TMC (TMC) Earns Boost from Deep-Sea Mining Progress

We recently published 10 Stocks Lighting Up Market Ahead of Christmas. TMC the metals company Inc. (NASDAQ:TMC) is one of the best performers on Wednesday.

TMC the metals company ended two straight days of losses on Wednesday, jumping 4.24 percent to close at $7.62 apiece as investors cheered progress in its request for deep-sea exploration in the international waters.

According to a report by The New York Times, the US government would formally review next month TMC the metals company Inc.’s (NASDAQ:TMC) submission to conduct deep-sea mining activities in the international seabed, despite the latter being a Canada-based firm and earning criticisms from the International Seabed Authority for allegedly bypassing the agency.

It can be recalled that TMC the metals company Inc. (NASDAQ:TMC), through its US subsidiary, expressed its intention with the US government earlier this year to mine in the international waters, leveraging Washington’s non-membership in the ISA.

Its move earned criticisms from deep-sea advocates and several ISA members for being a Canadian firm, and with Canada being a member of the organization.

TMC (TMC) Earns Boost from Deep-Sea Mining Progress

For its part, TMC the metals company Inc. (NASDAQ:TMC) argued that the ISA “does not have an exclusive mandate to regulate seabed mining activities in the Area, and there are existing claims outside of UNCLOS.”

“UNCLOS membership is not universal…The freedom to mine the deep seabed, like the freedom of navigation, is a high seas freedom enjoyed by all nations,” it said earlier.

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While we acknowledge the risk and potential of TMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than TMC and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.