PartnershipMay 11, 2026, 08:46 AM
TMC signs contract with Allseas for commercial nodule collection system
AI Summary
TMC the metals company Inc. announced it has signed a Contract for Development Work and Commercial Production with Allseas for the development, commissioning, and operation of the first commercial nodule collection system. The system is designed for a nameplate production capacity of 3.0 million wet tonnes per annum. Allseas will fund a significant portion of development costs, recoverable through production revenues, aligning both parties for successful commercial operations. System commissioning is expected to begin in Q4 2027.
Key Highlights
- TMC signed a contract with Allseas for the first commercial nodule collection system.
- The system is designed for a nameplate production capacity of 3.0 million wet tonnes per annum.
- Allseas will fund a significant portion of development costs, recoverable through production revenues.
- Concept and basic engineering for key long-lead items are complete.
- Subcontract awards for key components are expected by the end of Q3 2026.
- System commissioning is anticipated to begin in Q4 2027.