The Metals Company said on Monday it intends to submit an application to the International Seabed Authority (ISA) Council for an exploitation contract for NORI Area D following the July 2024 meeting of the ISA.
Assuming a one-year review process, NORI expects to be in production in the fourth quarter of 2025.
NORI and strategic partner Allseas plan for an increased production capacity for the Project Zero Offshore System, using the Hidden Gem vessel, from an estimated 1.3 million wet tonnes to an estimated 3.0 million wet tonnes per annum, an increase of 130%, including an additional 15-meter-wide collector vehicle, a wider diameter riser pipe, larger compressor spread, and improvements to the system, which the company said is designed to further mitigate its environmental impacts.
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.
Last month the ISA ended its meeting with no deep-sea mining code agreed or adopted.
The regulatory body, consisting of 36 states, spent the last two weeks in Jamaica trying to agree on framework for ocean mining. Discussion has been suspended and future ISA sessions scheduled to resume talks.