TMC the metals company (TMC) Water Tower Research Insights Conference summary

Executive overview

• The session featured a discussion with the CFO, highlighting the company's focus on developing seabed polymetallic nodules in the Clarion-Clipperton Zone, containing nickel, copper, cobalt, and manganese.

• The company expects to receive a commercial recovery permit within a year, following over $700 million invested and 15 years of development.

• The resource is high-grade, with economic and environmental advantages over terrestrial mining, including minimal waste and no need for digging or blasting.

• SEC-compliant resource statements show 1.6 billion tons of nodules, with initial development focused on the NORI-D area and plans to collect about 46% of its nodules.

• The company has already demonstrated offshore collection at scale and plans to scale up by adding more ships.

Technical and operational progress

• Offshore collection risks are considered well managed, with successful trials leading to increased production targets.

• Onshore processing technology is proven, with a flow sheet tested at scale and potential plans for a U.S.-based processing hub in Brownsville, Texas.

• Feasibility work for the processing hub is ongoing, with decisions dependent on U.S. government support and site-specific studies.

• The company is working with partners such as Allseas and Hatch to advance both offshore and onshore operations.

Regulatory and permitting milestones

• The company has submitted a consolidated application to NOAA, combining exploration and commercial recovery permits, and is the first to do so under the new regime.

• Key milestones ahead include public comment periods, hearings, and completion of the environmental impact statement, all leading to permit grant within 12 months.

• The permitting process is transparent, with regular updates expected as milestones are achieved.