TMC The Metals Company Inc. (NASDAQ: TMC) has made a significant move by submitting applications for a commercial recovery permit and two exploration licenses under the Deep Seabed Hard Mineral Resources Act (DSHMRA) and National Oceanic and Atmospheric Administration (NOAA) implementing regulations. The company's U.S. subsidiary, The Metals Company USA LLC, submitted these applications in response to the recent executive order, 'Unleashing America’s Offshore Critical Minerals and Resources', signaling a major step forward in the development of deep-sea critical minerals.
The application for the commercial recovery permit covers a proposed 25,160 square-kilometer area referred to as TMC USA-A_2, which includes areas containing the company’s already indicated and measured resources in the Clarion Clipperton Zone (CCZ). The exploration licenses, TMC USA-A and TMC USA-B, cover a total combined area of 199,895 square kilometers.
The estimated resources in the TMC USA-A and USA-B exploration areas are significant, with 1,635 million wet tonnes of polymetallic nodules and an additional estimated 500 million tonnes of potential exploration upside. These resources are estimated to contain approximately 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2.0 million tonnes of cobalt, and 345 million tonnes of manganese.
Gerard Barron, Chairman and CEO of The Metals Company, emphasized the importance of the applications, stating, "Today marks a major step forward—not just for TMC USA, but for America’s mineral independence and industrial resurgence." He further highlighted the company's substantial investment of over half a billion dollars and more than a decade of preparation for this moment, emphasizing their commitment to responsible, transparent, and economically viable commercial development of deep-sea critical minerals.
The strategic move under DSHMRA is expected to lay the foundation for an emerging industrial ecosystem, mobilizing tens of billions of dollars in private sector investment across U.S. shipbuilding, port infrastructure, minerals processing, and manufacturing, ultimately securing new supplies of critical minerals for the United States.
The National Oceanic and Atmospheric Administration (NOAA) is expected to make initial determinations regarding the applications within specific timeframes, including environmental and technical evaluations.
This move by The Metals Company is a significant development in the deep-sea minerals sector and could potentially have far-reaching implications for the U.S. industrial landscape and global standards for responsible deep-sea resource development. Following these announcements, the company's shares moved -3.3%, and are now trading at a price of $3.2. For the full picture, make sure to review TMC the metals company's 8-K report.
