TMC Secures $85M Investment from Korea Zinc to Advance Deep-Sea Mining

On June 16th, Canada’s The Metals Company (TMC) announced it has secured an $85.2 million investment from South Korean refiner Korea Zinc, strengthening its push into deep-sea mining for critical minerals. The deal gives Korea Zinc a 5% equity stake via 19.6 million shares at $4.34 each, along with a three-year warrant to purchase an additional 6.9 million shares at $7.

TMC shares surged nearly 18% on the news, with its market cap reaching $1.91 billion. The investment supports TMC’s efforts to obtain a U.S. license to commercially extract polymetallic nodules from the Clarion-Clipperton Zone (CCZ), containing nickel, cobalt, copper, and manganese—key metals for EVs, defense, and energy infrastructure.

TMC CEO Gerard Barron highlighted the strategic alignment with Korea Zinc, noting its unique capability outside China to process TMC’s materials into U.S.-compliant metal products. The announcement comes amid rising U.S. efforts to diversify supply chains and fast-track deep-sea mining. The investment is expected to close on June 26.