BANGKOK—The company at the vanguard of plans to mine deep sea metals used in electric vehicle batteries has surrendered a third of its Pacific Ocean exploration area after a breakdown in cooperation with the island nation of Kiribati, paving the way for China to add to its regional foothold in the contentious industry.
The Nasdaq-traded The Metals Company, or TMC, terminated, effective mid-January, an agreement with a Kiribati state-owned company that gave it exploration rights to a 74,990 square kilometer (28,950 square mile) area of seabed in the northeastern Pacific, according to a U.S. Securities & Exchange Commission filing.
The termination appears to be at the instigation of Kiribati, one of the 19 countries exercising rights over the seabed in a vast area of international waters in the Pacific regulated by the International Seabed Authority, or ISA, a U.N. body.
Kiribati’s Ministry of Fisheries and Ocean Resources said on Monday it held talks last week with China’s ambassador to “explore potential collaboration for the sustainable exploration of the deep ocean resources.”
