TMC Announces Corporate Update on Expected Timeline, Application Costs and Production Capacity Following Part II of the 28th Session of the International Seabed Authority
Retrieved on:
Tuesday, August 1, 2023
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Assuming a one-year review process, NORI expects to be in production in the fourth quarter of 2025.
Key Points:
- Assuming a one-year review process, NORI expects to be in production in the fourth quarter of 2025.
- The Company estimates that it will require $60 to 70 million of additional cash to submit an application for an exploitation contract following the July 2024 meeting of the ISA.
- TMC had $20M cash on hand and an undrawn $25M unsecured credit facility as of June 30th 2023.
- Assuming a one-year review process for an application, NORI expects to be in production in the fourth quarter of 2025.