The Metals Company (TMC) saw its shares surge 12.01% in pre-market trading on Tuesday, continuing its upward momentum after a 45% rally on Monday. The significant boost comes in response to reports of a potential executive order from the Trump administration aimed at stockpiling metals and rare earths found on the Pacific Ocean seabed.
According to the Financial Times, the Trump administration is drafting an executive order to create a strategic reserve of polymetallic nodules. This move is intended to counter China's dominance in battery minerals and rare earth supply chains. The news has sparked investor interest in companies involved in deep-sea mining and rare earth extraction.
The Metals Company, which recently applied for mining exploration licenses and commercial recovery permits in international waters, stands to benefit significantly from this potential policy shift. The company's focus on harvesting polymetallic nodules from the ocean floor aligns closely with the reported stockpiling plans, explaining the surge in investor confidence.
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