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(Kitco News) - On Friday the International Seabed Authority (ISA) ended its meeting with no deep-sea mining code agreed or adopted.
The regulatory body, consisting of 36 states, spent the last two weeks in Jamaica trying to agree on framework for ocean mining. Discussion has been suspended and future ISA sessions scheduled to resume talks.
The delay hurt The Metals Company (Nasdaq: TMC), which is advancing ocean mining operations. The stock traded down 23% today to $1.40.
CEO Gerard Barron said in a news release he was "disappointed."
"[We] also recognize that the vast majority of Member States worked very hard in the last 24 months and demonstrated strong continued commitment to finalizing the Mining Code through increased number of formal sessions and twelve informal intersessional working groups. I believe the finish line is now within sight and we look forward to the consolidated regulatory text at the next meeting in November 2023,” said Barron.
