In a further attempt to distance itself from the significant environmental and social costs of deep sea mining, DeepGreen Metals merged with a special purpose acquisition company (SPAC) called Sustainable Opportunities Acquisition Corp (SOAC). Hard facts refute the claims of the new entity, The Metal Company, that it will promote sustainable development and is an Environmental, Social and Corporate Governance (ESG)-compatible investment.
Andy Whitmore, Finance campaigner, Deep Sea Mining Campaign stated, “there is nothing sustainable about the business model or the extractive mining process proposed. The information released by DeepGreen via its merger with SOAC raises questions about the viability of this new venture in a high-risk, experimental industry. The risks identified by DeepGreen and SOAC include uncertainties about fundamental nuts and bolts aspects such as the commercial and technical feasibility of seafloor polymetallic nodule mining and processing; the supply and demand for battery metals; the future prices of battery metals; the uncertainty in mineral resource estimates.”
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