off-the-wire

Metals Company expects key regulatory milestone for US seabed mining plans by mid-December

Kitco Media
By Reuters
Published:
Updated:
Reuters
Metals Company expects key regulatory milestone for US seabed mining plans by mid-December teaser image

The Metals ​Company (NASDAQ: TMC) said ​on ​Monday ​the ​US ​National Oceanic ​and Atmospheric ​Administration is ​expected to make a ​certification decision by ​mid-December on ​the ​consolidated application for a ​deep-sea ​exploration ​license ​and commercial ​recovery permit submitted by its ​US unit, a ​key ​step ​in its seabed mining plans.

Shares of the company were up 13% in morning trading.

The company’s unit started the application process last year to secure its exploration license and commercial recovery permit under the US Deep Seabed Hard Mineral Resources Act

The company is seeking the license and permit to mine deep-sea minerals in international waters.

President Donald Trump’s administration is pressing ahead with its effort to encourage US exploration of the deep sea by accelerating permits for companies hunting for critical minerals in international waters.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Leroy Leo)

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