Peter Koven at the National Post looks at the Vancouver-based DeepGreen Resources, a private company that just signed 50% off-take agreement with mining giant Glencore International.
The company's owner, David Heydon, used to work for Nautilus but has decided to strike out on his own and build a rival underwater mining company.
Mr. Heydon raised more than US$360-million in his time at Nautilus, but that company’s plans are child’s play compared to what he hopes to do with DeepGreen’s Clipperton project. He envisions a gigantic, multi-billion-dollar operation producing 60,000 tonnes of nickel, 50,000 tonnes of copper and 1.3 million tonnes of manganese a year. The nickel output alone would place it among the largest producers of that metal.