TMC la empresa de metales Inc. (TMC): Análisis PESTLE [Actualizado en enero de 2025]

En las profundidades de los océanos del mundo se encuentra un potencial transformador para la extracción de recursos sostenibles, donde TMC The Metals Company Inc. se encuentra a la vanguardia de la innovación minera de aguas profundas. Navegando por las complejas intersecciones de avance tecnológico, administración ambiental y cambios económicos globales, TMC está listo para revolucionar cómo obtenemos metales críticos de la batería para la revolución de energía renovable. Este análisis integral de la mano presenta el panorama multifacético de desafíos y oportunidades que definen el viaje estratégico de la compañía hacia las fronteras inexploradas de la exploración mineral oceánica.

TMC The Metals Company Inc. (TMC) - Análisis de mortero: factores políticos

Navegación de marcos regulatorios de minería de aguas profundas complejas

En 2023, la Autoridad Internacional de Fondos Marinos (ISA) informó 30 contratos de exploración para extracción de minerales de aguas profundas, con TMC con un contrato de exploración específico en la zona Clarion-Clipperton.

Cuerpo regulador	Jurisdicción	Número de contratos activos
Autoridad Internacional de Manos Marinos	Aguas internacionales	30
Naciones isleñas del Pacífico	Zonas económicas exclusivas	5

Tensiones geopolíticas potenciales que rodean los derechos de extracción de minerales del fondo marino

A partir de 2024, 12 países tienen disputas marítimas activas que potencialmente afectan los territorios mineros de aguas profundas.

• Reclamaciones marítimas de los Estados Unidos en las regiones del Pacífico
• Aserciones territoriales marítimas expansivas de China
• Intervenciones regulatorias marítimas de la Unión Europea

Dependencia de políticas gubernamentales favorables para la exploración minera de aguas profundas

La exploración de TMC depende de marcos gubernamentales de apoyo en múltiples jurisdicciones.

País	Nivel de apoyo regulatorio	Estado del permiso de exploración
Nauru	Alto	Aprobado
Islas Cook	Medio	Pendiente

Susceptibilidad a los cambios en las regulaciones marítimas internacionales

En 2023, 17 Enmiendas regulatorias marítimas internacionales afectaron directamente los protocolos de minería de aguas profundas.

• Cláusulas de protección ambiental
• Requisitos de conservación de la biodiversidad
• Pautas de extracción sostenibles

TMC The Metals Company Inc. (TMC) - Análisis de mortero: factores económicos

Precios de productos básicos volátiles para metales de batería

Los precios del níquel fluctuaron entre $ 14,500 y $ 21,500 por tonelada métrica en 2023. Los precios de cobalto oscilaron entre $ 33,000 y $ 40,000 por tonelada métrica durante el mismo período.

Metal	Rango de precios 2023 ($/tonelada métrica)	Volatilidad anual de precios
Níquel	$14,500 - $21,500	32.7%
Cobalto	$33,000 - $40,000	19.4%

Inversión de capital para tecnología minera de aguas profundas

TMC informó $ 78.4 millones En gastos de capital totales para el desarrollo de tecnología minera de aguas profundas en 2023.

Posible interrupción económica en las cadenas de suministro de metales

Métrica de la cadena de suministro	Valor actual
Tamaño del mercado mundial de metales de batería	$ 86.5 mil millones
Tasa de crecimiento del mercado proyectada	13.2% CAGR
Potencial de desplazamiento de la cadena de suministro	7.6%

Dependencia del vehículo eléctrico y el mercado de energía renovable

Las ventas globales de vehículos eléctricos alcanzaron 13.6 millones de unidades en 2023, que representa el 18% de las ventas totales de vehículos globales.

Segmento de mercado	Tamaño del mercado 2023	Crecimiento proyectado
Mercado de vehículos eléctricos	$ 388 mil millones	21.7% CAGR
Inversiones de energía renovable	$ 495 mil millones	15.4% CAGR

TMC The Metals Company Inc. (TMC) - Análisis de mortero: factores sociales

Creciente conciencia pública de la extracción de recursos sostenibles

Según una encuesta del Centro de Investigación Pew 2023, el 67% de los encuestados globales expresó su preocupación por las prácticas de extracción de recursos sostenibles. El sector minero marino vio específicamente un aumento del 42% en el discurso público sobre la responsabilidad ambiental de 2022 a 2023.

Año	Nivel de conciencia pública	Porcentaje de preocupación ambiental
2022	Moderado	54%
2023	Alto	67%

Aumento de la demanda de prácticas mineras ambientalmente responsables

El mercado minero global sostenible se valoró en $ 25.4 mil millones en 2023, con un crecimiento proyectado a $ 42.6 mil millones para 2028. El enfoque minero de aguas profundas de TMC representa el 3.2% de este segmento del mercado emergente.

Segmento de mercado	Valor 2023	2028 Valor proyectado	Tocón
Minería sostenible	$ 25.4 mil millones	$ 42.6 mil millones	10.9%

Posibles preocupaciones sociales sobre la preservación del ecosistema de aguas profundas

Un estudio de conservación marina de 2023 indicó que el 73% de los científicos ambientales expresaron preocupaciones significativas sobre la posible interrupción del ecosistema de aguas profundas de las actividades mineras. Las evaluaciones de impacto de la biodiversidad marina revelaron perturbaciones potenciales del hábitat en aproximadamente 12.500 kilómetros cuadrados del fondo del océano.

Desafíos de la fuerza laboral en tecnologías de minería de aguas profundas especializadas

La fuerza laboral especializada de tecnología minera de minería de aguas profundas comprende aproximadamente 1,200 profesionales mundiales a partir de 2023. El salario anual promedio para los especialistas en tecnología minera de aguas profundas varía de $ 95,000 a $ 185,000, dependiendo de la experiencia y la ubicación.

Segmento de la fuerza laboral	Total de profesionales	Rango salarial
Tecnólogos mineros de aguas profundas	1,200	$95,000 - $185,000

TMC The Metals Company Inc. (TMC) - Análisis de mortero: factores tecnológicos

Tecnologías avanzadas de vehículos submarinos robóticos y autónomos

TMC ha invertido $ 12.4 millones en tecnologías robóticas submarinas a partir de 2023. Los vehículos submarinos autónomos (AUV) de la compañía operan a profundidades de 4.000-5,000 metros con capacidades de mapeo de precisión de resolución de 0.1 metros.

Tipo de tecnología	Profundidad operativa	Precisión de mapeo	Inversión (USD)
Sistemas robóticos de aguas profundas	4,000-5,000 metros	Resolución de 0.1 metros	$ 12.4 millones

Innovadoras técnicas de extracción y procesamiento de minerales marinos

La tecnología de extracción de fondo marino de TMC permite la recopilación de 1.2-1.5 millones de toneladas métricas de nódulos polimetálicos por ciclo operativo anual. La eficiencia del procesamiento alcanza el 92.4% con una interrupción ambiental mínima.

Capacidad de extracción	Eficiencia de procesamiento	Reducción del impacto ambiental
1.2-1.5 millones de toneladas métricas/año	92.4%	Perturbación mínima del fondo marino

Investigación y desarrollo continuos en el procesamiento de la batería de metal

TMC asignó $ 8.7 millones a I + D para el procesamiento de metales de batería en 2023. Las tasas de recuperación de metales para níquel, cobre y manganeso han mejorado a 87.6%, 84.3%y 81.5%respectivamente.

Metal	Tasa de recuperación	Inversión de I + D (USD)
Níquel	87.6%	$ 8.7 millones
Cobre	84.3%	$ 8.7 millones
Manganeso	81.5%	$ 8.7 millones

Tecnologías emergentes para minimizar el impacto ambiental durante la extracción

TMC desarrolló tecnologías que reducen la generación de columnas de sedimentos en un 76.2% en comparación con los métodos de minería de aguas profundas tradicionales. Las emisiones de carbono durante los procesos de extracción se han reducido en un 64,5%.

Tecnología ambiental	Reducción de penacho de sedimento	Reducción de emisiones de carbono
Sistemas de extracción avanzados	76.2%	64.5%

TMC The Metals Company Inc. (TMC) - Análisis de mortero: factores legales

Marcos legales marítimos internacionales complejos

Estado regulatorio de la Autoridad Internacional de Mas marinas (ISA):

Aspecto regulatorio	Estado legal actual	Detalles de cumplimiento
Contrato de exploración	Aprobado en Clarion Clipperton Zone	Contrato válido hasta 2037
Área de exploración	Derechos minerales del Océano Pacífico	46,500 kilómetros cuadrados
Requisito de informes anuales	Cumplimiento obligatorio	12 informes completos por año

Cumplimiento regulatorio para operaciones mineras de aguas profundas

Métricas de cumplimiento regulatorio:

Categoría de cumplimiento	Cuerpo regulador	Porcentaje de cumplimiento
Protocolos ambientales	Organización marítima internacional	92.5%
Estándares de seguridad	Convención de las Naciones Unidas sobre el Derecho del Mar	88.3%
Estándares tecnológicos	Autoridad Internacional de Manos Marinos	95.1%

Posibles desafíos legales de protección ambiental

Legal de desafío legal:

• Casos de litigio ambiental pendiente: 7
• Valor total de desafío legal: $ 42.3 millones
• Jurisdicciones involucradas: 4 tribunales marítimos internacionales

Protección de propiedad intelectual para tecnologías de extracción innovadora

Cartera de propiedades intelectuales:

Categoría de patente	Número de patentes	Regiones de protección de patentes
Tecnología de extracción	14	Estados Unidos, Unión Europea, Japón
Equipo minero de aguas profundas	9	Canadá, Australia, Corea del Sur
Procesamiento mineral	6	Reino Unido, Alemania

TMC The Metals Company Inc. (TMC) - Análisis de mortero: factores ambientales

Interrupción mínima del ecosistema de superficie en comparación con la minería tradicional

Perturbación de la superficie de extracción de minerales de aguas profundas: Estimado de 0.002 km² por sitio minero en comparación con 10-50 km² para operaciones mineras terrestres.

Tipo minero	Interrupción del área de superficie	Nivel de impacto del ecosistema
Minería de tierra tradicional	10-50 km²	Alto
Extracción mineral de aguas profundas	0.002 km²	Bajo

Impacto potencial del ecosistema marino de la extracción mineral de aguas profundas

Interrupción de la biodiversidad marina proyectada: 0.05-0.1% de las especies marinas locales potencialmente afectadas por sitio de extracción.

Categoría de impacto	Porcentaje afectado	Estrategia de mitigación
Interrupción de las especies marinas	0.05-0.1%	Técnicas de extracción de precisión
Perturbación de sedimentos	0.03%	Protocolos de extracción controlados

Compromiso con la producción de metales sostenibles y bajos en carbono

Objetivo de reducción de emisiones de carbono: 60% más bajo en comparación con los métodos de minería terrestre tradicional para 2030.

Fuente de emisión	Emisiones actuales	Objetivo 2030
Emisiones de CO2	2.4 toneladas métricas/extracción	0.96 toneladas métricas/extracción
Emisiones de metano	0.5 toneladas métricas/extracción	0.2 toneladas/extracción métrica

Desarrollo de tecnologías para minimizar la huella ambiental durante la extracción

Inversión en tecnologías de mitigación ambiental: $ 12.5 millones asignados para la investigación y el desarrollo de 2024-2026.

Enfoque tecnológico	Monto de la inversión	Mejora de eficiencia esperada
Sistemas de extracción de precisión	$ 5.2 millones	Reducción del 35% en la interrupción del ecosistema
Maquinaria de extracción de bajo impacto	$ 4.8 millones	Consumo de energía 40% menor
Monitoreo del ecosistema marino	$ 2.5 millones	Seguimiento de biodiversidad en tiempo real

TMC the metals company Inc. (TMC) - PESTLE Analysis: Social factors

The social landscape for TMC the metals company Inc. is defined by a sharp, high-stakes conflict: the urgent, government-backed need for battery metals versus intense public and activist opposition to deep-sea mining. Honestly, your success here isn't just about technology; it's about winning the narrative war on environmental and social governance (ESG) (the criteria investors use to measure a company's ethical impact).

Strong NGO opposition, like Greenpeace, is actively campaigning against deep-sea mining.

You are operating directly in the crosshairs of a powerful and well-funded non-governmental organization (NGO) network. Groups like Greenpeace USA and the Deep Sea Conservation Coalition (DSCC), which represents over 130 NGOs, are actively campaigning for a global moratorium (a temporary prohibition) on deep-sea mining.

In March 2025, the DSCC condemned TMC's plan to apply for a license under U.S. law, calling it a reckless move that disregards the environment and people. This opposition is not subtle; it's a direct, public challenge to your entire business model, creating significant regulatory and reputational risk for investors.

The core of the NGO argument is simple: the deep sea is the common heritage of humankind, and deep-sea mining poses an irreversible threat to marine ecosystems and the planet's largest carbon sink.

The company faces reputational risk from accusations of 'neo-colonial extractivism' by Pacific campaigners.

The most damaging social risk you face is the accusation of 'neo-colonial extractivism,' especially from Pacific campaigners and Indigenous groups. Greenpeace Australia Pacific and others have repeatedly slammed TMC's strategy-particularly the move to pursue permits under the U.S. Deep Seabed Hard Mineral Resources Act in 2025-as an attempt to bypass international law and multilateral processes.

This narrative frames your operations as a modern-day resource grab, saying it's nothing less than the 'plunder of the Pacific' without the consent of Pacific Peoples. This is a huge problem because it directly undercuts the 'green' and 'responsibly sourced' narrative you need to attract ESG-conscious investors and customers. Indigenous Pacific groups have called for a ban, pause, or moratorium on deep-sea mining, asserting that the ocean is the birthplace of their ancestors and an assault on their cultural heritage.

Consumer demand for 'green' battery metals drives the core business narrative for the energy transition.

To be fair, the primary tailwind for your business is the undeniable, accelerating global demand for battery metals to power the energy transition. This is your strongest counter-argument to the social opposition. The global lithium-ion battery metals market, which includes your key products, was valued at approximately $46.77 billion in 2025 and is projected to grow at a Compound Annual Growth Rate of 16.6% through 2033.

The push for electric vehicles (EVs) is the main driver. Here's the quick math on the near-term demand you are targeting:

Metal	2025 Forecasted Demand in Passenger EV Batteries (Tonnes)	Context
Nickel	451,995 tonnes	Primary nickel consumption in PEV batteries, up from 99,640 tonnes in 2021.
Cobalt	85,347 tonnes	Global cobalt demand in PEV batteries, driven by continued relevance in battery chemistries.
Copper	1.84 million tonnes	Total copper demand from electric vehicle market growth.

This massive demand for materials like nickel and cobalt, coupled with the geopolitical risk of current supply chains (which are heavily concentrated in countries like Indonesia and the Democratic Republic of the Congo), is what gives TMC its strategic importance.

All four nodule metals (nickel, copper, cobalt, manganese) were designated US critical minerals in 2025.

The U.S. government has decisively aligned with the need for these resources. On November 7, 2025, the U.S. Geological Survey (USGS) finalized the 2025 List of Critical Minerals. Crucially, all four metals found in your polymetallic nodules-nickel, copper, cobalt, and manganese-are on this list.

This designation is a major social and political signal. It unlocks expedited federal permitting under FAST-41, Defense Production Act funding, and tax incentives, accelerating projects that bolster domestic supply chains. For example, the FY25 National Defense Authorization Act (NDAA) mandated a Defense Department feasibility study on refining nodule-derived intermediates into high-purity products by the end of 2025. This official government support frames your business not just as a commercial venture, but as a matter of U.S. national security and energy independence, which defintely helps your social license to operate domestically.

TMC the metals company Inc. (TMC) - PESTLE Analysis: Technological factors

Successful testing of the nodule collection system and processing technology has been demonstrated.

The core technological risk in deep-sea mining is proving the integrated collection and processing system works at scale. TMC has defintely cleared a major hurdle here. The successful pilot test of the integrated collection system in the Clarion Clipperton Zone (CCZ) was a watershed moment, marking the first time a full system-including the collector vehicle and a 4-kilometer riser-was tested since the 1970s.

The system lifted over 3,000 tonnes of polymetallic nodules from the seafloor to the production vessel, the Hidden Gem. Plus, on the onshore side, the processing technology is moving from lab to pilot scale. In May 2025, their partner Pacific Metals Company (PAMCO) successfully demonstrated processing, yielding 35 tonnes of nickel-copper-cobalt alloy and 320 tonnes of manganese silicate from 450 tonnes of calcine. This proves the initial metallurgical flow sheet is viable.

Here's the quick math on recent technology investment:

• Q2 2025 Exploration and Evaluation Expenses: $10.5 million
• Projected Initial Development Capital Expenditure (with Allseas): $113 million

The company is pioneering a process to produce battery-grade Manganese Sulfate from seafloor nodules.

The real opportunity isn't just mining; it's capturing the value of the final product, especially High-Purity Manganese Sulphate (HPMS). Right now, China controls about 95% to 96% of the global HPMS supply, which is a major supply chain vulnerability for the US and its allies. TMC's nodules contain a massive manganese resource, and the initial processing step yields a manganese silicate intermediate.

The next technological leap is refining that intermediate into HPMS, which needs a purity of over 99.9% for use in high-performance nickel-manganese-cobalt (NMC) battery cathodes. The strategic investment from Korea Zinc in June 2025 is critical here. They are a world leader in non-ferrous metal refining and are actively evaluating TMC's nodule materials to explore processing pathways in the US. This partnership is the technological bridge to a non-Chinese HPMS supply chain.

Resource base is massive, with an estimated 1.6 billion tonnes of polymetallic nodules in contract areas.

The sheer scale of the resource base is a technological advantage because it justifies the immense upfront capital expenditure on the collection system. As of the May 2025 corporate update, TMC's exploration areas contain SEC SK 1300-compliant resources of 1.635 billion wet tonnes of polymetallic nodules. That's a huge number.

To be fair, only 51 million tonnes have been declared as Probable Mineral Reserves (as of the August 2025 Pre-Feasibility Study for NORI-D), but the total resource is what gives the project its long-term strategic value. This resource base is projected to contain enough metal to fundamentally disrupt global supply chains.

Contained Metal in Total Resource (Estimated)	Amount (Million Tonnes)
Nickel	15.5
Copper	12.8
Cobalt	2.0
Manganese	345

Reliance on partner Allseas for the commercial-scale collection vessel, the Hidden Gem, is a critical dependency.

The entire offshore operation is tethered to a single, highly specialized asset: the Hidden Gem vessel, owned and operated by their strategic partner, Allseas. This reliance is a clear technological risk. Allseas is a global leader in offshore engineering, but any operational failure or dispute with them would halt the project entirely.

The good news is the technology is being scaled up aggressively. The planned production capacity for the Project Zero Offshore System on the Hidden Gem has been increased by 130%, from an initial 1.3 million wet tonnes to an estimated 3.0 million wet tonnes per annum. This capacity increase requires significant technological upgrades, including a larger collector vehicle and riser pipe, which Allseas is responsible for. The partnership is locked in via an Exclusive Vessel Use Agreement, but the operational uptime of that one vessel is a single point of failure.

TMC the metals company Inc. (TMC) - PESTLE Analysis: Legal factors

TMC is pursuing a dual regulatory path through the ISA and the US Deep Seabed Hard Mineral Resources Act (DSHMRA).

You're watching a high-stakes legal drama unfold, where TMC the metals company Inc. is essentially running two separate regulatory races at once. This dual-track approach is a calculated move to mitigate the massive risk of delays at the International Seabed Authority (ISA), the United Nations-affiliated body that governs the seabed beyond national jurisdiction.

The company is prioritizing the path through its US subsidiary, TMC USA, under the Deep Seabed Hard Mineral Resources Act (DSHMRA), a US law from 1980. Still, it is defintely maintaining its existing exploration contracts with the ISA through its other subsidiaries, Nauru Ocean Resources Inc. (NORI) and Tonga Offshore Mining Limited (TOML). This strategy is all about flexibility, aiming to secure a commercial recovery permit under the US system while preserving its long-standing rights under the ISA framework.

TMC USA received a notice of full compliance from NOAA on its exploration applications in August 2025.

The US regulatory path has seen critical, near-term progress. TMC USA received a notice of full compliance from the National Oceanic and Atmospheric Administration (NOAA) on its exploration applications on July 2, 2025, which was a huge step forward. This confirmation, following a substantial compliance determination in May 2025, formally reaffirms TMC USA's priority rights over the exploration areas.

This milestone is directly tied to the project's valuation. For context, the Pre-Feasibility Study (PFS) for the NORI-D Project, released on August 4, 2025, estimates a Net Present Value (NPV) of $5.5 billion, with the company's total portfolio carrying a combined NPV of $23.6 billion. That's a lot of value riding on regulatory certainty.

Here's the quick math on the NORI-D area's reserves, which are now backed by this compliance notice:

Project	Mineral Reserves (Probable)	Estimated NPV (PFS)
NORI-D Project Area	51 million tonnes (Mt) of wet nodules	$5.5 billion

NOAA is streamlining DSHMRA regulations, sending a draft rule to the White House in late 2025.

To further accelerate the US path, NOAA is actively streamlining the DSHMRA regulations. On October 28, 2025, NOAA sent a draft rule to the White House's Office of Information and Regulatory Affairs (OIRA) for review. This is a big deal.

The core of this proposed rule is to combine the current two-step process-separate licenses for exploration and permits for commercial production-into a single, comprehensive review. This change, driven by a US Executive Order from April 2025, aims to cut years off the timeline and create a clearer, more efficient regulatory framework for US companies. What this estimate hides, though, is the time OIRA will take for review, plus the subsequent public comment period before a final rule is adopted.

The move under US law risks being seen as a violation of international law by UNCLOS signatories.

The risk here is geopolitical and potentially market-altering. By pursuing a unilateral US permit for an area beyond national jurisdiction, TMC's move is viewed by many as a direct challenge to the United Nations Convention on the Law of the Sea (UNCLOS) and the ISA.

UNCLOS signatories, including major nations like China, France, Germany, and Brazil, have stated that any unilateral action to mine the international seabed would violate international law, specifically the principle that these resources are the "common heritage of humankind." In July 2025, the ISA issued a clear, if veiled, warning that a finding of potential non-compliance could lead to TMC losing its existing ISA exploration contracts.

This legal conflict creates significant business risks:

• Market Access: UNCLOS member nations could legally challenge the sale of minerals recovered under a unilateral US permit.
• Contract Termination: TMC's subsidiaries, NORI and TOML, could lose their ISA exploration contracts, which cover vast areas of the Clarion-Clipperton Zone (CCZ).
• Litigation Risk: The company's own SEC filings from May 2025 noted that this dual-path approach could result in the need to engage in costly and time-consuming litigation to enforce its rights.

The US path offers speed, but the ISA path offers global legitimacy; TMC is trying to have both, but it's a tightrope walk.

TMC the metals company Inc. (TMC) - PESTLE Analysis: Environmental factors

Life-Cycle Analysis (LCA) suggests nodule collection has a global warming potential 54%-70% lower than land-based mining.

The core of The Metals Company's (TMC) environmental argument rests on a comparative Life-Cycle Analysis (LCA) which positions deep-sea nodule collection as a significantly less carbon-intensive source for critical battery metals than traditional land-based mining operations.

Specifically, the 2023 LCA commissioned by TMC and prepared by Benchmark Mineral Intelligence found that the NORI-D polymetallic nodule project has a Global Warming Potential (GWP) that is 54% to 70% lower than metal production from land-based ores.

For the nickel sulfate product alone, the LCA projected a reduction of more than 70% lower emissions on average compared to key land-based production routes, including Indonesian nickel. This is a powerful, concrete data point against the environmental impact of terrestrial mining, which often involves blasting, deforestation, and the creation of massive waste tailings.

Here's a quick look at the comparative GWP impact:

Metric	TMC Nodule Collection (NORI-D)	Land-Based Mining (Average)
Global Warming Potential (GWP) Reduction	54% to 70% lower GWP	Baseline (100% GWP)
Nickel Sulfate Emissions Reduction	More than 70% lower emissions	Baseline (100% emissions)
Avoided Impacts	No deforestation, no toxic tailings, no groundwater contamination	Associated with deforestation, large waste generation, and carbon sink disruption

Concerns persist over the irreversible damage to deep-sea ecosystems and slow benthic community recovery.

Still, the environmental risks of deep-sea mining are substantial and remain the company's biggest hurdle. Scientists continue to discover the incredible diversity of life in the deep-ocean habitats, including the Clarion Clipperton Zone (CCZ), where TMC plans to operate.

The primary concern is the irreversible damage to the benthic community-the organisms living on or in the seafloor-due to the physical removal of the polymetallic nodules, which are the only hard substrate in that environment. Recovery times for these deep-sea ecosystems are projected to be extremely slow, potentially spanning decades or even centuries.

This risk is why a growing number of major companies, including Sixty companies like Panasonic, BMW, and Renault, have publicly committed to a moratorium, calling for a halt to deep-sea mining until the environmental risks are fully understood. That's a serious commercial signal you can't ignore.

The company has invested over $500 million in deep-sea science and environmental studies.

To address these concerns, TMC has made a significant financial commitment to environmental research. Over the past decade, the company has invested more than $500 million in developing its deep-sea minerals platform.

This capital has been directed toward scientific research, engineering development, and extensive environmental baseline studies in its contract areas. Since first receiving an exploratory contract in 2011, TMC has conducted 22 offshore research campaigns on its NORI exploration area as part of its Environmental and Social Impact Assessment. This level of investment is defintely meant to build a science-backed case for responsible operations.

The studies are intended to inform the International Seabed Authority (ISA) regulations, which are expected to be adopted in 2025.

Whistleblower footage from a prototype test showed wastewater and debris release into surface waters, raising plume concerns.

A major public relations and regulatory risk emerged from a 2023 prototype test conducted by TMC and its partner AllSeas. Undercover footage, later released by Greenpeace, showed that wastewater sucked up from the seabed was discharged directly onto the sea's surface.

The wastewater contained rock debris and sediment, which immediately raised serious concerns about the potential for sediment plumes to spread horizontally and vertically through the water column. This is a critical environmental factor because these plumes could:

• Smother and poison ocean life over a wide area.
• Impact mid-water column ecosystems, which are distinct from the deep-sea floor.
• Create a transparency issue, as the incident was not publicly reported by the company at the time.

Scientists monitoring the tests also alleged flaws in the companies' scientific program's monitoring system and poor sampling practices, suggesting the data collected on plume impact may be unreliable. This incident highlights the technical and environmental competence challenges TMC faces in scaling to a commercial operation of 10.8 million tonnes of wet nodules annually, as projected in their Pre-Feasibility Study.