American Ocean Minerals announces $1B merger to mine Pacific seabed
American Ocean Minerals (AOM), led by ex-Rio Tinto boss Tom Albanese, just announced a $1 billion all-stock merger with Odyssey Marine Exploration.
The goal? To build one of the world's biggest portfolios of underwater mineral deposits: think cobalt, nickel, copper, and manganese pulled straight from the Pacific seabed.
The new company will be listed on Nasdaq as AOMC once the deal wraps up, expected by August 2026.
AOM lines up $225 million funding
The merger brings together Odyssey's Cook Islands exploration license and CIC Limited's separate Cook Islands exploration license.
AOM plans to process these metals through outside partners for now, but might set up a US refinery down the line.
With support from big investors (including Mike Rowe) and $225 million in fresh funding lined up, AOM is also eyeing more mining licenses in the Clarion-Clipperton Zone, while navigating international regulations.