TMC - Why The Metals Company Stock Is Plummeting Today
2023-08-02 10:37:42 ET
After sinking yesterday, deep-sea mining stock The Metals Company (NASDAQ: TMC) is continuing to battle rough seas in today's trading session. Management provided an updated company outlook on Tuesday after the market closed, and it's clear that investors aren't happy.
As of 10:06 a.m. ET, shares of The Metals Company are down 14.7%.
Providing insight into how it will proceed following the disappointing announcement from the International Seabed Authority (ISA), an international organization created by the U.N. to oversee deep-sea mining activities, in late July, management plans on submitting its deep-sea mining application after the ISA meets in July 2024. If the ISA approves the application -- a process that's expected to take about a year -- The Metals Company will begin deep-sea mining operations, presumably in the fourth quarter of 2025.
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Why The Metals Company Stock Is Plummeting Today