MEDIA RELEASE Nauru, TMC sign new agreement_6Jun2025
Government
Information Office
MEDIA
RELEASE
For Immediate Release
Friday, 6 June 2025
TMC and Nauru announce
updated sponsorship agreement for Nauru Ocean Resources Inc.
(NORI)
The Government of the Republic of Nauru
and its sponsored entity, Nauru Ocean Resources Inc. (NORI),
together with TMC the metals company Inc. (Nasdaq: TMC) ("TMC" or
the "Company") - a leading explorer of the world's largest
undeveloped resource of critical metals essential to energy,
defense, manufacturing, and infrastructure - on 4 June jointly
announced the signing of a revised Sponsorship Agreement
(Agreement), updating the terms of the Agreement signed between the
parties in 2017.
The Agreement guarantees the Republic
of Nauru will continue to receive existing financial benefits,
training and capacity building programs and in-country community
and social programs it receives today, while ensuring that, in
consideration for its continued sponsorship of NORI, Nauru will
receive continuity benefits upon the commencement of commercial
production by NORI or another TMC subsidiary.
President of the Republic of Nauru,
His Excellency David Adeang, commented: "NORI and TMC have
been trusted and respectful partners to Nauru throughout this
pioneering journey. Together, we have worked to establish a
responsible pathway for deep-sea mineral development-one that can
serve as a model for other developing states. As a Pacific Small
Island Developing State, our identity and future are inseparable
from the ocean, and we would never support any activity that risks
serious harm to it. Science, not slogans, has always guided our
stewardship, and we remain committed to that path."
"We believe the world must explore new
sources of critical metals if we are to address the urgent
realities of climate change. For small island nations like ours,
this is not an abstract concern-it's an existential one. We seek
practical, science-based solutions that allow us to participate
meaningfully in the energy transition. We are grateful to NORI and
TMC for their continued partnership and commitment to responsible
development that will deliver lasting benefits to the people of
Nauru."
Since becoming the first Developing
State to sponsor a polymetallic nodule exploration contract in the
Reserved Area of the Clarion Clipperton Zone, Nauru and NORI have
taken a leading role in shaping the deep-sea mining industry. Over
the course of 22 offshore research campaigns, NORI has assembled
the world's most comprehensive dataset of deep-sea environmental
information and conducted the first integrated mining test in the
CCZ since the 1970s. This has generated valuable in-field impact
data, ensuring that environmental management is informed by
evidence and best practice.
Nauru's efforts align with the 2050
Blue Pacific Strategy, a shared vision by Pacific Leaders for a
region of peace, harmony, security, social inclusion, and
prosperity, where all Pacific peoples can lead free, healthy, and
productive lives. Through the sustainable use of our ocean
resources-what Nauru calls the Blue Economy-the country aims to
generate economic growth, improve livelihoods and create jobs,
while preserving the health of our marine ecosystems for future
generations.
As one of the most vulnerable
countries in the world, Nauru strongly supports the application of
the Multidimensional Vulnerability Index (MVI) to capture better
the economic and environmental risks that Small Island Developing
States face. The development of deep-sea minerals, guided by robust
science and ecological safeguards, presents an opportunity to
enhance Nauru's economic stability and resilience, with the support
of responsible partners like NORI and TMC. In
accordance with the agreement, the Government of Nauru will channel
the majority of the financial benefits into the Intergenerational
Trust Fund of Nauru, as a strategic measure to address structural
vulnerabilities and to enhance the nation's long-term economic
resilience.
Gerard Barron, Chairman and CEO of
TMC, added: "Over the past 14 years, we have been fortunate to
receive the steadfast support and partnership of the Government and
people of Nauru. Their courage and leadership in championing a
science- and rules-based approach to deep-seabed mineral
development have helped shape not only our company, but the
trajectory of this emerging industry. Without their trust and
commitment, none of what we've built would have been
possible."
"We remain unshakeable in our
commitment to developing this project responsibly, transparently,
and in a way that delivers real benefits for all Nauruans. We are
deeply proud of the work we have done together-from building the
most comprehensive environmental research program in deep-seabed
resource development, to pioneering a path for other small island
developing states to participate meaningfully in this industry.
This is a partnership rooted in shared values, and we look forward
to continuing this journey, guided by science and respect for the
ocean that connects us all. I'm also heartened by the
recent Executive Order's call for
a joint assessment of a seabed benefit-sharing mechanism, and
certain that 'Big Ocean States' like Nauru will continue to play a
leading role in this industry."
Looking ahead, Nauru remains committed
to working with the International Seabed Authority (ISA) and will
continue to sponsor NORI.
President of the Republic of Nauru,
His Excellency David Adeang, added: "Together, we can drive and
deliver on the promise of the Blue Pacific-one that strengthens our
sovereignty, secures our oceans, and uplifts the lives of our
people."
ENDS///
About The Metals Company
The Metals Company is an explorer of
lower-impact critical metals from seafloor polymetallic nodules, on
a dual mission: (1) supply metals for building infrastructure,
power generation, transmission, and batteries with net positive
impacts compared to conventional production routes and (2) trace,
recover and recycle the metals we supply to help create a metal
commons that can be used in perpetuity. The Company through its
subsidiaries holds exploration rights to two polymetallic nodule
contract areas in the Clarion Clipperton Zone of the Pacific Ocean
sponsored by the governments of the Republic of Nauru and the
Kingdom of Tonga, and has conducted more than a decade of research
into the environmental and social impacts of offshore nodule
collection and onshore processing. More information is available
at www.metals.co.
Government of Nauru Contact
Government Information
Office | [gio.nauru@gmail.com)
TMC Contacts
Media |
media@metals.co
Investors | investors@metals.co
Circulated
by:
Nauru Government Information Office, Republic of NAURU
Ph: +(674)
888 0130 E: gio.nauru@gmail.com /
www.naurugov.nr