TMC signs deal with Allseas for first commercial nodule collection system

The Metals Company Inc. (NASDAQ: TMC) announced it signed a commercial agreement with Allseas for the development and operation of the first commercial deep-sea nodule collection system. The system will target polymetallic nodules in the Clarion Clipperton Zone of the Pacific Ocean.

Under the Contract for Development Work and Commercial Production, Allseas will complete development of a collection system designed for nameplate production capacity of 3.0 million wet tonnes per annum. The system will use the surface vessel Hidden Gem to receive nodules collected by two collector vehicles operating at depths exceeding four kilometers.

Allseas has completed concept and basic engineering for key components including the riser system, Launch and Recovery Systems, and umbilical connections. The company expects to commence tender processes and vendor engagement soon, with subcontract awards anticipated by the end of Q3 2026.

TMC expects system commissioning to begin in Q4 2027. The timeline depends on obtaining required permits and regulatory approvals from agencies including the National Oceanic and Atmospheric Administration.

Allseas will fund a significant portion of development costs, recoverable through production revenues. The companies previously entered a Strategic Alliance Agreement in 2019 and conducted a pilot test in 2022 that lifted 3,000 tonnes of nodules to the surface.

The system will comprise two tracked collector vehicles working on the seafloor, delivering nodules to the surface production vessel before transport to shore for processing. Collected nodules will be transferred to bulk carriers at sea and transported to designated ports.

TMC described the agreement as establishing a commercial framework for completing development and commissioning of what it expects will be the world's first commercial nodule production system, according to the press release.

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