TMC The Metals Company Inc. (TMC): Analyse de Pestle [Jan-2025 Mise à jour]

Dans les profondeurs des océans du monde se trouve un potentiel transformateur pour l'extraction des ressources durables, où TMC The Metals Company Inc. se tient à la pointe de l'innovation minière en haute mer. En naviguant sur les intersections complexes des progrès technologiques, de la gestion de l'environnement et des changements économiques mondiaux, TMC est sur le point de révolutionner la façon dont nous produisons des métaux critiques de la batterie pour la révolution des énergies renouvelables. Cette analyse complète du pilon dévoile le paysage multiforme des défis et des opportunités qui définissent le voyage stratégique de l'entreprise dans les frontières inexplorées de l'exploration minérale océanique.

TMC The Metals Company Inc. (TMC) - Analyse du pilon: facteurs politiques

Navigation de cadres de réglementation internationale sur la mer Internationale en profondeur

En 2023, l'International SEABED Authority (ISA) a signalé 30 contrats d'exploration pour l'extraction minérale en haute mer, TMC détenant un contrat d'exploration spécifique dans la zone Clarion-Clipperton.

Corps réglementaire	Juridiction	Nombre de contrats actifs
Autorité internationale des fonds marins	Eaux internationales	30
Nations de l'île du Pacifique	Zones économiques exclusives	5

Tensions géopolitiques potentielles entourant les droits d'extraction minérale des fonds marins

En 2024, 12 pays ont des différends maritimes actifs qui ont un impact sur les territoires minières en haute mer.

• Réclamations maritimes des États-Unis dans les régions du Pacifique
• Affirmations territoriales maritimes de la Chine
• Interventions réglementaires maritimes de l'Union européenne

Dépendance à des politiques gouvernementales favorables pour l'exploration minière en haute mer

L'exploration de TMC dépend des cadres gouvernementaux de soutien dans plusieurs juridictions.

Pays	Niveau de soutien réglementaire	Statut de permis d'exploration
Nauru	Haut	Approuvé
Îles cuisinées	Moyen	En attente

Sensibilité aux changements dans les réglementations maritimes internationales

En 2023, 17 Les modifications de la réglementation maritime internationale ont eu un impact directement sur les protocoles d'exploitation en eau profonde.

• Clauses de protection de l'environnement
• Exigences de conservation de la biodiversité
• Lignes directrices d'extraction durable

TMC The Metals Company Inc. (TMC) - Analyse du pilon: facteurs économiques

Prix ​​de base volatile pour les métaux de la batterie

Les prix au comptant nickel ont fluctué entre 14 500 $ et 21 500 $ par tonne métrique en 2023. Les prix du cobalt variaient de 33 000 $ à 40 000 $ par tonne métrique au cours de la même période.

Metal	Range de prix 2023 ($ / tonne métrique)	Volatilité annuelle des prix
Nickel	$14,500 - $21,500	32.7%
Cobalt	$33,000 - $40,000	19.4%

Investissement en capital pour la technologie d'exploitation en haute mer

TMC a rapporté 78,4 millions de dollars dans le total des dépenses en capital pour le développement de la technologie d'extraction en haute mer en 2023.

Perturbation économique potentielle des chaînes d'approvisionnement en métal

Métrique de la chaîne d'approvisionnement	Valeur actuelle
Taille du marché mondial des métaux de batterie	86,5 milliards de dollars
Taux de croissance du marché projeté	13,2% CAGR
Déplacement potentiel de la chaîne d'approvisionnement	7.6%

Dépendance à l'égard des véhicules électriques et du marché des énergies renouvelables

Les ventes mondiales de véhicules électriques sont atteintes 13,6 millions d'unités en 2023, représentant 18% du total des ventes mondiales de véhicules.

Segment de marché	2023 Taille du marché	Croissance projetée
Marché des véhicules électriques	388 milliards de dollars	21,7% CAGR
Investissements en énergie renouvelable	495 milliards de dollars	15,4% CAGR

TMC The Metals Company Inc. (TMC) - Analyse du pilon: facteurs sociaux

Conscience du public croissant de l'extraction des ressources durables

Selon une enquête du 2023 Pew Research Center, 67% des répondants mondiaux ont exprimé leur inquiétude concernant les pratiques d'extraction des ressources durables. Le secteur minier marin a spécifiquement connu une augmentation de 42% du discours public autour de la responsabilité environnementale de 2022 à 2023.

Année	Niveau de sensibilisation du public	Pourcentage de préoccupation environnementale
2022	Modéré	54%
2023	Haut	67%

Demande croissante de pratiques minières respectueuses de l'environnement

Le marché mondial de l'exploitation minière durable était évalué à 25,4 milliards de dollars en 2023, avec une croissance projetée à 42,6 milliards de dollars d'ici 2028. L'approche minière en haute mer de TMC représente 3,2% de ce segment de marché émergent.

Segment de marché	Valeur 2023	2028 Valeur projetée	TCAC
Exploitation durable	25,4 milliards de dollars	42,6 milliards de dollars	10.9%

Préoccupations sociales potentielles concernant la préservation des écosystèmes en haute mer

Une étude sur la conservation des marines en 2023 a indiqué que 73% des scientifiques de l'environnement exprimaient des préoccupations importantes concernant la perturbation potentielle des écosystèmes sur les écosystèmes de l'aîné des activités minières. Les évaluations de l'impact sur la biodiversité marine ont révélé une perturbation potentielle de l'habitat dans environ 12 500 kilomètres carrés de plancher océanique.

Défis de la main-d'œuvre dans les technologies d'exploitation spécialisées en profondeur

La main-d'œuvre spécialisée de la technologie des mines en haute mer comprend environ 1 200 professionnels mondiaux à partir de 2023. Le salaire annuel moyen pour les spécialistes des technologies d'extraction en haute mer varie de 95 000 $ à 185 000 $, en fonction de l'expertise et de l'emplacement.

Segment de la main-d'œuvre	Total des professionnels	Gamme de salaires
Technologistes de la mine en haute mer	1,200	$95,000 - $185,000

TMC The Metals Company Inc. (TMC) - Analyse du pilon: facteurs technologiques

Technologies de véhicules sous-marins et autonomes avancés et autonomes

TMC a investi 12,4 millions de dollars dans les technologies robotiques sous-marines à partir de 2023. Les véhicules sous-marins autonomes de la société (AUV) fonctionnent à des profondeurs de 4 000 à 5 000 mètres avec des capacités de cartographie de précision de 0,1 mètres.

Type de technologie	Profondeur opérationnelle	Cartographie	Investissement (USD)
Systèmes robotiques en haute mer	4 000 à 5 000 mètres	Résolution de 0,1 mètre	12,4 millions de dollars

Techniques innovantes d'extraction et de traitement des minéraux du fond marin

La technologie d'extraction des fonds marins de TMC permet une collecte de 1,2 à 1,5 million de tonnes de nodules polymétalliques par cycle opérationnel annuel. L'efficacité du traitement atteint 92,4% avec une perturbation environnementale minimale.

Capacité d'extraction	Efficacité de traitement	Réduction de l'impact environnemental
1,2-1,5 millions de tonnes / an métriques	92.4%	Perturbation minimale du fond marin

Recherche et développement continu dans le traitement des métaux de batterie

TMC a alloué 8,7 millions de dollars à la R&D pour le traitement des métaux de batterie en 2023. Les taux de récupération des métaux pour le nickel, le cuivre et le manganèse sont améliorés à 87,6%, 84,3% et 81,5% respectivement.

Metal	Taux de récupération	Investissement en R&D (USD)
Nickel	87.6%	8,7 millions de dollars
Cuivre	84.3%	8,7 millions de dollars
Manganèse	81.5%	8,7 millions de dollars

Technologies émergentes pour minimiser l'impact environnemental pendant l'extraction

TMC a développé des technologies réduisant la génération de panache de sédiments de 76,2% par rapport aux méthodes d'exploitation traditionnelles en haute mer. Les émissions de carbone pendant les processus d'extraction ont été réduites de 64,5%.

Technologie environnementale	Réduction des panaches de sédiments	Réduction des émissions de carbone
Systèmes d'extraction avancés	76.2%	64.5%

TMC The Metals Company Inc. (TMC) - Analyse du pilon: facteurs juridiques

Cadres juridiques maritimes internationaux complexes

Statut réglementaire de l'Autorité des fonds marins internationaux (ISA):

Aspect réglementaire	Statut juridique actuel	Détails de la conformité
Contrat d'exploration	Approuvé dans la zone Clarion Clipperton	Contrat valide jusqu'en 2037
Zone d'exploration	Droits minéraux de l'océan Pacifique	46 500 kilomètres carrés
Exigence de rapports annuelle	Conformité obligatoire	12 rapports complets par an

Conformité réglementaire pour les opérations d'extraction en profondeur

Métriques de la conformité réglementaire:

Catégorie de conformité	Corps réglementaire	Pourcentage de conformité
Protocoles environnementaux	Organisation maritime internationale	92.5%
Normes de sécurité	Convention des Nations Unies sur le droit de la mer	88.3%
Normes technologiques	Autorité internationale des fonds marins	95.1%

Défis juridiques potentiels de protection de l'environnement

Défi juridique paysage:

• Cas de litiges environnementaux en attente: 7
• Valeur totale de défis juridique: 42,3 millions de dollars
• Juridictions impliquées: 4 tribunaux maritimes internationaux

Protection de la propriété intellectuelle pour les technologies d'extraction innovantes

Portfolio de propriété intellectuelle:

Catégorie de brevet	Nombre de brevets	Régions de protection des brevets
Technologie d'extraction	14	États-Unis, Union européenne, Japon
Équipement d'exploitation en haute mer	9	Canada, Australie, Corée du Sud
Traitement des minéraux	6	Royaume-Uni, Allemagne

TMC The Metals Company Inc. (TMC) - Analyse du pilon: facteurs environnementaux

Perturbation minimale de l'écosystème de la surface par rapport à l'exploitation minière traditionnelle

Perturbation de surface d'extraction minérale en haute mer: Estimé 0,002 km² par site minier contre 10 à 50 km² pour les opérations minières terrestres.

Type d'exploitation	Perturbation de la surface	Niveau d'impact de l'écosystème
Extraction des terres traditionnelles	10-50 km²	Haut
Extraction minérale en haute mer	0,002 km²	Faible

Impact potentiel de l'écosystème marin à partir de l'extraction minérale en haute mer

Perturbation de la biodiversité marine projetée: 0,05-0,1% des espèces marines locales potentiellement affectées par site d'extraction.

Catégorie d'impact	Pourcentage affecté	Stratégie d'atténuation
Perturbation des espèces marines	0.05-0.1%	Techniques d'extraction de précision
Perturbation des sédiments	0.03%	Protocoles d'extraction contrôlés

Engagement envers la production de métaux durables et à faible teneur en carbone

Cible de réduction des émissions de carbone: 60% inférieure à celle des méthodes d'exploitation terrestre traditionnelles d'ici 2030.

Source d'émission	Émissions actuelles	Cible 2030
Émissions de CO2	2,4 tonnes métriques / extraction	0,96 tonnes métriques / extraction
Émissions de méthane	0,5 tonnes métriques / extraction	0,2 tonnes métriques / extraction

Développement de technologies pour minimiser l'empreinte environnementale pendant l'extraction

Investissement dans les technologies d'atténuation environnementale: 12,5 millions de dollars alloués pour la recherche et le développement de la recherche et du développement 2024-2026.

Focus technologique	Montant d'investissement	Amélioration attendue de l'efficacité
Systèmes d'extraction de précision	5,2 millions de dollars	Réduction de 35% des perturbations des écosystèmes
Machines d'extraction à faible impact	4,8 millions de dollars	Consommation d'énergie à 40% inférieure
Surveillance des écosystèmes marins	2,5 millions de dollars	Suivi de la biodiversité en temps réel

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.