TMC the metals company (TMC) Tumbles 7.56% as Deep-Sea Mining Uncertainties Persist

We recently published 10 Stocks Hit by Painful Plunge. TMC the metals company Inc. (NASDAQ:TMC) is one of the best-performing stocks on Wednesday.

Shares of TMC the metals company Inc. (NASDAQ:TMC) fell for a fourth day on Wednesday, shedding 7.56 percent to close at $6.11 apiece, amid uncertainties over its deep-sea mining intentions in the international seabed.

This followed growing criticisms from members of the International Seabed Authority (ISA) and deep-sea advocates after the company immediately announced its intention to mine in international waters, following the industry’s gaining the backing of President Donald Trump.

According to members of the ISA, TMC the metals company Inc. (NASDAQ:TMC)—being an originally Canadian company and with Canada a member of the organization—has bypassed the ISA.

In its defense, the submission was filed through its US subsidiary, leveraging the United States’ non-membership in the ISA.

Earlier this year, TMC the metals company Inc. (NASDAQ:TMC) argued 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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