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TMC, Allseas Strike Deal for Offshore Nodule Recovery Project

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TMC the metals company (TMC) said Monday it has struck a deal with Allseas to develop and operate a nodule collection system in preparation for the nodule recovery operations in the Clarion Clipperton Zone of the Pacific Ocean.

The commercial system will have a production capacity of 3.0 million wet tonnes per year with the surface vessel Hidden Gem receiving nodules collected by two collector vehicles, it said.

Allseas will fund a "significant" portion of the development costs, recoverable through production revenue, TMC said. It expects system commissioning to begin in Q4 of 2027.

TMC shares were up over 2% in morning trading.

Price: $5.87, Change: $+0.17, Percent Change: +2.89%

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