Deep sea mining of critical minerals project looks to supply North America and the EU with battery-grade metals
PAGO PAGO, American Samoa and GOLDEN, Colo., Jan. 16, 2024 /PRNewswire-PRWeb/ -- The American Samoa Economic Development Council (ASEDC) whose mission is to generate business opportunities for the residents of the Pacific Island U.S. territory has entered into a strategic partnership with Critical Minerals Ventures, LLC. (CNV). The Golden, Colorado-based consulting firm specializes in international business development at the crossroads of Technology, Energy, Renewables, Automotive, and Critical Minerals.
ASEDC Executive Director John Wasko noted "Under the Biden Administration Inflation Reduction Act (IRA) bold restriction will require the new sourcing of Critical Minerals for car and battery manufacturers with operations in North America, The EU, South Korea, and Japan. American Samoa through its deep-sea mining of polymetallic nodules has the potential to supply over 10 billion tons of high-grade ore."
Specifically, with the IRA, American vehicles that use EV batteries that contain (i) any "applicable critical minerals" that were extracted, processed, or recycled by an FEOC [ or (ii) any component manufactured or assembled by an FEOC would be ineligible for the $7,500 Section 30D consumer tax credit (Sec. 13401(e)(7)) starting after 2023.
More striking, a FEOC is defined as a Foreign Entity of Concern and, with reference, to the IRA, a Chinese company or entity controlled by a Chinese firm. These prohibitions take effect in 2024 for EV battery components and in 2025 for "applicable critical minerals." The EU, now too, has similar sourcing mandates in place.
With the abundance of high-grade deep sea mined Critical Minerals within the America Samoa U.S territory, this opportunity comes along at just the right time with a solution to supply the EV industry's compliance needs," says Critical Mineral Ventures' Co-managing Director Don Southerton.
Working with the ASEDC, Critical Mineral Ventures will oversee and facilitate the selection of partnerships between the American Samoa mining operations and the end-users.
About the American Samoa Economic Development Council
The American Samoa Economic Development Council strives to create opportunities in new infrastructure, industrial, commercial, and residential development. Their Mission is to promote economic development in the Territory through collaborative efforts with the private sector, the business community, our people, and government. And create government diversification of our economic pillars and places for the community to live, learn, play, work, and do business.
About Critical Mineral Ventures
CMV is a U.S.-based consulting firm specializing in global business development and project management within Technology, Energy, Electrification, Automotive, and Critical Minerals. Our mission is to support the EV sector and provide a solution to the growing demand for Critical Materials and Minerals.
See https://criticalmineralventures.tech
Media Contact
Don Southerton, Critical Mineral Ventures, 1-310-866-3777, [email protected], https://criticalmineralventures.tech/
SOURCE Critical Mineral Ventures
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