TMC (NASDAQ: TMC) has released two economic studies revealing a combined net present value (NPV) of US$23.6B for its polymetallic nodule assets, while also declaring the world’s first-ever proven nodule reserves.
This announcement marks a major milestone for the company and the emerging deep-sea mining industry.
The NORI-D pre-feasibility study (PFS) confirms 51Mt of probable reserves, the first such declaration for deep-sea polymetallic nodules. The study outlines steady-state production of approximately 10.8 million tonnes of wet nodules annually from 2031 to 2043, with expected metal output of 97ktpa of nickel, 2,389ktpa of manganese, 70ktpa of copper, and 7.4ktpa of cobalt. The estimated first-quartile cash cost is US$1,065/t of nickel, after by-product credits.
An additional independent economic assessment covering the remaining NORI and TOML areas estimates an NPV of US$18.1B and an average Internal Rate of Return (IRR) of 36%. Together, the two studies reinforce the scalability and strong economics of TMC’s resource portfolio, underpinned by a capital-light development model using existing offshore and onshore infrastructure.
The company has also secured strategic investment from Korea Zinc, adding financial strength and industrial validation. Commercial production from NORI-D is targeted for Q4 2027, with full-scale operations expected by 2031.
These developments position TMC as a key player in supplying critical minerals essential for the global energy transition, with a lower-impact resource governed by international regulations.
For more information, please visit www.metals.co
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