The Metals Company (NASDAQ: TMC) has signed a commercial agreement with offshore engineering giant Allseas to develop and operate what the companies say would be the world’s first commercial deep-sea nodule recovery system.
The deal covers the design, commissioning and operation of a commercial-scale collection system for polymetallic nodules in the Clarion Clipperton Zone (CCZ) of the Pacific Ocean, where TMC aims to begin offshore recovery operations by late 2027.
The planned system would have nameplate production capacity of 3 million wet tonnes annually, using two collector vehicles that will operate more than 4 km below the ocean surface.
Allseas, which conducted a 3,000-tonne pilot nodule recovery test in 2022, will complete procurement, integration and operation of the system, including the collector vehicles, launch and recovery systems, riser pipe, surface vessel Hidden Gem and a transfer vessel.
Under the agreement, the Swiss-based offshore contractor will fund a significant portion of development costs, recoverable through future production revenue.
“This agreement with Allseas is now the contractual cornerstone of our strategic alliance,” TMC chairman and CEO Gerard Barron said. “Together, we are moving from firsts in deep-sea science and engineering towards first commercial recovery operations.”
The companies said conceptual and basic engineering work is complete for several key long-lead components, including the riser system, umbilical and launch and recovery systems. Tendering and vendor engagement are expected to begin soon, with subcontract awards targeted by the end of the third quarter of 2026.
Closer to production
The commercial system reflects the initial development phase outlined in TMC’s preliminary feasibility study for its NORI Area D project. Nodules collected from the seabed would be transferred at sea to bulk carriers before shipment to processing facilities onshore.
The agreement marks another step in TMC’s effort to commercialize deep-sea mining as governments and industry seek new supplies of critical minerals needed for electrification and battery supply chains.
Earlier this month, the National Oceanic and Atmospheric Administration (NOAA), a US federal scientific and regulatory agency within the Department of Commerce, deemed the company’s deep-sea mining application fully compliant. The decision moved the CCZ project closer to a potential final permit by early 2027.
Supporters argue seabed nodules could provide large volumes of nickel, copper, cobalt and manganese without conventional open-pit mining, while critics warn the environmental impacts on deep-ocean ecosystems remain poorly understood.