TMC says consolidated permit application passes US compliance

Core Viewpoint - TMC the metals company has made significant progress in obtaining regulatory approval for deep-sea mining in the Pacific Ocean, with its application deemed "in substantial compliance" by NOAA [1][2]. Regulatory Changes - In January, NOAA revised the Deep Seabed Hard Mineral Resources Act to streamline the permitting process by combining exploration and commercial recovery licenses into a single application [2]. - The revision was proposed following an executive order by President Trump aimed at enhancing the deep-sea mining industry and reducing reliance on China for critical minerals [3]. Company Developments - TMC submitted a consolidated application under the new regulations, becoming the first company to do so, which replaces its previous application from April 2025 [3]. - The consolidated application covers a commercial recovery area of approximately 65,000 km², more than double the previous area of 25,000 km² [6]. Resource Estimates - The licensed area is estimated to contain 619 million tonnes of wet nodules, with potential exploration upside of an additional 200 million tonnes [6]. - TMC aims to extract essential battery metals such as manganese, nickel, copper, and cobalt from polymetallic nodules in the Clarion-Clipperton Zone [5]. Market Reaction - Following the announcement, TMC's shares rose by up to 4%, reaching $6.00 per share, resulting in a market capitalization of $2.42 billion [6]. Environmental Concerns - TMC's mining efforts have faced opposition from environmental groups, particularly Greenpeace, which argues that the company's application violates international law and existing contracts [7][8]. - Greenpeace has called for the International Seabed Authority to take action against TMC, alleging breaches of core contractual obligations under the United Nations Convention on the Law of the Sea [10].