The Metals Company Inc. (NASDAQ:TMC) shares are trading higher Monday after the National Oceanic and Atmospheric Administration (NOAA) determined the company’s seabed mining application is in substantial compliance with federal requirements.
NOAA Finds Mining Application In Substantial Compliance
The determination relates to a consolidated application submitted by the company's subsidiary, The Metals Company USA LLC, for an exploration license and commercial recovery permit under the Deep Seabed Hard Mineral Resources Act.
The application covers approximately 65,000 square kilometers in the Clarion Clipperton Zone in the Pacific Ocean for the exploration and recovery of polymetallic nodules. The area includes an estimated resource of 619 million tonnes of wet nodules, with potential exploration upside of an additional 200 million tonnes.
"NOAA’s determination reflects the depth of work our team and partners have put into understanding this resource and how it can be responsibly developed," said Gerard Barron, Chairman and CEO of The Metals Company.
The Metals Company Stock Rises
TMC Price Action: At the time of writing, The Metals Company shares are trading 1.57% higher at $5.83, according to data from Benzinga Pro.
Image: Courtesy of The Metals Company
