TMC shares surge as support for deep sea mining grows ahead of Trump presidency

Shares of The Metals Company (Nasdaq: TMC) surged 22% on Wednesday amid growing anticipation of support for deep-sea mining under the incoming Trump administration.Last month, the House of Representatives passed its annual defense funding bill, which included a provision instructing the Secretary of Defense to conduct a feasibility study on processing minerals from the deep sea within the US.Meanwhile, Elise Stefanik, Marco Rubio, Howard Lutnick, and William McGinley—all nominees for positions in the president-elect’s administration—have previously voiced support for ocean mining.“If the US is to get involved in deep-sea mining, the political stars are more aligned than ever,” said Duncan Wood, president and CEO of the California-based think tank Pacific Council, in an interview with The Washington Post.Deep sea mining risks over $560 billion in countries’ annual export earnings — reportLast year, TMC appointed former Tesla executive Steve Jurvetson, a friend of Elon Musk, to its board of directors. Both Musk and Vivek Ramaswamy have been appointed to lead the newly established Department of Government Efficiency under the Trump administration.“This Trump administration is the shot in the arm this industry has been waiting for,” said Gerard Barron, CEO of TMC.The ocean floor is believed to hold vast reserves of metals such as nickel, manganese, and cobalt, with an estimated value ranging from $8 trillion to over $16 trillion.However, scientists caution that much remains unknown about the deep ocean, and they express concerns over the potential impacts of mining on ecosystems already under threat from pollution, trawling, and the climate crisis.TMC, in partnership with the Republic of Nauru, plans to submit its first application to mine the sea floor on June 27, ahead of the International Seabed Authority’s (ISA) second meeting this July.The United Nations body responsible for regulating deep-sea mining is scheduled to meet in March to discuss rules and regulations for mining the seabed.New Secretary-General of ISALeticia Carvalho, a Brazilian ocean scientist, assumed the role of Secretary-General of the ISA at the start of the year following her election last summer.Before taking on the role, Carvalho stated that finalizing regulations for deep-sea mining could take years of negotiations to ensure the protection of vulnerable ecosystems.She also alleged that Kiribati’s ambassador, Teburoro Tito, attempted to bribe her to withdraw from the ISA election race. Tito claimed he merely suggested that Carvalho step aside to clear the path for Kiribati’s nominee, then-incumbent Michael Lodge, a known supporter of deep-sea mining. Lodge denied any involvement in the matter.“This is a new era for the ISA—one defined by collaboration, effectiveness, equity, inclusiveness, transparency, accountability, and sustainability,” Carvalho said during her inauguration speech.“The deep seabed is one of Earth’s least explored frontiers, yet its ecosystems are vital to the health of our oceans and the planet. Our mandate is both a privilege and a responsibility—to act in the interest of all humankind and future generations.”Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com