TMC - Why The Metals Company Stock Is Drowning Today
2023-07-24 10:49:02 ET
The International Seabed Authority (ISA), a U.N.-established international organization, announced late Friday that a regulation framework for deep sea mining remains incomplete. The news comes after the ISA had met for two weeks in Jamaica with the intent to develop rules for deep sea mining companies such as The Metals Company (NASDAQ: TMC) .
As of 10:39 a.m. ET, shares of The Metals Company are down 20.6%, a recovery from their earlier plunge of 33.5%.
Failing to arrive at a final decision for deep sea mining regulations, the ISA announced that it will take up the matter again when it meets in November. While the agency failed to construct a firm set of rules for deep sea mining companies to follow, it stated that it sees a path forward and anticipates arriving at a final determination for regulations in 2025.
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Why The Metals Company Stock Is Drowning Today