TMC - TMC tumbles as seafloor resources regulator delays adoption of mining rules

2023-07-24 09:54:07 ET

The Metals Company ( NASDAQ: TMC ) -20.3% in early trading Monday after the International Seabed Authority Council delayed the adoption of rules, regulations and procedures to allow for the exploitation of seafloor resources.

After failing to adopt a mining code by July 9, the ISA Council decided to continue the elaboration of the code during formal sessions in November 2023, March 2024 and July 2024, the company said.

"We are obviously disappointed that the ISA failed to adopt RRPs by 9 July 2023 as we hoped two years ago," The Metals Company ( TMC ) Chairman and CEO Gerard Barron said. "But 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."

The mining code would establish a formula to share mining royalties and create inspection and compliance procedures to govern strip mining of deep ocean ecosystems.

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