TMC cuts planned initial offshore development budget to $299 million from $798 million
TMC•TMC•TMC•TMC•TMC expects its revised offshore startup plan to require $299 million, down from $798 million, with initial production capacity reduced to 1 million tonnes annually from 3 million. The company still expects commercial recovery permit approval in 2027.
TMC expects its revised offshore startup plan, shared with Allseas, to require $299 million, compared with $798 million previously. Initial production capacity would fall to 1 million tonnes annually from 3 million, reducing upfront capital requirements while preserving the startup schedule.
Commercial recovery permit approval remains expected in 2027, with application certification anticipated by December 15, 2026. Japan toll processing could support initial production while Brownsville advances; future capital commitments for the Texas project depend on government support.
