Shares of The Metals Company (TMC) surged 11.18% in pre-market trading on Friday, following the company's announcement that it has initiated the process to apply for deep-sea exploration licenses under US legislation. This bold move marks a significant step in TMC's pursuit of deep-sea mineral extraction and could potentially accelerate its path to commercial operations.

The Canadian miner revealed on Thursday that it plans to apply for licenses under the US Deep Seabed Hard Mineral Resources Act of 1980 (DSHMRA), bypassing the International Seabed Authority (ISA). TMC cited the ISA's lack of adopted regulations around deep seabed exploitation as the reason for this strategic decision. The company has also requested a pre-application consultation with the National Oceanic and Atmospheric Administration (NOAA), demonstrating its commitment to moving forward with its plans.

This development comes at a crucial time for the deep-sea mining industry. Currently, delegations from 36 countries are attending an ISA council meeting in Jamaica to discuss whether mining companies should be allowed to extract metals such as copper and cobalt from the ocean floor. TMC's CEO, Gerard Barron, expressed confidence in the company's readiness, stating, "We believe we have sufficient knowledge to get started and prove we can manage environmental risks."

However, TMC's bid to become the first company to gain approval for deep-sea mineral development remains controversial. Environmental groups are calling for a ban on all such activities, warning of potential irreversible biodiversity loss. The company's move to seek US approval instead of waiting for international regulations has also drawn criticism, with Greenpeace accusing TMC of "encouraging a breach of customary international law."