Two of its early investors are from Vancouver — mining mogul Frank Giustra and Brian Paes-Braga, founder of Lithium-X (TSX-V:LIX), which he sold in 2018 for C$265 million ($209m).
The Metals Company was formed last year through a C$2.9 billion ($2.29bn) merger between Vancouver’s DeepGreen Metals with a special-purpose acquisitions company, Sustainable Opportunities Acquisition Corp.
The company’s stock hit a high of $12.45 September 13, 2021, but has since fallen to $1.42 – perhaps a reflection of just how risky investors consider this new process for mining the ocean floor for minerals may be. No one has yet done it on a commercial scale.
The company and its technology partner, Allseas, recently marked the commissioning of key components of the underwater mining system that will be used to scoop up metals-rich pollymetallic nodules laying on the ocean floor in an area known as the Clarion Clipperton Zone between Hawaii…
