Korea Zinc's invested Canadian resource development company, The Metals Company (TMC), has announced a survey result evaluating the value of its seabed mineral project at approximately KRW 33 trillion (USD 23.6 billion). Previously, Korea Zinc had made an equity investment in TMC as part of its long-term strategy to secure key raw materials, strengthen the strategic mineral supply chain, and expand into the U.S. market.

On the 4th (local time), TMC released the preliminary feasibility study (PFS) results for its seabed mineral development project, the NORI-D Project, in the Clarion-Clipperton Zone.

According to the PFS results, TMC expects to generate a value of approximately KRW 8 trillion (USD 5.508 billion) based on net present value (NPV) from this project. Specifically, the mine's lifespan is estimated at 18 years, with manganese nodule reserves estimated at 274 million tons. Based on this, the stable production capacity from 2031 to 2043 is analyzed to be 10.8 million tons annually. The estimated annual production by resource is 2.389 million tons of manganese, 97,000 tons of nickel, 70,000 tons of copper, and 7,400 tons of cobalt. The 'C1 Nickel Cost', which includes direct costs for mine operation such as raw material procurement, energy, and labor, is approximately KRW 1.5 million (USD 1,065) per ton, concluding that it is competitive compared to other projects.

The initial assessment (IA) value estimation results for other mining areas (NORI, TOML) were also announced. The manganese nodule reserves are 73 million tons, with metal grades of manganese 30.2%, nickel 1.3%, copper 1.2%, and cobalt 0.2%. The NPV is analyzed to be approximately KRW 25 trillion (USD 18.1 billion). TMC plans to obtain approval for the seabed mineral project from the U.S. government based on these survey results. The target for commercial production is the fourth quarter of 2027.

Gerard Barron, CEO of TMC, stated, "The net present value of USD 23.6 billion from the two reports is an indicator of the economic potential of TMC's entire resources," adding, "Following the step-by-step project development plan, we aim for initial production using the deep-sea mining vessel Hidden Gem, with TMC and Allseas each planning to invest approximately KRW 160 billion (USD 113 million)." In June, Korea Zinc announced it would acquire approximately 5% of TMC's common stock for about KRW 116.5 billion (USD 85 million). At the time, Korea Zinc stated that this was a strategic decision not only to strengthen the long-term supply chain and market expansion but also to contribute to strengthening Korea-U.S. cooperation at the private level. If TMC's deep-sea mining becomes fully operational and yields meaningful results in terms of commerciality and profitability, Korea Zinc plans to process the raw materials supplied by TMC and sell them in the U.S. market and other regions, thereby expanding the export channels for its major products.

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