The Metals Company Inc. (Nasdaq: TMC) has signed a commercial development and production agreement with Allseas, marking a major step toward launching the world’s first commercial polymetallic nodule recovery operation in the Clarion‑Clipperton Zone of the Pacific Ocean.
Under the agreement, Allseas will complete development, commissioning and operation of a commercial nodule collection system designed for a nameplate capacity of 3.0 million wet tonnes per annum. The system will utilise two tracked collector vehicles operating at depths exceeding four kilometres, delivering nodules to the surface via a riser system connected to the production vessel Hidden Gem, before offshore transfer to bulk carriers for transport to shore.
The contract formalises a long‑standing strategic partnership between the two companies, which began in 2019 and included a successful 2022 pilot test that lifted around 3,000 tonnes of nodules to the surface. Under the new arrangement, Allseas will fund a significant portion of system development costs, recoverable through production revenues, further aligning both parties commercially.
Conceptual and basic engineering for key long‑lead components – including the riser pipe, launch and recovery systems, and umbilical – has been completed. Vendor engagement is expected to commence shortly, with subcontract awards targeted for late Q3 2026. System commissioning is currently expected to begin in Q4 2027.
The production system reflects the initial phase of development outlined in TMC’s SEC‑compliant S‑K 1300 Preliminary Feasibility Study for NORI Area D, published in August 2025.
Gerard Barron, chairman and CEO of The Metals Company, commented, “This agreement establishes the commercial framework to complete development and commissioning of our first commercial‑scale nodule recovery system. Allseas has been an outstanding, mission‑aligned technical partner, working closely with us to refine system design and reduce environmental impact while also supporting development funding. Together, we are moving from proof of concept toward first commercial recovery operations.”
TMC noted that the agreement represents a defining milestone in the company’s evolution, building on its extensive technical, metallurgical and environmental groundwork as it progresses toward commercial production.
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