According to a report on Mining.com, The Metals Company (TMC), a deep-sea critical minerals exploration enterprise, has raised CAD 51.75 million in funding for deep-sea exploration.
Michael Hess, Chief Investment Officer of Hess Capital, and Brian Paes-Braga, Managing Partner of SAF, led the financing round. The funds will be used for TMC's commercial development plan, with the closing expected to be completed by May 22. The company stated that the revenue is sufficient to fund operations until commercial recovery permits are issued.
"We are eager to have Michael Hess as a strategic partner," said Gerard Barron, President and CEO of TMC. "He has 15 years of experience in exploration and development, serving as both an investor and an operator, with deep connections in the US."
Regulatory Support
Two weeks ago, TMC applied for a commercial development permit and two exploration licenses under the US seabed mining law, which Barron described as the world's first application for nodule mining permits in international waters. A few days prior, the US President signed an executive order calling for the acceleration of seabed mining to expand domestic mineral supplies crucial for the green energy transition.
"We view TMC as a unique company capable of having a stake in this area," said Hess. "We are very pleased to support a completely emerging ocean minerals industry and to help safeguard national interests."
Seabed Wealth
TMC's two exploration licenses are located in the Clarion-Clipperton Zone (CCZ) between Hawaii and Mexico in the central Pacific Ocean, covering an area of 199,895 square kilometers, while the commercial development permit involves an area of 25,160 square kilometers. TMC already possesses indicated and inferred resources of polymetallic nodules.
According to the US SK1300 standard, the nodule ore reserves in this area amount to 1.63 billion mt, containing 15.5 million mt of nickel, 12.8 million mt of copper, 2 million mt of cobalt, and 345 million mt of manganese. These are critical metals essential for power batteries, clean energy, infrastructure, and defense.
Environmental Risks
TMC's plans have faced criticism from environmentalists, who warn that more in-depth research must be conducted before any commercial exploitation. Opponents argue that deep-sea mining could lead to ecological and marine biodiversity disasters, as some coral-like organisms even inhabit polymetallic nodules.
TMC has committed to minimizing environmental damage by preserving at least 30% of the contracted area from development. The company also claims that its modern nodule collectors only disturb 3 cm of seabed sediment, significantly less than previous technologies.
