Baseline capital expenditures are estimated at $749 million, including $44 million to be spent on additional exploration and permitting.
Last month, members of Congress wrote urging the Department of Defense to prioritize planning for seabed mining as a "new vector of competition."
This new period of validity for the mining concession is now until 2049.
US-based scientists say coal can play a vital role in next-generation electronic devices.
Through the newly formed Minera El Encierro, the companies will carry out exploration for five years in a property comprising 35 concessions.
Japan’s Nippon Steel and South Korea's Posco now own Teck's prior minority stake in Elk Valley Resources, the steelmaking coal business.
Donald project is expected to be a new, long-term source of several critical minerals key to the clean energy transition, including REE's, titanium, zircon, and uranium, the company said.
