Pentagon to Deliver Report on Domestic Processing of Seafloor Nodules by March 1 as President Biden Signs NDAA

• Under the National Defense Authorization Act (FY24) now signed into law by President Biden, the House Armed Services Committee directs the Assistant Secretary of Defense for Industrial Base Policy to submit a report assessing the domestic processing of seafloor polymetallic nodules by March 1, 2024.
• Last month, thirty-one Members of Congress wrote a letter to the Secretary of Defense and the Pentagon urging the Department of Defense to “explore every avenue to strengthen our rare earth and critical mineral supply chains”, emphasizing “the importance of evaluating and planning for seabed mining as a new vector of competition...”.
• The news comes as American and allied auto and battery makers struggle to secure supplies of critical battery metals that comply with guidelines for incentives under the Inflation Reduction Act.
  

NEW YORK, Jan. 03, 2024 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of the world’s largest estimated undeveloped source of critical battery metals, today welcomed the passage of the 2024 National Defense Authorization Act (NDAA) into law and the inclusion of provisions directing the Department of Defense to submit a report to the House Armed Services Committee assessing the domestic processing of seafloor polymetallic nodules by March 1, 2024.

In the language attached to the newly approved Act, the Committee acknowledged the imperative of establishing a secure supply chain of critical and strategic minerals and materials and noted, “that to meet national security requirements the United States must have the ability to source critical minerals in innovative arenas to decrease reliance on sources from foreign adversaries.” As a potential new frontier for resource extraction, the Committee directs the Pentagon to produce a report which, among other things, outlines “a roadmap recommending how the United States can have the ability to source and/or process critical minerals in innovative arenas, such as deep-sea mining.”

Through the NDAA, the House Armed Services Committee has directed the Assistant Secretary of Defense for Industrial Base Policy to submit a report to the Committee by March 1, 2024 “assessing the processing of seabed resources of polymetallic nodules domestically. The report shall include, at a minimum, the following: (1) a review of current resources and controlling parties in securing seabed resources of polymetallic nodules; (2) an assessment of current domestic deep-sea mining and material processing capabilities; and (3) a roadmap recommending how the United States can have the ability to source and/or process critical minerals in innovative arenas, such as deep-sea mining, to decrease reliance on sources from foreign adversaries and bolster domestic competencies.”