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Metal reserves in the deep sea are estimated to be worth anywhere from $8 trillion to more than $16 trillion.
The process, however, will only begin once the annual defense budget is signed into law later this year. In March, Representatives Carol Miller and John Joyce introduced a bill to Congress pushing for the development and financing of deep-sea mining in the U.S., while 30 Republican members of Congress had written a letter last year to US Secretary of Defense Lloyd Austin urging American support for the sector.
“The Metals Company remains acutely focused on starting production through our capital-light approach utilizing existing assets, but this encouraging policy action lays the foundation for the US to catch up to China in the critical minerals race and establish metal independence,” said Barron.
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