Unlocking the future of sustainable seabed mining

Lately a significant milestone in sustainable resource development has just been reached by Impossible Metals Inc., when Company announced that it has officially submitted a request to begin leasing processes for exploring and potentially mining critical minerals in the deep sea off the coast of American Samoa.

South Pacific Mining Code

Now the key highlights from the new South Pacific Mining Code framework for seabed critical mineral exploration and extraction were revealed:

Environmental Protection at the Core

• Strict prohibition of technologies that disturb seabed ecosystems:
  • No tracked vehicles, dredging tools, or suction devices.
  • No excessive sediment plumes allowed.
• Only eco-friendly technologies are permitted, ensuring minimal environmental impact.

Governance & Ethical Standards

• Contractors operate exclusively within designated geographical zones.
• Equity portions, mining rights, and mineral sales are non-transferable without host nation consent.
• Data integrity is paramount: misrepresentation or unauthorized assays are strictly prohibited.

Transparent Bidding & Equity Sharing

• Companies gain contracts through open bidding processes, ensuring transparency and fairness.
• Equity structure:
  • 49% for the mining company
  • 51% for the host nation or its assignee.
• Profit sharing aligns with equity proportions, with operational costs evenly distributed.

Certified Assay & Refining Processes

• Independent, industry-certified assay companies determine mineral value.
• Only environmentally safe bioextractive refining processes are allowed, with rotary drum thermal refining strictly prohibited.

Commitment to Accountability

• Annual shareholder meetings and public reporting are mandatory to maintain transparency and compliance with corporate governance standards.

Balanced approched

This progressive Mining Code exemplifies a balanced approach ensuring resource utilization while safeguarding our oceans. It is in lines with previous statement of CEO and Co-Founder of Impossible Metals Oliver Gunasekara,: “Impossible Metals’ innovative approach to selective harvesting of minerals from the deep sea will revolutionize the mining industry and ensure that the United States remains a leader in sustainability, technology, and clean energy” and John Wasko, representative of the American Samoa Economic Development Council (NGO observer): “American Samoa welcomes the start of a deep-sea minerals industry that will bring significant economic growth, support national security, and create jobs.”