American Ocean Minerals, Odyssey Marine to Merge

The US deep-sea mining sector is consolidating rapidly, with American Ocean Minerals acquiring Odyssey Marine Exploration in a US$1 billion reverse takeover targeting polymetallic nodule deposits in the Clarion-Clipperton Zone, Pacific waters adjacent to Mexico's exclusive economic zone. The deal advances under a Trump administration executive order fast-tracking offshore mining permitting as Washington moves to reduce dependence on China for critical minerals, creating both commercial opportunities and regulatory pressure for mineral-rich nations in the region. Mexico, which shifted from supporting accelerated ISA regulation in 2023 to backing a moratorium by late that year, faces growing pressure to define its position as US-led seabed mining activity intensifies in neighboring international waters.

American Ocean Minerals is acquiring Nasdaq-listed Odyssey Marine Exploration (OMEX) through a reverse takeover, creating a deep-sea mining company valued at approximately US$1 billion. The all-stock transaction includes more than US$150 million in private placement financing from institutional and strategic investors. American Ocean Minerals had also completed a US$75 million pre-public raise in February. 

Pending shareholder approval, the combined company will retain the American Ocean Minerals name and trade on Nasdaq under the ticker AOMC. Former Rio Tinto CEO Tom Albanese will serve as chairman. Mark Justh, a capital markets veteran, will serve as CEOr.

"AOMC will be positioned to be a reliable, long-term supplier for American re-industrialization," Albanese said. "We are taking a differentiated, responsible approach to the research and development of deep-sea resources. The work over the past decade has set a high standard for advancing the industry responsibly, and we are proud to play a role in maintaining that standard."

The company's exploration holdings span the Cook Islands' exclusive economic zone and US-regulated international waters, with licensed projects in the Clarion-Clipperton Zone and the Penrhyn Basin. Under the Deep Seabed Hard Mineral Resources Act, American Ocean Minerals has met compliance requirements for two US-regulated exploration applications covering more than 1.4 billion t of inferred resources. The combined asset base represents billions of tons of mineral resources, with plans to advance prefeasibility and environmental studies as regulatory conditions develop.

A Crowded Field

The merger adds to a series of moves to accelerate ocean-floor mining that have gained momentum since President Donald Trump signed an executive order in July 2025 directing agencies to fast-track offshore mining permitting, part of a broader effort to reduce US dependence on China for critical minerals. The policy has drawn opposition from environmental groups.

In March, the National Oceanic and Atmospheric Administration deemed The Metals Company's consolidated application for an exploration licence and commercial recovery permit to be in substantial compliance with revised US regulations. That application covers approximately 65,000 km² of the Clarion-Clipperton Zone and targets nodules containing manganese, nickel, copper and cobalt. Lockheed Martin has also resumed Pacific seabed mining plans through a UK subsidiary, and Deep Sea Minerals Corp announced it is on track to file its own NOAA licence application.

Regulatory and International Tensions

The US push runs parallel to, and at times against, international efforts to govern seabed mining. The International Seabed Authority, the UN body responsible for regulating mining beyond national jurisdiction, has been negotiating a commercial mining code, with member states gathered in Kingston, Jamaica, in March to continue those talks. As of late 2025, approximately 40 countries backed a moratorium on deep-seabed mining, citing unresolved environmental and governance questions, including benefit-sharing rules and the rights of Indigenous peoples.

Greenpeace International has argued that companies seeking US licences while holding ISA contracts are in breach of obligations under the UN Convention on the Law of the Sea, which designates the deep seabed as the common heritage of humankind. Legal analysts have warned that unilateral national licensing could bypass the equitable benefit-sharing and environmental protection mechanisms built into the international framework.

The deep-sea mining debate also intersects with the High Seas Treaty, which entered into force in January and aims to strengthen marine biodiversity conservation in international waters. Critics warn that proceeding with commercial seabed mining before the treaty is fully implemented could undermine its provisions, and that a surge in seabed mineral supply could destabilize terrestrial mining sectors that developing economies depend on.