Underwater Excavation of PM's

Oddysey ( the tresaure people) have partnerd with a company to start drilling for gold and other pm under water. I think its really cool. If it works what do you all think will be the effect on long term pm prices.


Second note. Does anyone think it would be worth risking a couple grand and by a few thousand shares? it trades at like 1.30

 

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I would think the major factor would be how cost effective this process is even if they found some stuff. This is why many people would call it gambling

 

The stock and company are a piece of junk. Do they plan an open pit mine or are they going to blast and drill at the bottom of the ocean.

 

I agree that the company in its current busniess sux, but as I understand it they have some sort of new technology that a dude in Australia invented. I'm not sure the exact physics of all of it. That would be an intresting thing to figure out. It would be sweet though if the tech is cost effective. Turn 3k into 30 in like 5 years

 

http://www.shipwreck.net/pr193.php


http://www.bren.ucsb.edu/research/documents/VentsThesis.pdf




After more research it seems kinda legit. Above is a news article that describes the merger and creation of a new company, and a lit review of Ocean Mining. Odysee is providing the ships to search and a scientist owns the mineral rights. They have exclusive rights in 150K square kilomoters. From what I've read it seems that deep water mining my be cheaper then terestial mining. This could be really hudge in the next few years.

Its cool to. The "investment" that odeyss made was ships they had already bought. So it kinda a sunk cost.

Cloud: No they will not dig a whole or blast mine the ocean. I think the whole would fill up with water. They are going to drill these sulpher deposits and thing pump the oar onto a boat and then drive the boat to land. I think blasting a whole would just be silly.


Bama: Yeap it would be a 100% gamble, but the thing is if it works it could be like a 5 to 30X roi It would take a long time, but hey it could work


Disclouser. I don't own any of this stock.

 

Sounds like the disruption of an underwater ecosystem that will bring them plenty of heat and they will spend a lot of money on PR to avoid that, thus reducing profits while they waste the rest of their profit on fuel, equipment and staff trying to get the blast/pumped stuff to the surface, then back to land and refined and into market.

Their stock almost never moves, except it did drop significantly when a Trustee died last year but then it soon after moved right back to the same level it's sat at for quite some time.

Overall, it just sounds like an experiment, maybe something to help build up their coffers by attracting investors hot in this gold market. I'd imagine Odyssey are a bit financially strapped after loosing big on the Black Swan case they were fighting over with Spain for the last few years.

They do produce nice films on Discovery Channel if you watch TV much.

 

Kirspy:

Those are fair points. Their is scientific data that it should be cheaper. I have not read the article, but it is quoted. It was a 2005 study. The enviorment thing is def a risk and if it was in Europe or other western nations I would agree, but we are talking about the south pacific. IDK how many people care about deep sea ecosystems If they start producing though it will at least go to 3 or 4 which would more than justifiey the risk. Also I think it is a mistake to use current evaluations/ trends to justifiey future earnigs with this stock

 

After more research, it seems like a scam. Investors put up the money and the company pays themselves while they pretend to look for gold. I'll make a wild guess here and forecast that the investors will lose at least 90% of their money.

 

"A company for carrying out an undertaking of great advantage, but no-one to know what it is"....

 

There are many steps to get from a nifty technology to a successful company, and I'd recommend investigating each of those before committing money.

 

Yeah I guess the 2nd part of my op hass been beat up. Odesy proper is hudge bust and might go busto.

Deep sea mining is totaly legit though.

A good frind of mine who is a senior majoring in Geology said that deep ocean sulfieds are the most oar rich areas in the whole world. maybe not today, but one day deep sea mines will be as common as deep sea oil wells.

It will be intresting to see what happens over the next 50 years.

 

I've been buying selling Odyssey MArine stock (OMEX) for years. Their treasure hunting business model has proven to be a failure. They find PM treasure only to lose it in the courts. Salvaging treasure is become more difficult because of international treaties.
For the last couple of years it's been bleeding big time. It's so low I'm going to ride it out 'til the end. The only winner I'm aware of is the BOD and Greg Stemm, CEO. I still follow the happenings of their two specially designed treasure hunting ships the Explorer and the Alert. OMEX has a fanatic following that defends all of their missteps and fumbles. A couple of years ago they discovered a wreck and recovered 1/2 billion in coins only to lose them to Spain in court. It's still in the courts, on appeal, (some argue they have no grounds to appeal) but the odds are really against OMEX. Getting PM for the ocean sounds like a OMEX play.
Bon Voyage.

 

In other words give me money so i can go play with my toys!!

 

That's almost exactly what Stemm's was quoted as saying about a year ago.

Last year they had a show on the Discovery Channel which I watched a few times. it got boring.

 

They aired that episode a lot during the week following the passing of George Knutsson last July.

 

I think it is a sham. For one thing, drilling in the oceans for PMs isn't like drilling for oil. The difference is oil is liquidy, and can be pumped to the surface. PM's can't be pumped like oil can. During the mohole drilling in the 60's, it was described as akin to drilling through the ground from on top the Empire State building with a noodle of spaghetti.

Another thing, how would they survey? Unless they found exposed gold just sitting at the surface of the sediment, exploring would be impossible. If the technology you mention helps find the gold, why not use it on land? Why not sell the technology to a mining company for profit?

Once the gold was found, how would they drill up large quantities of it? Things live on the bottom of the ocean floor, Giant squid and flat fish that feed off of the sulfurous hot springs. People still don't know where Blue whales mate or how they live and develop. There would be an outcry from preservationists.

IMHO, even if they did find gold, which I think would be highly unlikely, I don't think mining it would be cost effective in terms of technical difficulties and public relations. There are much better ways to invest your money.

 

News article for Blueindian65

AngloGold Plans to Scour Ocean Floor as Gold Reserves Dwindle

from Bloomberg.com [3/3/2010]

 

Anything is possible as long as it's economically feasible. As for the underwater excavation of PM, it's just a matter of time. Whether it takes 10 years or longer, it has to happen.

And in fact, it's happening now with diamonds. Why shouldn't it happen with PM?
http://www.debeersgroup.com/Exploration-and-mining/Mining-methods/Marine-mining/

The technology is out there.

 

There's certainly no question that it is possible or will eventually be feasible. This thread addressed the topic of investing in Oddysey's new venture as put forward by the OP. The article this morning was shared for more info and other companies the OP might care to read up on regarding the topic of harvesting commodities underwater. Debmarine has possessed and protected shorelines for many many years where the rivers let out into the sea. They've known about and been successful in culling diamonds from the beaches and silt for some time.

 

A lot of things are feasible. That doesn't make them cost effective. I don't see this being a good business even if it is technically possible, and that is the only factor in the investment decision.