Radio Technical Commission for Maritime Services

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

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.