The Elements of Deep Sea Mining
The Elements of Deep Sea Mining
Podcast Description
Looking at critical mineral questions from all sides tradingoff.substack.com
Podcast Insights
Content Themes
Focuses on key topics such as environmental impacts of mining, resource management, and sustainability challenges, with episodes discussing nuances of deep sea mining, the role of critical minerals in economies, and the balance between resource extraction and ecological integrity.
Details and Dialogue Matter
I speak with Craig Shesky, Chief Financial Officer of The Metals Company.
Craig walks me through the financial and regulatory architecture behind TMC’s plans: what a pre-feasibility study actually means, what SEC reporting requires, and why the company is pursuing a U.S. regulatory pathway.
This episode is about the mechanics — and the scrutiny — of trying to move a controversial resource project toward commercial reality.
Note that this episode was recorded on Feb 2, 2026.
We discuss:
* What it means to be SEC-regulated — and why TMC believes public-market scrutiny strengthens its case
* The US path via DSHMRA and NOAA, and whether a future U.S. administration could reverse course
* What a Pre-Feasibility Study (PFS) is — and what it is not
* Ramp-up plans: one vessel → four vessels
* Processing strategy: Japan (Pacific Metals), possible Indonesia processing, potential U.S. refining
* The manganese question, Nickel-equivalent grade, and multi-metal economics
Referenced materials
TMC Pre-Feasibility Study and Initial Assessment – https://investors.metals.co/news-releases/news-release-details/tmc-releases-two-economic-studies-combined-npv-236b-and-declares
Benchmark Mineral Intelligence Life Cycle Assessment (2023) – https://metals.co/bmi-lca-report/
Deep Seabed Hard Mineral Resources Act (DSHMRA)NOAA overview: https://oceanservice.noaa.gov/deep-seabed-mining
Timestamps
00:00 Introduction to Deep Sea Mining and TMC04:36 Craig’s Journey to TMC10:21 Navigating Controversies16:15 Understanding SEC Regulations and Compliance19:25 Collaboration vs Competition in the Industry25:29 Regulatory Challenges and the American Regulatory Pathway48:48 Understanding the Pre-Feasibility Study55:33 TMC’s Operational Plan for Nodule Collection01:01:59 Future Processing Plans and Market Dynamics01:04:26 Trade-offs in Deep Sea Mining01:16:07 Scrutiny and Public Perception01:22:11 The Future of Deep Sea Mining
This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tradingoff.substack.com
Disclaimer
This podcast’s information is provided for general reference and was obtained from publicly accessible sources. The Podcast Collaborative neither produces nor verifies the content, accuracy, or suitability of this podcast. Views and opinions belong solely to the podcast creators and guests.
For a complete disclaimer, please see our Full Disclaimer on the archive page. The Podcast Collaborative bears no responsibility for the podcast’s themes, language, or overall content. Listener discretion is advised. Read our Terms of Use and Privacy Policy for more details.