Shares of The Metals Company (TMC) plunged 5.52% in pre-market trading on Monday, following news of widespread international opposition to the company's seabed mining plans. The significant drop reflects investor concerns about the future of TMC's core business strategy.

According to reports, nearly 40 nations, including global powers such as China, Russia, and India, have voiced their opposition to TMC's intentions to initiate seabed mining in the Pacific Ocean. The company had been planning to apply for exploration licenses and permits from the U.S. Department of Commerce to extract minerals from the ocean floor.

This international pushback poses a substantial challenge to TMC's business model, which relies heavily on deep-sea mining for rare earth metals and other valuable resources. The opposition from such a large number of countries, including major economic players, could potentially lead to regulatory hurdles and diplomatic complications for the company's future operations. Investors appear to be reacting to the increased uncertainty surrounding TMC's ability to execute its mining plans, leading to the sharp decline in stock value.