TMC files for deep sea mining licences under US law

The Metals Company (Nasdaq: TMC) has filed applications for a commercial recovery permit and two exploration licences under the U.S. seabed mining code, a major step in its pursuit of deep-sea mining. 

The company’s U.S. subsidiary, TMC USA, filed the applications under the Deep Seabed Hard Mineral Resources Act (DSHMRA) and regulations set by the National Oceanic and Atmospheric Administration (NOAA), which collectively form the U.S. seabed mining code.

“This marks a major step forward — not just for TMC USA, but for America’s mineral independence and industrial resurgence,” chair and CEO Gerard Barron said. “We’re offering the U.S. a shovel-ready path to new and abundant supplies of critical metals.”

The move comes just days after President Donald Trump issued an executive order to fast-track offshore mining, aiming to boost access to critical minerals despite strong opposition from environmental groups. The Trump administration views deep-sea mining as a strategic route to reduce dependence on foreign mineral supply chains. A White House official suggested the industry could generate up to 100,000 jobs and add hundreds of billions of dollars to the economy over the next decade.

TMC shares gained 3% to US76¢ apiece on Tuesday afternoon, for a market capitalization of $1.18 billion (C$1.63 billion). Its shares traded in a 52-week range of US3¢ to US85¢. 

Potential undersea bounty

TMC’s two exploration licence applications cover a combined 199,895 sq. km, while the commercial recovery permit covers 25,160 sq. km within the Clarion-Clipperton Zone, a resource-rich swathe of the central Pacific Ocean between Hawaii and Mexico. These areas include the company’s indicated and measured polymetallic nodule resources.

The zones hosts 1.63 billion wet metric tonnes of SEC SK 1300-compliant nodules, with an estimated exploration upside of 500 million tonnes, according to TMC. The resource is projected to contain 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2 million tonnes of cobalt, and 345 million tonnes of manganese — metals critical for batteries, clean energy, infrastructure and defence applications.

Hurdles remain

The company’s ambitions face some criticism. Environmentalists have long warned that the impacts of deep-sea mining are poorly understood. Critics argue more scientific research is needed before any commercial extraction begins, citing risks to fragile ecosystems and ocean biodiversity, including some coral-like fauna that have adapted to living on the polymetallic nodules.

Supporters counter that deep-sea mining is essential to meet rising global demand for minerals. The International Energy Agency predicts the need for copper and rare earth elements will grow by 40% in the coming years, driven by clean technology and electrification.

TMC has pledged to mitigate environmental damage by leaving at least 30% of its contract areas untouched. The company also claims its modern nodule collector disturbs only the top three centimetres of seabed sediment, far less than earlier technologies.

International law tensions

Still, TMC’s application could reignite tensions at the international level. The company has been operating in the Clarion-Clipperton Zone for years under exploration contracts backed by the UN-affiliated International Seabed Authority which governs mining in international waters. But the U.S. is not a signatory to the UN Convention on the Law of the Sea, and TMC’s move to seek approval under U.S. law may be seen as sidestepping international consensus.

Critics warn such actions could undermine more than a decade of negotiations aimed at finalizing global regulations for seabed mining, potentially setting a precedent for other countries or companies to bypass multilateral frameworks.