Shifting Tides: The Metals Company U.S. Pivot

The Metals Company (TMC) has announced plans to seek U.S. deep-sea mining licences under the Deep Seabed Hard Mineral Resources Act (DSHMRA) — a shift it claims will provide certainty for investors following delays at the International Seabed Authority (ISA).

This new Deep Sea Mining Campaign briefing paper examines what this pivot really means. Drawing on recent U.S. filings and TMC’s own Pre-Feasibility Study, the analysis explores the complex legal, technical, and political barriers that make mining under the DSHMRA anything but straightforward. It highlights how TMC itself acknowledges the novelty and uncertainty of the U.S. process, and how its profitability projections rely on questionable assumptions and omissions.

Rather than offering a clear path forward, TMC’s U.S. pivot exposes fresh risks — from legal challenges to investor uncertainty — while revealing deeper flaws in efforts to fast-track deep-sea mining. The briefing provides essential context for policymakers, journalists, and investors navigating the next phase of the seabed mining debate.