Deep sea mining vehicle. AI-generated stock image.
The Metals Company (NASDAQ: TMC) said on Monday the US National Oceanic and Atmospheric Administration is expected to decide by mid-December on its application for a deep-sea exploration license and commercial recovery permit, a key step in its seabed mining plans.
Shares of the company were up 13% in morning trading.
The Canadian company started the application process last year to secure its exploration license and commercial recovery permit under the US Deep Seabed Hard Mineral Resources Act.
The company is seeking the license and permit to mine deep-sea minerals in international waters.
President Donald Trump’s administration is pressing ahead with its effort to encourage US exploration of the deep sea by accelerating permits for companies hunting for critical minerals in international waters.
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Leroy Leo)
