Information - The company welcomed new board members with extensive experience in energy, finance, and law, enhancing its strategic capabilities [14] - TMC's partnerships with Korea Zinc and other stakeholders are expected to facilitate the development of refining capacity in the U.S. [13][26] Q&A Session Summary Question: What work needs to be done to get through the feasibility level and the timeline? - Management emphasized focusing on final agreements with partners and preparing for the investment decision to meet the Q4 2027 production target [40] Question: What are the next major steps or milestones regarding permitting under NOAA? - Management indicated that the closing of the comment period and expected regulatory changes would facilitate faster permitting [42][44] Question: What main factors could accelerate or slow down progress towards production? - Management noted that government support and regulatory clarity are encouraging, with normal business risks being manageable [52][53] Question: Can you clarify the difference between provisional approval and final approval? - Management explained that provisional approval would provide confidence while the final approval process is completed, which is expected by the end of the year [79][82]

Company Overview - The Metals Company (TMC) is focused on harvesting polymetallic nodules from the Clarion Clipperton Zone (CCZ) in the Pacific Ocean, which contain essential metals for electric vehicle batteries and solar panels [4][5] - TMC aims to provide a more environmentally friendly alternative to traditional land-based mining by extracting these nodules from the seabed [5] Market Potential - The CCZ is estimated to hold around 21 billion metric tons of nodules, potentially containing more nickel, cobalt, and other rare earth metals than all land-based reserves combined [6] - The demand for battery metals is expected to reach multitrillion-dollar levels over the next few decades, positioning TMC as a potential key player if it can successfully enter the market [12] Financial Performance - TMC reported zero revenue in Q1 2025, with a net loss of approximately $20.6 million, an increase from $16.1 million in the previous quarter [8] - The company is currently not generating income and is facing significant financial challenges as it builds its underwater mining infrastructure [8] Regulatory Environment - TMC does not yet have permission to mine commercially in the CCZ, as the regulatory framework from the International Seabed Authority (ISA) is still being finalized [9] - The U.S. has not ratified the treaty that established the ISA, which could allow TMC to pursue mining under U.S. jurisdiction if its permit application is approved [10][11] Strategic Moves - In April 2025, TMC filed a permit application under U.S. law following an executive order aimed at renewing interest in offshore critical minerals [11] - If successful, this could enable TMC to operate in areas that are currently restricted to other nations, potentially giving it a competitive advantage [11] Investment Considerations - TMC represents a high-risk, high-reward investment opportunity, with significant potential upside if it secures the necessary permits and scales its technology [12] - The current market cap of $2.65 billion may appear small compared to the anticipated demand for battery metals, but the company faces numerous uncertainties that could impact its future [12][13]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and improve content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

【环球时报报道 记者 李迅典】据英国《金融时报》12日报道，特朗普政府正在起草一项行政命令，用于囤积太平洋海底发现的金属，以对抗中国 在电池矿物和稀土供应链中的主导地位。 世界大多数海底普遍存在多金属结核，这些像土豆大小的结核是在海底高压下经过数百万年形成的，富含镍、钴、铜、锰等金属，这些金属是制 造电动汽车电池、军工设备以及高科技产品的重要原材料。《金融时报》援引知情人士的话称，美国正计划加大开采这些多金属结核，并储存在 美国境内，以应对发生冲突时中国限制稀有金属出口的情况。报道称，美国国务卿鲁比奥、总统国家安全事务助理华尔兹等有影响力的共和党人 都支持开采海底多金属结核。 针对美国试图绕开国际规则、单方面加速开采的行为，北京经济运行研究会副会长田云在接受《环球时报》记者采访时表示："大家都觉得美国只 顾自己，不再遵循任何规则，哪怕这些规则是它以前所确定的，这是对全球秩序、无论是经贸秩序还是政治秩序的最大破坏，因为没有秩序，就 会导致混乱和一些损害国际合作的问题，更不要说在参与过程中如何获得相应的收益了。" 中国社会科学院美国问题专家吕祥在接受《环球时报》记者采访时表示，美国在关键矿产问题上的举措明显慌乱， ...