NORI and TOML Properties (Clarion-Clipperton Zone polymetallic nodules) PEA: $18.08B NPV, 35.6% IRR
The Metals Company Inc.'s NORI and TOML Properties (Clarion-Clipperton Zone polymetallic nodules) in Clarion-Clipperton Zone, northeast Pacific Ocean, between Hawaii and Mexico (international seabed Area); NORI and TOML contract areas (Nauru and Tonga sponsorship) has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $18.08B, an after-tax IRR of 35.6%, and initial capital of $8.85B. The proposed mine plan runs 23 years.
The Metals Company Inc.'s NORI and TOML Properties (Clarion-Clipperton Zone polymetallic nodules) has reported Preliminary Economic Assessment (PEA) results for the nickel project in Clarion-Clipperton Zone, northeast Pacific Ocean, between Hawaii and Mexico (international seabed Area); NORI and TOML contract areas (Nauru and Tonga sponsorship). The study headlines an after-tax net present value of $18.08B at a 8% discount rate. It reflects The Metals Company Inc.'s (TMC) latest disclosed economics for the asset.
Economics. The after-tax NPV is $18.08B using a 8% discount rate. After-tax IRR is 35.6%. Initial capital expenditure is estimated at $8.85B, with life-of-mine sustaining capital of $5.30B. The study models a payback period of 2 years.
Production and mine plan. The project envisions an offshore deep-sea nodule collection (remotely operated collector vehicles on seafloor, vertical transport system to production vessels); processing via rkef smelting in indonesia and hydrometallurgical matte refining in usa operation. Life of mine is 23 years. Average head grade is Ni 1.1-1.5%, Cu 0.96-1.2%, Co 0.1-0.3%, Mn 25.0-32.5% (dry basis, by area).
Resources and ownership. The company holds a 100% interest in the project. Royalties and streams: Exploration contracts held through wholly owned subsidiaries NORI and TOML; ISA exploitation contract and DSHMRA commercial recovery permit required; royalties per ISA/DSHMRA framework (amount not stated).
These figures are extracted from The Metals Company Inc.'s technical disclosures and reflect the most recent PEA on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Inferred | 72 Mwmt | Ni 1.35%, Cu 1.06%, Co 0.22%, Mn 28.0% | — |
| Inferred | 36 Mwmt | Ni 1.43%, Cu 1.13%, Co 0.25%, Mn 28.9% | — |
| Inferred | 402 Mwmt | Ni 1.26%, Cu 1.03%, Co 0.21%, Mn 28.3% | — |
| Inferred | 114 Mwmt | Ni 1.11%, Cu 0.96%, Co 0.23%, Mn 25.0% | — |
| Measured | 3 Mwmt | Ni 1.3%, Cu 1.0%, Co 0.2%, Mn 27.6% | — |
| Indicated | 14 Mwmt | Ni 1.3%, Cu 1.1%, Co 0.2%, Mn 28.6% | — |
| Inferred | 63 Mwmt | Ni 1.2%, Cu 1.0%, Co 0.3%, Mn 25.9% | — |
| Indicated | 15 Mwmt | Ni 1.3%, Cu 1.2%, Co 0.2%, Mn 30.5% | — |
| Inferred | 115 Mwmt | Ni 1.3%, Cu 1.1%, Co 0.2%, Mn 28.2% | — |
| Indicated | 29 Mwmt | Ni 1.3%, Cu 1.2%, Co 0.2%, Mn 30.1% | — |
| Inferred | 102 Mwmt | Ni 1.3%, Cu 1.2%, Co 0.2%, Mn 28.8% | — |
| Inferred | 58 Mwmt | Ni 1.3%, Cu 1.1%, Co 0.2%, Mn 28.7% | — |
| Indicated | 12 Mwmt | Ni 1.5%, Cu 1.2%, Co 0.1%, Mn 32.5% | — |
| Inferred | 244 Mwmt | Ni 1.4%, Cu 1.2%, Co 0.1%, Mn 32.2% | — |
Our Analysis
- IRR after-tax
- 35.6%
higher than 62% of 370 projects we track
- NPV after-tax
- $18.08B
higher than 99% of 515 projects we track
- Initial capex
- $8.85B
49% of NPV
costlier than 99% of 484 projects we track
- Payback
- 2yrs
slower than 36% of 299 projects we track
- Mine life
- 23yrs
- Discount rate
- 8%
The economics of this nickel project are not really the question. The build cost is. An $8.85B initial capex against a company worth roughly US$2.12B means the development bill is about 4.2x the entire equity value. That is the fact that governs everything else: no mid-cap writes a cheque several times its own size without either a partner, a streaming or offtake prepayment, a large equity raise, or some combination. Each path costs existing holders something, whether in dilution, future cash flow sold forward, or control. The study's framing of capex as 49% of NPV and "capital-light" is technically true against an $18.08B after-tax NPV, but it describes the asset, not the company's ability to fund it. The funding gap, not the return, decides who owns this in ten years.
The return itself is genuinely strong on paper: a 35.6% after-tax IRR ranks above 62% of the 370 projects we track, the NPV above 99% of 515, and payback of two years sits ahead of 64% of 299. Against the roughly 15% after-tax hurdle developers typically need to attract project finance, that clears with room. The 8% discount rate is a reporting convention and not a signal.
The catch is what backs those numbers. This is a PEA, scoping-level work that may lean on inferred resources and carries a capital estimate with a plus or minus 50% band. A 23-year mine in the Clarion-Clipperton Zone, under Nauru and Tonga sponsorship, adds permitting and jurisdictional uncertainty that a scoping study cannot resolve. The decisive question is not whether the IRR holds, but whether anyone will fund a build several times this company's value before the resource and permits are de-risked.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.