Metals Company and Tonga Offshore Mining update terms of agreement

The Government of the Kingdom of Tonga and its sponsored entity, Tonga Offshore Mining, together with TMC announced the signing of a revised Sponsorship Agreement, updating the terms of the Agreement signed between the parties in 2021. The Agreement guarantees the Kingdom of Tonga will continue to receive existing financial benefits, training and capacity-building programs and in-country community and social programs it receives today, while ensuring that, in consideration for its continued sponsorship of TOML, Tonga will receive continuity benefits upon the commencement of commercial production by TOML or another TMC subsidiary. Tonga remains committed to sponsoring TOML, working with the International Seabed Authority and meeting all obligations as a sponsoring State under international law.