Metals Company's Shares Climb Higher Today, Sustaining Gains
In a significant development, The Metals Company (TMC) has successfully completed a drive test of its pilot collector vehicle in the North Sea. This test is the latest step in the company's mission to advance the extraction of critical metals from polymetallic nodules on the seafloor.
The success of the North Sea drive test could potentially lead to more news from TMC in the near future. The collector vehicle's tests included the raising and lowering of its collector heads, demonstrating its ability to be controlled with high accuracy for detailed mine plans, as stated by CEO Gerard Barron.
Following the North Sea test, TMC plans a deepwater test of the pilot collector system in the Atlantic this April. This test is highly relevant for electric vehicle battery investors, as these metals—such as nickel, cobalt, and manganese—are essential for EV battery production.
Although the specific details of the April test are preliminary, the company’s ongoing work contributes to securing critical metals supply aligned with global demand for EVs and renewable energy infrastructure.
Previously, TMC subsidiary NORI shared preliminary findings on the environmental impacts of the pilot collection system, indicating progress toward commercializing this deep-sea mining technology.
The news about TMC's pilot module collector vehicle seems to have positively affected the investors' view of the company. Since Wednesday, TMC's shares have been climbing, with a reported 3.7% increase at the moment. However, the current price of the shares after the increase is not specified in the text.
It's worth noting that the collector vehicle's success in the North Sea tests is not directly linked to the company's shares' current 3.7% increase. The shares had an earlier climb of 12.9%, but the time at which this increase occurred is not specified in the text.
The commencement of actual mineral production for TMC is expected at the end of 2024. As a seafloor mining company, TMC is at the forefront of a potential revolution in the extraction of critical metals, which could lead to reduced supply chain risks for battery manufacturers.
With significant U.S. government funding announcements to improve critical minerals supply chains and investments in innovative extraction technologies slated for later in 2025, projects like TMC's pilot collector system are more relevant than ever. Stay tuned for more updates from The Metals Company.
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