Ex-Rio Tinto CEO’s Deep-Sea Mining Firm Merges with Odyssey Marine in $1 Billion Deal

American Ocean Minerals, led by former Tom Albanese, has announced a $1 billion all-stock merger with Odyssey Marine Exploration, creating one of the world’s largest portfolios of underwater mineral resources. The deal, finalized on Wednesday, positions the combined firm to become a key player in the emerging deep-sea mining industry, targeting critical minerals essential for batteries, renewable energy, and high-tech manufacturing.

The merger consolidates Odyssey Marine’s assets, including its investment in privately held Ocean Minerals and its Cook Islands exploration license, along with those of CIC Limited, also chaired by Albanese. American Ocean Minerals (AOM) aims to extract polymetallic nodules strewn across the Pacific seabed, rich in cobalt, nickel, copper, manganese, and potentially rare earths and titanium.

No large-scale deep-sea mining has yet taken place, due to diplomatic, regulatory, and environmental hurdles. However, Western governments, including the United States, are actively seeking alternative mineral sources to reduce reliance on China’s supply chain dominance. The merger reflects growing international focus on securing critical minerals for energy transition and industrial growth.

AOM plans to refine the metals through a third-party processor initially, while exploring a future U.S.-based refinery. As part of the merger, institutional investors will provide $150 million in private placement funding and $75 million in pre-public financing. Notably, Emmy award-winning host Mike Rowe is among the major investors. Following the deal, expected to close by August, the company will trade on Nasdaq under the ticker “AOMC.”

The firm has requested international licenses in the Pacific’s Clarion-Clipperton Zone, a move that could create friction with the International Seabed Authority (ISA), the UN body overseeing seabed mining standards. The ISA has yet to formalize mining regulations despite years of discussion. This step also aligns with former U.S. President Donald J. Trump’s January announcement to expedite permitting for companies pursuing international seabed mining projects.

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“This merger represents a significant step toward unlocking the potential of deep-sea minerals, which are essential for global energy security and technological innovation,” said Albanese. Analysts say the deal signals growing bipartisan support in the U.S. for deep-sea mining as a strategic industry.