119 unchanged sentences
The estimated mineral resources were determined in 2021 as of December 31, 2020 and also reflect the estimated mineral resources as of December 31, 2022, as none of the mineral resources in these areas were depleted by mining or any other activities.
−Removed: NORI December 31, 2021 and December 31, 2020 In-Situ Mineral Resource estimate for NORI Area D at 4 kg/m 2 abundance cut-off
+Added: NORI December 31, 2022 In-Situ Mineral Resource estimate for NORI Area D at 4 kg/m 2 abundance cut-off
(wet kg/m 2 )
25 unchanged sentences
The estimated mineral resources were determined in 2021 as of December 31, 2020 and also reflect the estimated mineral resources as of December 31, 2022, as none of the mineral resources in these areas were depleted by mining or any other activities.
−Removed: NORI Area A, B and C December 31, 2021 and December 31, 2020 In-Situ Mineral Resource estimate at 4 kg/m 2 abundance cut-off
+Added: NORI Area A, B and C December 31, 2022 In-Situ Mineral Resource estimate at 4 kg/m 2 abundance cut-off
Nodule tonnage
23 unchanged sentences
The test would not demonstrate the transshipment of nodules to a shore-based facility.
−Removed: ● Project Zero would be an extension of the Collector Test using an upgrade of the Hidden Gem to produce a sufficient and continuous quantity of nodules to support a relatively small commercial operation of about 1.3 Mtpa (wet) nodules delivered to a shore-based facility.
+Added: ● Project Zero would be an extension of the Collector Test using an upgrade of the Hidden Gem to produce a sufficient and continuous quantity of nodules to support a relatively small commercial operation of at least 1.3 Mtpa (wet) nodules delivered to a shore-based facility.
This operation would demonstrate a more continuous collection operation at a larger scale than the Collector Test and would demonstrate the transshipment of nodules to a processing facility.
5 unchanged sentences
● In Project Zero, NORI proposes to toll-treat polymetallic nodules at existing RKEF smelters, utilizing excess industry capacity.
−Removed: NORI advises there is significant interest from many parties in China to utilize RKEF plants which may become stranded as a result of the Indonesian government nickel laterite ore export ban restricting supply of the nickel laterite feedstock that they currently utilize.
+Added: NORI advises there is significant interest from many parties in China and Japan to utilize RKEF plants which may become stranded as a result of the Indonesian government nickel laterite ore export ban restricting supply of the nickel laterite feedstock that they currently utilize.
These RKEF plants were originally built to convert nickel laterite to nickel pig iron and could be converted to smelt polymetallic nodules.
−Removed: ● In Project One, a purpose-built process plant would be constructed, including pyrometallurgical and hydrometallurgical circuits.
−Removed: Nodule production would be increased in phases by treatment in this new plant.
+Added: ● In Project One, a purpose-built process plant would be constructed, including pyrometallurgical (~50% of Project One production, with the other ~50% tolled through existing RKEF facilities) and hydrometallurgical circuits (100% of Project One production).
+Added: Nodule production would be increased in phases by treatment in this new plant and existing RKEFs.
Collection methods
90 unchanged sentences
NORI’s offshore exploration campaigns have included sampling to support environmental studies, collection of high-resolution imagery and environmental baseline studies.
−Removed: Environmental compaigns in 2021 resulted in completion of the offshore environmental data collection required for the ESIA baseline studies.
+Added: Environmental campaigns in 2021 resulted in completion of the offshore environmental data collection required for the ESIA baseline studies.
NORI has commenced the ESIA process in support of an application for an exploitation contract for the commercial collection of deep-sea polymetallic nodules.
14 unchanged sentences
Economic analysis
−Removed: We have developed in-house a financial model based on estimates of future cash flows derived from extraction of nodules from the NORI Area D project.
+Added: We developed in-house a financial model based on estimates of future cash flows derived from extraction of nodules from the NORI Area D project.
AMC reviewed the logic, input assumptions and integrity of the calculations and forecasts.
110 unchanged sentences
The economic analysis set forth in Section 19 of the NORI Technical Report Summary presents a post-tax, real (uninflated) cash flows analysis.
−Removed: The valuation date is January 1, 2021 and we do not believe there have been any material changes to the assumptions used in this valuation through the end of December 2021.
+Added: The valuation date is January 1, 2021.
The analysis was performed on a 100% ownership basis and excludes consideration of financing costs and forward metal sales.
33 unchanged sentences
The discounted cash flows and progressive NPVs are shown below:
−Removed: The date of the investment decision is expected to be on or around June 30, 2023.
+Added: The date of the investment decision, as outlined in the initial assessment contained in the NORI Technical Report Summary was expected to be on or around June 30, 2023.
The analysis assumes NORI spending of $237 million on pre-project activities between 2021 (which were progressed in 2021) and 2024.
70 unchanged sentences
The size and level of uniformity of mineralization is unmatched by any mineral deposit of similar value on land.
−Removed: The mechanism of formation of the nodules is interpreted to be essentially identical across the
−Removed: entire CCZ, with only minor local variations.
+Added: The mechanism of formation of the nodules is interpreted to be essentially identical across the entire CCZ, with only minor local variations.
Consequently, there is relatively little difference between the size, shape or metal content of the nodules from one area to another.
51 unchanged sentences
Measured mineral resource was based on box core sampling by TOML on a nominal spacing of approximately 7 km by 7 km plus photo-profiling on a nominal spacing of 3.5 km by 3.0 km, supplemented by sampling by pioneer contractors.
−Removed: The mineral resource estimate for the TOML Contract Area, at a 4 kg/m 2 abundance cut-off, is set forth below.
+Added: The mineral resource estimate for the TOML Contract Area, and at a 4 kg/m 2 abundance cut-off is set forth below.
The estimated mineral resources were determined in 2021, as of December 31, 2020, and also reflect the estimated mineral resources as of December 31, 2022, as none of the mineral resources in these areas were depleted by mining or any other activities.
−Removed: Mineral Resource Estimate December 31, 2021 and December 31, 2020, In-Situ, for the TOML Contract Area within the CCZ at a 4 kg/m 2 nodule abundance cut-off
+Added: Mineral Resource Estimate December 31, 2022, In-Situ, for the TOML Contract Area within the CCZ at a 4 kg/m 2 nodule abundance cut-off
Mineral Resource Classification
83 unchanged sentences
This section is expected to also include two auxiliary pipes:
−Removed: one to carry the compressed air for the airlift system, and one to return water from
−Removed: dewatering of the slurry to its subsea discharge point.
+Added: one to carry the compressed air for the airlift system, and one to return water from dewatering of the slurry to its subsea discharge point.
The upper section of riser is expected to have a larger diameter to account for the expansion of air in the airlift.
53 unchanged sentences
Data collected by TOML in 2013 and 2015 supports the historical data but also is of sufficient quantity and quality to allow estimation of an indicated mineral resource for five sub areas within TOML Areas B, C, D and F.
−Removed: More detailed data collected by TOML
−Removed: has also allowed estimation of a measured mineral resource for a single sub area within TOML Area B.
+Added: More detailed data collected by TOML has also allowed estimation of a measured mineral resource for a single sub area within TOML Area B.
Chain of custody, sample security, Quality Assurance and Quality Control were documented in detail for the TOML data.
28 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.