Key points
- TMC has identified 1.6 billion tons of polymetallic nodules containing nickel, copper, cobalt, and manganese on the ocean floor 1,000 miles southwest of San Diego, representing 70% of known reserves of nickel, cobalt, and manganese globally.
- The company spent $700 million on permitting and testing; a permit decision is expected by the end of 2026, with the production vessel Hidden Gem expected production-ready by end of 2027.
- The resource grades at 7% copper equivalent or higher, more than 10 times richer than the average 0.6% copper grade from land mining, positioning the US to become a net exporter of nickel, cobalt, and manganese.
- The Metals Royalty Company was created to finance the project and is going public on the Nasdaq to access capital markets.
