Frequently Asked Questions (FAQs)
Please contact our team if you have any questions that aren’t covered here or would like to discuss your questions or feedback with Impossible Metals.
Techno-Economic Analysis (TEA)
Our latest economic model is v6. Each Eureka IV, our planned production-scale underwater robot, will be able to deliver 12 dry metric tonnes of nodules to the transport ship every 4.3 hours. The same vehicle performs over 5.5 trips per day to deliver an average of 66 metric tons to the transport ship. 100 Eureka IV robots operating in parallel would harvest 6,600 tons per day. No fundamental limit exists on how many underwater robots and transport ships are deployed. We anticipate a volume production per location of around 6.8 million dry tons of nodules annually.
The current end effector and internal nodule conveyor can accommodate a wide range of nodule sizes from 2 cm to 11 cm diameter. Refinement to the end effector design and conveyor for the production system will be customized to the nodule distribution in the field of operation. Our current v6 concept economic model assumes targeting the largest nodules in the field picking nodules 6.5 cm diameter and larger. An average nodule collection diameter of 8 cm is assumed based on available size distribution data.
Our current economic model is v6. In our economics, we model a 25-year effective life for the underwater robots. Underwater vehicles, when maintained, can last well beyond 25 years. The JASON ROV, launched in 1988, is a good example of this. We will spend about 10% of the total CAPEX each year on the maintenance of our equipment. This high degree of maintenance ensures that continued operation is similar to an airplane.
The main factors that influence underwater robots in general are maintenance management for:
- Corrosion: Low-corrosion materials and sacrificial anodes are used and replaced as needed.
- Biofouling: The ongoing maintenance will include a maintenance schedule for clearing acoustic and optical surfaces to prevent biofouling build-up.
- Moving component wear and tear: The primary cost factor for maintenance is rebuilding components due to wear and tear or in the event of failure, and we’ve incorporated it into the economic model. (Learn more about analysis in this blog post.)
- Electronics failure: In the event of a complete loss of power or control, the robot will always remain positively buoyant and float to the surface.
Since we are operating a large fleet of underwater robots, we can collect performance and required maintenance data on a statistically significant scale and employ maintenance insights based on this information.
See also this blog post: Prioritizing Reliability: Reducing the Mean Time Between Failures.
Eureka III delivers four dry metric tons of nodules every 3.8 hours. Eureka IV delivers 12 dry metric tons. The breakdown of the mission time for Eureka III is as follows:
- Launch Eureka from transport vessel to ocean: 1 minute
- Dive Eureka to seabed at 4.7km depth: 68.8 minutes
- Harvest nodules to fill Eureka payload: 53.1 minutes
- Rise Eureka up the 5km water column: 68.8 minutes
- Recovery of Eureka from the ocean to the transport vessel using our Smart Launch and Recovery System (SLARS): 4 minutes
- In parallel on the vessel: 30 minutes
- Unload Eureka payload of nodules to the transport vessel
- Eureka battery swapped for fully charged new battery pack
- Eureka vehicle maintenance
- Download of mission data
- Upload of next mission
Total = 255.6 minutes or 3.8 hours
Please also see Question I.1 How do you scale to high production rates?
Each Eureka IV robot has approximately 12 arms with a 12-metric-ton payload. The Eureka IV can be reused every 3 hours. So, in 24 hours, 8 missions can be completed, delivering 8 * 12 = 96 metric tons per 24 hours. A fleet of 200 Eureka IV robots can deliver 19,200 metric tons per 24 hours using 4 vessels, which translates to 6 million metric tons per year, assuming ~312 production days a year. (Assuming around 53 days a year when a weather hold is in operation.)
As we do not have any tethers and have a smart launch and recovery system, we can operate in a much wider range of sea states. V6 of our economic model assumes we can operate for 325 days a year.
We expect Impossible Metals’ approach to be the lowest-cost method for deep-sea mining. A fleet of robots has three primary economic benefits compared to dredge and riser-based systems.
The first is the improved economics for a fully operating system. This is achieved through reduced capital expenses (CapEx) by eliminating the need for a dedicated surface production vessel to support equipment such as a riser system. With the Impossible Metals approach, the transport ships pull the robots from the water, collecting the ore without needing ship-to-ship ore transfer.
The second benefit is the ability to scale the system through the incremental addition of CapEx. A small-scale operation can become operational with a relatively modest initial capital investment. As additional capital is invested, the fleet of robots and, thus, the material throughput can be scaled.
The third economic benefit is the lack of single points of failure. While there are increased points of failure with the fleet of robots, there are no single points of failure, ensuring that the selective harvesting architecture remains operational through these failures.
We estimate our costs for a production-scale operation will be about ¼ less costly than the cost of a dredging tractor with a riser system for the same rate of production.
Deep Sea Mining & Other Industry Glossary
Abyssal plains = underwater plain on the deep ocean floor, usually found at depths between 3,000 and 6,000 meters.
Areas Beyond National Jurisdiction (ABNJ) = The formal term for the international seabed, beyond any country’s borders otherwise known as the ‘Area’ or the high seas.
AUV (Autonomous underwater vehicle) = self-guided underwater robots used for exploration, mapping, and, in the case of Impossible Metals, the selective harvesting of polymetallic nodules. These vehicles are battery-operated and operate without tethers, utilizing onboard sensors and AI to navigate and make collection decisions in real-time. They are central to minimizing environmental impact by avoiding direct contact with sediment or marine life.
BBNJ (Biodiversity Beyond National Jurisdiction) Treaty = also known as the High Seas Treaty or the Global Ocean Treaty, is a landmark international, legally binding instrument adopted by the United Nations on June 19, 2023. It aims to ensure the conservation and sustainable use of marine biodiversity in areas beyond national jurisdiction.
Biodiversity = biological diversity among and within plant and animal species in an environment.
Bulk carrier or bulker vessel = merchant ship specially designed to transport unpackaged bulk cargo such as nodules.
Bureau of Ocean Energy Management (BOEM) = a U.S. federal agency under the Department of the Interior that oversees the leasing and development of offshore energy and mineral resources on the Outer Continental Shelf. BOEM ensures that activities such as offshore oil, gas, wind, and mineral extraction are conducted responsibly, balancing energy needs with environmental protection.
CAGR (compound annual growth rate) = business, economics and investing term representing the mean annualized growth rate for compounding values over a given time period.
CCZ (Clarion-Clipperton Zone) = large area in the Pacific Ocean from Hawaii to Mexico.
Container ship or box ship = cargo ship that carries all of its load in truck-size intermodal containers.
Contractor = is a company, consortium, or state entity that has been officially licensed to explore or exploit mineral resources on the deep ocean floor, particularly in areas regulated by the International Seabed Authority (ISA) or within a country’s Exclusive Economic Zone (EEZ).
CFC (Cobalt-rich Ferromanganese Crusts) = ‘Crusts’ which form on sediment-free rock surfaces around oceanic seamounts, ocean plateaus, and other elevated features.
Critical Minerals or Metals (CM) = Copper, nickel, and cobalt which are essential components in many of today’s rapidly growing clean energy applications. Many governments maintain a list of critical minerals.
Deep Seabed Hard Mineral Resources Act (DSHMRA) = is a U.S. federal law passed in 1980 that establishes an legal framework for U.S. entities to explore for and recover hard mineral resources—specifically polymetallic nodules enriched in manganese, nickel, copper, and cobalt—from areas beyond national jurisdiction (the “Area”)
Department of the Interior (DOI) = a U.S. federal executive department responsible for managing the nation’s natural resources, public lands, and cultural heritage. It oversees agencies such as the National Park Service, Bureau of Land Management, and Bureau of Ocean Energy Management, playing a key role in conservation, energy development, and stewardship of federal lands and waters.
Dredging = bulk collection method involves machines that drag, vacuum, or scrape the seabed to collect polymetallic nodules and other mineral resources. This process typically involves disturbing large areas of sediment, which can create plumes, displace marine life, and damage sensitive ecosystems.
DP (Dynamic Positioning) = computer-controlled system to automatically maintain a vessel’s position and heading by using its own propellers and thrusters.
DSM (Deep Sea Mining) = process of extracting minerals from the deep sea..
ECS (Extended Continental Shelf) = area of the ocean which is part of a continental shelf that extends more than 200 nautical miles from the coast.
EEZ (Exclusive Economic Zone) = area of the ocean, generally extending 200 nautical miles beyond a nation’s territorial sea, within which a coastal nation has jurisdiction over both living and nonliving resources.
EIA (Environmental Impact Assessment) = series of baseline and technical studies, modeling, and analysis that aims to understand the receiving environment, the nature, and scale of impacts, identify mitigations, consult and liaise with regulators and stakeholders, interface engineering design and mine planning with environmental risks, assess optionality and weigh various alternatives. An EIA provides a formalized and transparent impact assessment that outlines how project pressures cause effects, how those effects work individually or in concert to cause impacts, and predicts the consequences of impacts in terms of their expected magnitude and duration.
EIS (Environmental Impact Statement) = tool for decision-making. It describes the positive and negative environmental effects of a proposed action.
EMMP (Environmental Management and Monitoring Plan) = is a comprehensive plan that outlines how a mining contractor will protect the marine environment before, during, and after deep sea mining operations. It is mandatory for any contractor applying for an exploitation license from the International Seabed Authority (ISA) or from a national government.
Eureka I, II, III. IV = Underwater robots (more formally called autonomous underwater vehicles, or AUVs) designed by Impossible metals for selective harvesting of polymetallic nodules from the ocean floor.
Eureka Collection System = The complete system for commercial mining of polymetallic nodules designed by Impossible Metals. This consists of the Eureka AUVs, SLARS, Vessel based media handling, Charing and battery swapping, Mainetance.
EV (electric vehicle) = vehicle that uses one or more electric motors for propulsion.
Exploitation license = a formal legal authorization that allows an entity to begin commercial extraction of mineral resources from the deep seabed. It follows an exploration license and is issued only when the contractor meets strict technical, financial, and environmental criteria. Also known as a ‘recovery permit’
Exploration License: a formal legal authorization that grants a company or government entity to
- Conduct geological, biological, and environmental surveys
- Collect small quantities of mineral samples
- Evaluate commercial mining potential & define the resource size & economic potential
- Develop an environmental baseline
- Design an Environmental Management and Monitoring Plan (EMMP)
It does not allow commercial-scale mining. That requires a separate exploitation license or recovery permit.
ISA (International Seabed Authority) = autonomous international organization that organizes and controls all mineral-resources-related activities in the Area for the benefit of humankind.
LARS (launch and recovery system) = a device that helps safely launch and recover autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs) from a ship.
L(M)FP (Iron, manganese, phosphorus) = battery chemistry cathode
Megafauna = animals of a given area that can be seen with the unaided eye.
Mineral Reserve = is the economically mineable portion of a measured or indicated resource.
Determined after applying modifying factors: mining, processing, economic, legal, environmental, and social considerations.The data is supported by feasibility studies showing profitability.
Subcategories (increasing confidence):
- Probable Reserve → based on Indicated (and sometimes Measured) Resources.
- Proven Reserve → highest confidence, based on Measured Resources and full economic feasibility.
Mineral Resource = s a concentration of minerals in the Earth’s crust or surface with reasonable prospects for eventual economic extraction. It is Identified and estimated through geological evidence, sampling, and testing. It is not yet proven to be economically mineable.
Subcategories (increasing confidence):
- Inferred Resource → lowest confidence, based on limited data.
- Indicated Resource → more sampling, better confidence.
- Measured Resource → highest confidence in geology and grade continuity.
NCA (nickel, cobalt, aluminum) = battery chemistry cathode
NMC (nickel, manganese, cobalt) = battery chemistry cathode
National Oceanic and Atmospheric Administration (NOAA) = a U.S. federal agency within the Department of Commerce focused on understanding and managing the nation’s oceans, weather, climate, and coastal resources. NOAA conducts research, provides forecasts, monitors environmental conditions, and supports marine conservation to protect ecosystems and public safety.
They also regulate DSM in ‘the Area’ under the Deep Seabed Hard Mineral Resources Act (DSHMRA).
Outer Continental Shelf Lands Act (OCSLA) = a U.S. law enacted in 1953 that governs the exploration and development of offshore mineral and energy resources, including oil, gas, and renewable energy, on the Outer Continental Shelf (OCS). It authorizes the federal government, primarily through the Department of the Interior, to lease areas of the OCS, regulate activities, and ensure environmental protection and resource conservation during offshore operations.
PMN (Polymetallic Nodules) = ‘nodules’ also known as manganese nodules, are mineral concretions on the ocean floor that contain valuable metals. See Wikipedia.
Prospecting = in mining is the first stage of the mineral resource discovery process. It involves searching for evidence of valuable minerals or metals in a specific area, usually through preliminary surveys and testing, before any drilling, excavation, or large-scale operations begin.
PSV (Production Support Vessel) = large surface ship that serves as the central facility for deep sea mining operations. PSVs are typically modified from dynamically positioned drillships used in the oil and gas industry. Their primary functions are to:
- Collect, gather, lift, and temporarily store polymetallic nodules
- Store, maintain and control the dredging tractor and riser system
- Dewater the nodules
- Provide power, control, and guidance to the subsea collector
- House the crew that monitors and runs the operations
The temporary storage of nodules only has capacity for a few days of storage. When full, a Shuttle Transport And Resupply Ship (STARS) is required to transfer the nodules to port.
Note: Impossible Metals does need PSV.
Regulator = a governmental or intergovernmental authority responsible for creating and enforcing the rules that govern mineral activities in the ocean, especially in areas beyond national jurisdiction. These regulators ensure that mining is done responsibly, sustainably, and legally, balancing economic interests with environmental protection. E.g. ISA, BOEM, NOAA, SBMA.
REEM (Rare Earth Element Muds) = ‘Muds’ mainly contain rare earth elements in the seabed sediment.
ROV (Remotely Operated Vehicle) = free-swimming submersible craft used to perform underwater observation, inspection and physical tasks. The vehicle is tethered to the vessel.
SBMA (Seabed Minerals Authority) = is the national regulatory agency of the Cook Islands responsible for managing, regulating, and monitoring activities related to the exploration and potential exploitation of seabed minerals in the country’s Exclusive Economic Zone (EEZ)—one of the largest in the world.
Selective Collecting = Rather than scooping or vacuuming everything in sight, Eureka underwater robots identify and pick up individual nodules while avoiding sensitive habitats, visible organisms, or sediment. This approach minimizes disruption and improves sustainability.
Sediment Disturbance = This occurs when mining activities disturb the ocean floor, creating small sediment disturbance.
Sediment Plume = Large cloud of disturbed seabed sediment from deep sea mining operations. Impossible Metals’ AUVs hover above the seafloor, avoiding direct contact and significantly reducing this impact compared to traditional dredging and do not create enough sediment disturbance to form a plume.
SLARS (Smart Launching and Recovery System) = Impossible Metals technology which allows full autonomous operations of the LARS with a vessel without DP and in a wide range of sea states.
SMS (Seafloor Massive Sulfides) = ‘Vents’ appear on and within the seafloor when mineralized water discharges from a hydrothermal vent.
STARS (Shuttle Transport And Resupply Ship) = specialized ships with DP used to supply the mining Production Support Vessel (PSV). Key tasks performed are:
- Transfer of nodules from the PSV
- Transport of those nodules to the processing facility
- Transport of equipment, fuel and provisions to the PSV
- Transfer of personnel to and from the PSV per crew rotas
Note Impossible Metals does not need STARS.
TAM (Total addressable market) = metric that estimates the maximum revenue potential for a product or service if it were to capture 100% of a market.
Tailings: Waste materials from mineral processing, sometimes discharged into the ocean.
“Two-year rule” at the ISA = is a provision from the 1994 Implementation Agreement to the UN Convention on the Law of the Sea (UNCLOS) that requires the ISA to finalize deep-sea mining exploitation regulations within two years of a request by a member state whose national intends to apply for a license to mine the seabed. After Nauru invoked the rule in 2021, the ISA missed the July 2023 deadline to establish a regulatory framework (mining code). This now allows any ISA contractor to submit an exploration application to the ISA. The ISA Council must then “consider and provisionally approve” the plan of work in the application because the two year rule was triggered in 2021.
UNCLOS (United Nations Convention on the Law of the Sea) = established a comprehensive international legal framework to govern activities related to the global oceans.
USBL (ultra-short baseline) = method of underwater acoustic positioning and wireless communication as GPS and WiFi do not work underwater.
