Silver's performance over the past year has been nothing short of spectacular.

On June 16th, Canada’s The Metals Company (TMC) announced it has secured an $85.2 million investment from South Korean refiner Korea Zinc, strengthening its push into deep-sea mining for critical minerals. The deal gives Korea Zinc a 5% equity stake via 19.6 million shares at $4.34 each, along with a three-year warrant to purchase an additional 6.9 million shares at $7. TMC shares surged nearly 18% on the news, with its market cap reaching $1.91 billion. The investment supports TMC’s efforts to obtain a U.S. license to commercially extract polymetallic nodules from the Clarion-Clipperton Zone (CCZ), containing nickel, cobalt, copper, and manganese—key metals for EVs, defense, and energy infrastructure. TMC CEO Gerard Barron highlighted the strategic alignment with Korea Zinc, noting its unique capability outside China to process TMC’s materials into U.S.-compliant metal products. The announcement comes amid rising U.S. efforts to diversify supply chains and fast-track deep-sea mining. The investment is expected to close on June 26.

According to a report from MiningNews.net, Eclipse Metals Ltd announced a 70-fold increase in the resource volume of the Grønnedal deposit at its Ivigtût project in southwestern Greenland. Currently, based on a cut-off grade of 0.2%, the ore resource volume of the deposit stands at 89 million mt, with a total rare earth oxide (TREO) grade of 0.6363%, equating to 567,600 mt of TREO content. Given that the average TREO grade exceeds 0.65%, Eclipse Metals claims that the deposit ranks among the highest-grade rare earth deposits globally. The deposit is located within a larger carbonatite intrusion, which remains unbounded in all directions.

[SMM News] According to foreign media reports, Eclipse Metals announced a 70-fold increase in the resource volume of the Grønnedal deposit at its Ivittuut project in southwestern Greenland. Currently, based on a cut-off grade of 0.2%, the ore resource volume of the deposit stands at 89 million mt, with a total rare earth oxide (TREO) grade of 0.6363%, equivalent to 567,600 mt of TREO.

According to a report on Mining.com, The Metals Company (TMC), a deep-sea critical minerals exploration enterprise, has raised CAD 51.75 million in funding for deep-sea exploration. Michael Hess, Chief Investment Officer of Hess Capital, and Brian Paes-Braga, Managing Partner of SAF, led the financing round. The funds will be used for TMC's commercial development plan, with the closing expected to be completed by May 22. The company stated that the revenue is sufficient to fund operations until commercial recovery permits are issued. "We are eager to have Michael Hess as a strategic partner," said Gerard Barron, President and CEO of TMC. "He has 15 years of experience in exploration and development, serving as both an investor and an operator, with deep connections in the US." Regulatory Support Two weeks ago, TMC applied for a commercial development permit and two exploration licenses under the US seabed mining law, which Barron described as the world's first application for nodule mining permits in international waters. A few days prior, the US President signed an executive order calling for the acceleration of seabed mining to expand domestic mineral supplies crucial for the green energy transition. "We view TMC as a unique company capable of having a stake in this area," said Hess. "We are very pleased to support a completely emerging ocean minerals industry and to help safeguard national interests." Seabed Wealth TMC's two exploration licenses are located in the Clarion-Clipperton Zone (CCZ) between Hawaii and Mexico in the central Pacific Ocean, covering an area of 199,895 square kilometers, while the commercial development permit involves an area of 25,160 square kilometers. TMC already possesses indicated and inferred resources of polymetallic nodules. According to the US SK1300 standard, the nodule ore reserves in this area amount to 1.63 billion mt, containing 15.5 million mt of nickel, 12.8 million mt of copper, 2 million mt of cobalt, and 345 million mt of manganese. These are critical metals essential for power batteries, clean energy, infrastructure, and defense. Environmental Risks TMC's plans have faced criticism from environmentalists, who warn that more in-depth research must be conducted before any commercial exploitation. Opponents argue that deep-sea mining could lead to ecological and marine biodiversity disasters, as some coral-like organisms even inhabit polymetallic nodules. TMC has committed to minimizing environmental damage by preserving at least 30% of the contracted area from development. The company also claims that its modern nodule collectors only disturb 3 cm of seabed sediment, significantly less than previous technologies.

Amid the intertwining of the global clean energy revolution and geopolitical resource competition, India is reshaping its mining landscape with unprecedented intensity. As the world's fifth-largest economy, India is well aware of the pivotal role critical minerals play in achieving carbon neutrality, ensuring national defense security, and advancing the "Make in India" strategy. Since 2023, from domestic policy deregulation to overseas resource acquisitions, from deep-sea mining initiatives to circular economy innovations, India has been accelerating the construction of its critical mineral supply chain through a stimulus policy package. However, the constraints of resource endowments, technological barriers, and the complexity of international competition have intensified the clash between its ambitions and reality. Domestic Policy: Dual-Track Reform Driven by Capital and Technological Breakthroughs ——Injection of 100 Billion-Level Funds and Accelerated Exploration In January 2025, the Indian Federal Ministry of Mines approved a special fund of 163 billion rupees (approximately $1.87 billion) to support the exploration and development of 30 strategic minerals, including lithium, cobalt, and nickel. The plan covers three core areas: Upgrading Geological Exploration. Deploying AI geological modeling and satellite remote sensing technologies to conduct three-dimensional mineralization predictions for the Jammu and Kashmir lithium mining area, aiming to identify reserves exceeding 8 million mt by 2027. Offshore Resource Development. Launching the Indian Ocean polymetallic nodule exploration project, utilizing the autonomous deep-sea submersible "Samudrayaan" to assess resources at depths of 5,000 meters. Public-Private Collaboration Mechanism. Introducing a "50% exploration cost subsidy" policy to attract private capital from entities like Tata Group and Vedanta Resources to participate in rare earth exploration in Odisha. Additionally, the public sector has simultaneously added an investment of 180 billion rupees, focusing on the construction of a graphite purification plant in Madhya Pradesh and a lithium electrolysis base in Karnataka, aiming to increase domestic lithium processing capacity to 150,000 mt/year by 2030. ——Technological Self-Reliance and Circular Economy Breakthroughs To overcome the bottleneck in mineral refining technology, the Indian Ministry of Mines announced the establishment of the "Center of Excellence for Critical Minerals" in June 2023, as the core technological support platform for its national critical minerals strategy. The center aims to integrate mineral resource data, establish dynamic monitoring mechanisms, and update the critical minerals list every three years to address supply chain risks. Technology R&D Clusters. Setting up three major R&D hubs in Bangalore, Hyderabad, and Bhopal, focusing on lithium-ion direct extraction (DLE) and rare earth bio-hydrometallurgy technologies. Digital Mine Pilot. Deploying a 5G intelligent mining system in the Chhattisgarh copper mining area to achieve real-time monitoring of ore grade and remote control of mining robots. Recycling Industry Chain Layout.The import tariffs on scrap from 12 types of critical minerals have been eliminated, with the aim of increasing the recovery rate of rare earth elements from electronic waste from 12% to 35%. ——Market-Oriented Reforms and Resource Positioning in Disputed Areas In March 2025, the Indian Ministry of Mines initiated the auction of 13 critical mineral blocks, setting three precedents: Revolution in Exploration Rights. For the first time, private enterprises were allowed to acquire 50-year exploration revenue rights through bidding, breaking the monopoly of state-owned enterprises. Focus on Strategic Resources. Controversial resources such as zinc mines in border areas and ilmenite in Kerala were included, strengthening geopolitical and economic presence. Design of Foreign Investment Restrictions. Foreign ownership was required to be no more than 49%, and the localisation rate of exploration equipment was required to reach 60%, creating a barrier of "trading market access for technology." This round of auctions attracted 23 companies from around the world to bid. Ultimately, the consortium led by the Steel Authority of India Limited (SAIL) won the manganese ore block in Odisha for $2.2 billion, marking the dominance of local capital in the strategic resources sector. International Expansion: Three-Dimensional Development of Deep-Sea Mining and Resource Alliances ——Deep-Sea Mining: Seizing the Opportunity for Global High-Seas Resources In July 2024, India submitted an exploration application to the International Seabed Authority (ISA) for the Clarion-Clipperton Zone (in the Pacific Ocean), with the goal of completing a feasibility study on the commercial exploitation of polymetallic nodules by 2026. The zone is estimated to contain 2.8 million mt of cobalt and 160 million mt of nickel, which could meet India's EV industry demand for 20 years. Technical verification will be undertaken by the research vessel "Sagar Nidhi." ——Resource Diplomacy: Building a Tripartite Alliance of "Africa-Indo-Pacific-Lithium Triangle" Rare Earth Layout in Africa. Joint exploration with Malawi was initiated in September 2024, led by the state-owned IREL company, with the goal of achieving a production capacity of 5,000 mt per year of rare earth oxides by 2028. Technological Synergy in the Indo-Pacific. In November 2024, through the "Quad" mechanism, US robotic mining patents were introduced, and ecological assessments of seabed rare earth enrichment zones were jointly conducted with Japan. Lithium Triangle in South America. In January 2025, a Memorandum of Understanding on Joint Lithium Resource Development was signed with Chile, granting exploration rights in the Atacama Salt Lake, with supporting construction of an exclusive logistics corridor at the Port of Antofagasta. ——Supply Chain Risk Hedging Mechanisms and Strategic Reserves In July 2024, a "Dynamic Risk Monitoring System for Critical Minerals" was established, setting a five-level early warning system based on indicators such as the political stability of source countries and the security of transportation corridors. In March 2025, a national strategic reserve plan was launched, with the first batch including six types of minerals such as lithium, cobalt, and rare earth elements. The target reserve volume is to meet 90 days of industrial demand, with storage bases located in underground salt caverns in Rajasthan. Systemic Challenges: The Triple Paradox of Resource Ambitions —The Dilemma of Technological Autonomy and Global Dependence Although India invested $3 billion in May 2023 to introduce Australian spodumene purification technology, the energy consumption of its domestic Direct Lithium Extraction (DLE) process remains 40% higher than the international leading level, resulting in a development cost of $9,500/mt for the Reasi lithium mine, far exceeding the global average price. In the field of deep-sea mining, India only possesses operational capabilities at the 3,000-meter level, still a generation away from the 5,000-meter technical threshold required for commercial exploitation. —Structural Imbalance Between Market-Oriented Reforms and State-Owned Enterprise Dominance Among the 13 blocks auctioned as mentioned above, 70% were won by state-owned enterprise consortia, with private capital largely confined to auxiliary sectors. This "state capitalism" model, while enabling rapid resource concentration, has led private firms like Vedanta Resources to shift their investments towards cobalt mines in the Democratic Republic of the Congo (DRC), resulting in insufficient innovation vitality in the domestic industry chain. —Conflict Between Resource Development and Sustainable Governance Continuous protests have erupted in Odisha's Sukinda chromite mine due to tailings pollution, with hexavalent chromium concentrations in rivers exceeding standards by 200 times, forcing the government to suspend mining licenses for three blocks. In some border regions, the deep integration of resource development and military deployments may trigger disputes with neighboring countries. Strategic Insight: A Stress Test for National Capacity Building India's critical minerals strategy is essentially an extreme experiment in national capabilities: Institutional Innovation Dimension. The National Critical Minerals Mission (NCMM), a national strategic plan approved by the Indian government in January 2025, aims to enhance India's autonomy in critical minerals and reduce external dependence through systematic policy tools and international cooperation. NCMM marks the first cross-departmental collaboration, with the "Critical Minerals Empowerment Committee" directly led by the Cabinet Secretary, integrating resources from 12 departments including foreign affairs, defense, and environment. Global Governance Game. India is constructing a "decentralized" supply chain through the "Minerals Security Partnership" (MSP), but U.S. and European demands to exclude specific countries' technical standards force India to balance strategic autonomy with alliance interests. Conclusion: India's Formula for Resource Sovereignty From the foothills of the Himalayas to the Pacific Ocean basin, India is leveraging its nationwide system to address resource dilemmas. The underlying logic of this mining transformation lies not only in ensuring an adequate supply of critical minerals but also in reshaping global industrial value chains through resource sovereignty. However, as technological shortcomings confront geopolitical games and state capital stifles market vitality, India's ambitions may face the risk of strategic overextension characterized by "high investment but low output."In the next decade, the success or failure of this resource competition will determine whether India can transform from a resource-dependent country into a rule-maker, or whether it will fall into a new round of development traps. The answer may lie hidden within the polymetallic nodules of the Clarion-Clipperton Zone, awaiting the test and verification of time.

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