- TMC USA submits the first U.S. commercial recovery permit application for deep-sea minerals, targeting vital resources.
- The permit covers 25,160 square kilometers in the Clarion Clipperton Zone for critical metals such as nickel and copper.
- NOAA will review compliance within 30-60 days following a supportive Executive Order.
TMC the metals company Inc. (TMC, Financial), trading under the ticker TMC, has taken a pioneering step in the deep-sea mining industry by submitting a commercial recovery permit application for the extraction of deep-sea minerals in international waters. This marks the first such application under U.S. regulations, aligning with the recent Executive Order aimed at bolstering America's critical mineral independence.
TMC USA's application, under the Deep Seabed Hard Mineral Resources Act (DSHMRA), includes one commercial recovery permit covering 25,160 square kilometers within the nutrient-rich Clarion Clipperton Zone, alongside two exploration licenses spanning 199,895 square kilometers. This strategic move highlights the company's ambition to harness an estimated 1,635 million wet tonnes of polymetallic nodules, potentially yielding 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2.0 million tonnes of cobalt, and 345 million tonnes of manganese.
In response to the new Executive Order titled "Unleashing America's Offshore Critical Minerals and Resources," which emphasizes expedited permitting processes, NOAA is tasked with making initial compliance determinations for the exploration licenses and the commercial permit within 30 and 60 days, respectively. This directive also permits the Departments of Defense and Energy to explore the use of the National Defense Stockpile and offtake agreements, thus securing essential seabed minerals for U.S. industrial resilience.
Gerard Barron, Chairman and CEO of TMC, stated that this submission represents a significant step toward America's mineral independence. With substantial investments over a decade in deep-sea technology and research, TMC is poised to pioneer the development of a new industrial ecosystem, potentially mobilizing extensive private investment across sectors like shipbuilding and minerals processing.
