TMC (TMC) Gives up Gains as Countries Resume Deep-Sea Mining Talks
TMC the metals company snapped two straight days of gains on Monday, declining by 6.47 percent to end at $6.65 apiece as investors turned cautious about the International Seabed Authority's (ISA) resumption of talks on controversies surrounding deep-sea mining.
This followed President Donald Trump's order in April this year to fast-track permits for deep-sea mining even beyond US waters, taking advantage of its non-membership to the organization.
Even with Canada's membership in the organization, TMC the metals company Inc. (NASDAQ:TMC), a Canadian firm, immediately submitted its first offshore license application, bypassing the ISA.
A tunneling machine underground, deep in the mine to extract the polymetallic nodules.
In recent news, TMC the metals company Inc. (NASDAQ:TMC) earned an 'outperform' rating from Wedbush and an $11 price target, a significant upgrade from its 'neutral' stance and $6 price target previously.
According to Wedbush, the upgrade was based on a stronger US government from President Donald Trump's executive order in April, 'Unleashing America's Offshore Critical Minerals and Resources,' which could allow TMC the metals company Inc. (NASDAQ:TMC) to bypass the UN-affiliated International Seabed Authority and ramp up production in the Clarion Clipperton Zone.
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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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