TMC Plans 1 Million-Tonne Annual Start With $300 Million in Shared Capital

TMC the metals company Inc. (TMC) plans to begin commercial recovery at about 1 million tonnes annually, a revised scope that brings upfront capital needs to roughly $300 million.

That estimate is down from about $800 million under the earlier scope. TMC sees potential to increase output to 1.5 million tonnes in the second year.

TMC's liquidity totaled $123 million as of Sept. 30, including $44 million available through an undrawn credit facility. Management said cash should cover working capital and capital spending for at least 12 months.

If the first nodules arrive before the Brownsville facility is ready, TMC could arrange for processing in Japan through its PAMCO partnership.

The National Oceanic and Atmospheric Administration (NOAA) expects to decide on certification by mid-December. If certification is granted, the project would enter a final environmental review that includes a draft environmental impact statement and draft permit terms. TMC said NOAA found no deficiencies in its application, though the process is taking longer than hoped.