{"id":46830,"date":"2022-07-22T13:00:26","date_gmt":"2022-07-22T12:00:26","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=46830"},"modified":"2022-08-09T13:45:30","modified_gmt":"2022-08-09T12:45:30","slug":"between-a-wolf-and-its-food-as-one-deep-sea-miner-flops-others-eye-the-prize","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2022\/07\/22\/between-a-wolf-and-its-food-as-one-deep-sea-miner-flops-others-eye-the-prize\/","title":{"rendered":"Between a wolf and its food: as one deep sea miner flops, others eye the prize"},"content":{"rendered":"

\u201cThis is like a battery in a rock,\u201d Gerard Barron, CEO of The Metals Company, formerly known as Deep Green, told<\/a> an investment journalist during a mining conference in Cape Town in 2019. <\/strong><\/p>\n

In his right hand, he held up to the camera a black mineral concretion about the size of a potato, known as a polymetallic nodule.<\/p>\n

Found on the deep sea floor, these nodules are rich in nickel, cobalt, copper and manganese: minerals critical for manufacturing electric vehicles.<\/p>\n

The Australian entrepreneur, who cast himself as the face of the nascent deep sea mining industry, has pitched these nodules as the only sustainable option to meet the world\u2019s electrification needs.<\/p>\n

His company argues<\/a> that \u201cthe world\u2019s largest estimated source of battery metals\u201d lies untouched on the ocean\u2019s floor \u2013 enough to electrify 280 million vehicles.<\/p>\n

\u201cWhether you invest in a company like DeepGreen or not, everyone is a sucker for the story,\u201d Barron said.<\/p>\n

Three years on, the story Barron has to tell is one of struggle, verging on collapse. His company, which triggered a rush<\/a> to open the deep seabed to mining, is in dire straits. Its share price is sinking, funds are dwindling and it\u2019s embroiled in multiple lawsuits against investors.<\/p>\n

The Metal Company’s (TMC’s) survival is staked on receiving a green light from the international regulator to mine the ocean\u2019s deep. As the company flounders, the pressure on nations to agree mining rules hasn\u2019t eased and other prospectors are waiting in the wings.<\/p>\n

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Did you know that #Polymetallic<\/a> nodules sitting on top of the seabed are made of almost 100% usable minerals? These nodules are from the latest collection on our current #DeepGreenExpeditions<\/a> pic.twitter.com\/699vV80Ydw<\/a><\/p>\n

\u2014 gerard barron (@gtbgtb) December 16, 2019<\/a><\/p><\/blockquote>\n