TMC secures $85 mln investment from Korea Zinc amid US minerals push
June 16 (Reuters) - Deep-sea mining firm The Metals Co TMC.O said on Monday that South Korean refiner Korea Zinc 010130.KS will invest $85.2 million, giving a boost to the company's plans to supply critical minerals for the U.S. energy transition.
The deal gives Korea Zinc a 5% stake in TMC and includes warrants to buy more shares.
TMC shares jumped 7% in pre-market trading.
The move comes as TMC seeks a U.S. permit to commercially harvest polymetallic nodules from the seafloor, which contain nickel, copper, cobalt and manganese – metals used in electric vehicles, defense and grid infrastructure.
"Korea Zinc is probably the only company outside of China that has the capability to take TMC USA's materials and turn them into metal product formats required in the United States," said Gerard Barron, CEO of TMC.
The Biden and Trump administrations have both pushed to reduce reliance on China for these minerals.
Korea Zinc will buy 19.6 million shares at $4.34 each and receive a three-year warrant to purchase 6.9 million shares at $7 per share.
TMC said the deal is expected to close on June 26.
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