484: Tom Albanese—The Metals at the Bottom of the Ocean

In this episode Mike explores the growing race for critical minerals hidden deep beneath the Pacific Ocean with mining executive Tom Albanese, Chairman of American Ocean Minerals and former CEO of Rio Tinto and Vedanta Resources.

Tom has spent more than four decades in the global mining and metals business, overseeing some of the largest resource projects on earth. Now he's focused on something even more ambitious: harvesting polymetallic nodules from the ocean floor—potato-sized rocks packed with nickel, cobalt, copper, manganese, and rare earth elements that are critical to batteries, AI infrastructure, defense systems, smartphones, and modern energy technology.

Mike and Tom discuss why these nodules have become one of the most hotly contested resources in the world and how the race for critical minerals has evolved into both an economic and geopolitical battle. They also explain why many companies see the deep ocean as an alternative to opening hundreds of new land mines. Hint: These nodules sit unattached on the ocean floor just waiting to be vacuumed up without need for blasting or tunneling.

It's a conversation that feels part science fiction, part industrial history, and part treasure hunt. Because sometimes the next gold rush isn't in the mountains. It's sitting three miles beneath the top of the ocean.

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