Trump's Deep-Sea Mining Push Draws in Wave of Companies

The Trump administration has issued an executive order directing federal agencies to fast-track deep-sea mining initiatives, sparking a wave of interest from companies vying for access to underwater mineral deposits.

At least nine firms are currently in discussions with regulators to extract copper, cobalt, and other minerals deemed strategically vital by the US. The Metals Company (TMC) has positioned itself at the forefront of this effort, submitting an application under the 1980 Deep Seabed Hard Mineral Resources Act.

TMC is targeting commercial production of polymetallic nodules by the end of 2027 and has already collected 3,000 metric tons of material from the seafloor during a test run in 2022. The company's shares reached a peak of $8.19 following the administration's push.

The competitive landscape is rapidly consolidating, with Copperhead Resources rebranding as Deep Sea Minerals Corp. and AOMC partnering with Odyssey Marine Exploration to aim for a valuation of approximately $1 billion.