Under the terms of the MoU, DSRM and TMC USA will explore the potential for polymetallic nodules recovered by DSRM to be delivered to and processed by TMC USA in the future. Any such arrangement would depend on the completion of a standards-compliant prefeasibility study for DSRM’s offshore operations. The MoU establishes a framework for further discussions that could potentially lead to one or more commercial agreements, subject to due diligence, negotiation of definitive terms, and any required regulatory approvals.
The Metals Company (through TMC USA) has undertaken extensive technical work to develop processing pathways for polymetallic nodules, including metallurgical flowsheet development, pilot-scale metallurgical programs, and commercial-scale processing trials. These efforts have been supported by engineering studies, plant design work, and metallurgical testing aimed at producing critical metals such as nickel, copper, cobalt, and manganese from nodules in an integrated processing system. TMC USA currently holds an exclusive right of negotiation with the Port of Brownsville on a lease and/or lease option for land sufficient to develop a domestic nodule processing and refining ecosystem for TMC USA and other American nodule developers, with the ultimate decision conditional on US government support.
The MoU also contemplates potential collaboration in offshore exploration and operations. The parties hope to evaluate opportunities to coordinate offshore campaigns, review certain environmental and operational data, and assess whether DSRM’s deep-ocean HUGIN AUVs, could support joint exploration and recovery activities.
“Deep Sea Rare Minerals and The Metals Company share a common vision for building a secure and responsible supply of critical minerals for the United States,” said Anthony Romeo, Chief Executive Officer of Deep Sea Rare Minerals, Inc. “This MoU establishes an important framework for exploring how our complementary capabilities-offshore exploration and processing expertise-may work together as the industry advances.”
Gerard Barron, Chairman and Chief Executive Officer of The Metals Company, added: “Advancing a responsible deep-sea minerals industry will require collaboration across the value chain. We welcome the opportunity to explore ways our companies can work together, combining DSRM’s potential offshore exploration capabilities with the extensive metallurgical and processing work TMC has undertaken over the past decade. As we embark on site-specific feasibility work for processing and refining in Brownsville, Texas, we are pleased to be engaging with other credible nodule companies like DSRM who share our vision to support a domestic end-to-end ecosystem for polymetallic nodules.”
The MoU is non-binding, except for certain customary provisions such as confidentiality, and does not obligate either party to enter into definitive agreements. Discussions between the companies are expected to continue as both organizations advance their respective regulatory, technical, and development programs.