Shares of The Metals Company (TMC) skyrocketed 17.94% during Friday's intraday trading, building on the 11.18% surge observed in pre-market activity. This significant uptick comes in response to the company's strategic move to apply for deep-sea exploration licenses under US legislation, bypassing the International Seabed Authority (ISA).
TMC announced on Thursday that it has initiated the process to apply for licenses under the US Deep Seabed Hard Mineral Resources Act of 1980 (DSHMRA). The company cited the ISA's lack of adopted regulations around deep seabed exploitation as the reason for this decision. As part of this process, TMC has requested a pre-application consultation with the National Oceanic and Atmospheric Administration (NOAA), demonstrating its commitment to advancing its deep-sea mineral extraction plans.
While investors have reacted positively to this development, viewing it as a potential acceleration of TMC's path to commercial operations, the move has drawn criticism from environmental groups. Organizations like Greenpeace have accused TMC of attempting to bypass international law, warning of potential irreversible biodiversity loss from deep-sea mining activities. The controversy surrounding TMC's decision highlights the ongoing debate about the environmental impact of deep-sea mineral extraction and the regulatory challenges facing the industry.
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