TMC Announces Corporate Update On Expected Timeline, Application Costs And Production Capacity Following Part II Of The 28th Session Of The International Seabed Authority
Portfolio Pulse from Happy Mohamed
TMC the metals company Inc. (NASDAQ:TMC) provided a corporate update on its NORI-D Nodule Project, including expected development timeline, production capacity, and application costs. The company plans to submit an application to the International Seabed Authority (ISA) for an exploitation contract for NORI Area D in July 2024, with production expected to start in Q4 2025. TMC and its partner Allseas plan to increase production capacity from 1.3 million to 3.0 million wet tonnes per annum. The company estimates it will require $60 to 70 million of additional cash to submit the application.
August 04, 2023 | 10:35 am
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TMC's announcement of its plans for the NORI-D Nodule Project, including increased production capacity and the need for additional funding, could impact its stock price.
The announcement provides important information about TMC's future plans, including increased production capacity and the need for additional funding. This could impact investor sentiment and thus the company's stock price. However, the exact impact will depend on various factors, including market conditions and investor perceptions of the company's prospects.
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