TOML and NORI Properties, Clarion-Clipperton Zone PEA: $18.08B NPV, 35.6% IRR
The Metals Company Inc.'s TOML and NORI Properties, Clarion-Clipperton Zone in Clarion-Clipperton Zone, northeast Pacific Ocean (between Hawaii and Mexico) 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 TOML and NORI Properties, Clarion-Clipperton Zone has reported Preliminary Economic Assessment (PEA) results for the nickel project in Clarion-Clipperton Zone, northeast Pacific Ocean (between Hawaii and Mexico). 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 seabed nodule collection (remotely operated collector vehicles) operation. Life of mine is 23 years. Average head grade is 1.35% Ni, 1.06% Cu, 0.22% Co, 28.0% Mn (NORI-A Inferred).
Resources and ownership. The company holds a 100% interest in the project.
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 | 1.35% Ni, 1.06% Cu, 0.22% Co, 28.0% Mn | — |
| Inferred | 36 Mwmt | 1.43% Ni, 1.13% Cu, 0.25% Co, 28.9% Mn | — |
| Inferred | 402 Mwmt | 1.26% Ni, 1.03% Cu, 0.21% Co, 28.3% Mn | — |
| Inferred | 114 Mwmt | 1.11% Ni, 0.96% Cu, 0.23% Co, 25.0% Mn | — |
| Measured | 3 Mwmt | 1.3% Ni, 1.0% Cu, 0.2% Co, 27.6% Mn | — |
| Indicated | 14 Mwmt | 1.3% Ni, 1.1% Cu, 0.2% Co, 28.6% Mn | — |
| Inferred | 63 Mwmt | 1.2% Ni, 1.0% Cu, 0.3% Co, 25.9% Mn | — |
| Indicated | 15 Mwmt | 1.3% Ni, 1.2% Cu, 0.2% Co, 30.5% Mn | — |
| Inferred | 115 Mwmt | 1.3% Ni, 1.1% Cu, 0.2% Co, 28.2% Mn | — |
| Indicated | 29 Mwmt | 1.3% Ni, 1.2% Cu, 0.2% Co, 30.1% Mn | — |
| Inferred | 102 Mwmt | 1.3% Ni, 1.2% Cu, 0.2% Co, 28.8% Mn | — |
| Inferred | 58 Mwmt | 1.3% Ni, 1.1% Cu, 0.2% Co, 28.7% Mn | — |
| Indicated | 12 Mwmt | 1.5% Ni, 1.2% Cu, 0.1% Co, 32.5% Mn | — |
| Inferred | 244 Mwmt | 1.4% Ni, 1.2% Cu, 0.1% Co, 32.2% Mn | — |
Our Analysis
- IRR after-tax
- 35.6%
higher than 62% of 376 projects we track
- NPV after-tax
- $18.08B
higher than 100% of 8 projects we track
- Initial capex
- $8.85B
49% of NPV
costlier than 99% of 510 projects we track
- Payback
- 2yrs
slower than 35% of 304 projects we track
- Mine life
- 23yrs
- Discount rate
- 8%
The build cost is the whole story here. Initial capex of US$8.85B against a company worth roughly US$1.51B means this development is about 5.8 times the entire equity value of the business that owns it. No small-cap board writes that cheque from the balance sheet. The realistic paths are a partner or consortium carrying the bulk of the funding, a stream or offtake prepayment against future production, heavy debt against a completed feasibility study, or equity issued at a fraction of the eventual build. Each route transfers value away from today's holders, and the equity route does it most bluntly. That is the question an investor is actually underwriting: not whether the orebody works, but who pays and on what terms.
The economics themselves are strong on paper. After-tax NPV of US$18.08B ranks above all eight nickel projects in our tracked set, and the 35.6% after-tax IRR sits above 62% of the 376 projects we compare against, comfortably clear of the roughly 15% developers typically need to attract project finance. Payback of two years is moderate, faster than 65% of the 304 projects we track. Capex at 49% of NPV is genuinely light relative to the universe, below 1% of the 510 projects we cover. The 8% discount rate is a reporting convention and carries no signal.
Two caveats temper all of it. This is a PEA, scoping-level work that may lean on inferred resources, and its capital estimate typically carries a plus or minus 50% band: on a build this size, that band is worth billions. The Clarion-Clipperton Zone is also deep-sea, northeast Pacific between Hawaii and Mexico, a jurisdiction with no established mining permitting track record. The 23-year life and diversified five-project portfolio help, but the deciding question is whether US$8.85B can be raised without gutting the equity that owns the NPV.
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.