Mining Stock Daily Unlocking the Depths: The Future of Deep Sea Mining with The Metals Company
Nov 3, 2025
Gerard Barron, CEO of The Metals Company, dives into the promising world of deep sea mining, particularly the NORI-D project in the Clarion-Clipperton Zone. He discusses the critical role of polymetallic nodules as mineral resources and the significant economic potential they hold. The conversation explores technical challenges, exploration techniques, and the importance of building a skilled team. Barron emphasizes the need for U.S. reindustrialization and new processing facilities, while also addressing the geopolitical landscape and future milestones for the industry.
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Massive High-Grade Nodule Resource
- Polymetallic nodules in the Clarion-Clipperton Zone contain about 70% of known global nickel, cobalt and manganese reserves and lie unattached on the seafloor.
- Their high grades make them uniquely shippable and economically viable for distant processing, including potential U.S. facilities.
NORI-D Economics And Scale
- NORI-D hosts about 356 million tons of measured/indicated/inferred nodules with a PFS NPV around $5.5 billion based on current flowsheet assumptions.
- Processing choices and locations (Japan vs U.S.) strongly affect project economics and strategic value.
Visible, Consistent Seafloor Resource
- Resource definition relies on acoustic mapping and box-core sampling rather than drilling, revealing very consistent grades across wide spaces.
- That spatial consistency allowed auditors to accept large sample spacing and still upgrade classifications to measured and indicated.