TMC the metals company (TMC) Sheds 11.3% on Investor Caution Over Deep-Sea Mining

We recently published Massive Drop Alert: These 10 Stocks Take a Beating. TMC the metals company Inc. (NASDAQ:TMC) is one of the worst-performing stocks on Tuesday.

TMC fell for a third day on Tuesday, losing 11.28 percent to end at $6.61 apiece, as investors turned even more cautious about its deep-sea mining intentions in the international waters.

At the International Seabed Authority (ISA) assembly in Jamaica last week, Palau President Surangel Whipps Jr. criticized TMC the metals company Inc. (NASDAQ:TMC) for lobbying mining in the international waters, saying that it has promised riches to small island developing states like mine and huge returns to investors, but which have “proven false.”

It can be learned that TMC the metals company Inc. (NASDAQ:TMC), through its US subsidiary, filed its intention to engage in deep-sea mining beyond US waters immediately after President Donald Trump issued an order to ramp up deep-sea mining.

Being originally a Canadian company, and with Canada being a member of the ISA, member nations claimed that TMC the metals company Inc.’s (NASDAQ:TMC) was bypassing the ISA, not to mention its dual approach, given its retention of ISA-issued licenses.

In its defense, TMC the metals company Inc. (NASDAQ:TMC) issued a statement earlier this year saying that the ISA “does not have an exclusive mandate to regulate seabed mining activities in the Area, and there are existing claims outside of UNCLOS.”

“UNCLOS membership is not universal…The freedom to mine the deep seabed, like the freedom of navigation, is a high seas freedom enjoyed by all nations,” it noted.

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