Deep sea miner forecasts production in two years


Deep sea minerals company The Metals Company has over $500 million pipeline to fund the company through to small-scale commercial production, said CEO Gerard Barron who spoke to Kitco on Thursday.

The Metals Company was formerly named DeepGreen.

A March financing valued the company at about $2.9 billion. Barron told Kitco he sees around $570 million total from the raise that will fund the company.

The Metals Company plans to collects polymetallic nodules containing cobalt, nickel, manganese and copper from the ocean floor. The company said production is expected to commence in 2024 from its NORI Area D block in the Pacific Ocean. The Metals Company is forecasting close to $2 billion in EBITDA in 2027.

1:10 What are ocean floor nodules?
5:57: Metals Company financing
19:07: Ecological concerns and answering World Wildlife Fund criticism
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