The Metals Company (TMC) has announced an investment of $85.2m from Korea Zinc to further the development of deep-seabed critical minerals in the US.
The Korean company will acquire 19.6 million common shares at $4.34 each and receive a three-year warrant for an additional 6.9 million shares, subject to certain conditions.
Upon completion of the transaction, Korea Zinc will hold approximately 5% of TMC’s outstanding common shares.
The transaction is set to close on 26 June 2025, subject to customary closing conditions.
The Metals Company chairman and CEO Gerard Barron said: “We are thrilled to welcome Korea Zinc as a strategic investor and partner on our journey to redefine how the US sources critical minerals for energy, defence, manufacturing and infrastructure.
“We believe the strategic fit between the two companies is exceptional: if we receive a commercial recovery permit, TMC USA will be in position to deliver a secure, abundant and low-impact supply of four critical metals under US regulatory oversight.”
Korea Zinc is currently evaluating a bulk sample of nodule material from TMC USA under an existing letter of intent.
The research and development team is assessing the potential for intermediate processing, refining pathways and vertical integration synergies.
Furthermore, Korea Zinc has shown interest in establishing processing, refining and potentially precursor cathode active material manufacturing capacity in the US in collaboration with TMC USA.
Korea Zinc chairman and CEO Yun B. Choi said: “I am bullish on nickel and copper. Korea Zinc’s well-developed growth strategy, a.k.a. Troika Drive, is predicated on that very view. As such, we are excited to be an investor in TMC, who I believe will be one of the most competitive nickel and copper producers in the world.
“More than that, I am particularly bullish on the opportunity in critical minerals processing capacity in the US, and with this new partnership between Korea Zinc and TMC, we now can have a relevant position in this market, having a unique platform upon which a reliable and independent nickel supply chain can be built in the US, serving US companies and consumers.”
This strategic partnership is particularly timely as TMC USA is in discussions with the National Oceanic and Atmospheric Administration (NOAA) regarding its commercial recovery permit application and is preparing a pre-feasibility study, expected in the third quarter of 2025.
The investment also aligns with recent US Government initiatives to enhance seabed mining.
On 24 April 2025, President Trump issued an Executive Order to expedite the development of this sector.
Following this, TMC submitted the first-ever application for a commercial recovery permit to the NOAA under the Deep Seabed Hard Mineral Resources Act of 1980.
