TMC (TMC) Falls on Uncertainties from Deep-Sea Mining Talks

TMC the metals company Inc. (NASDAQ:TMC) is one of the 10 Stocks That Investors Are Dumping.

TMC dropped its share prices for a third straight day, losing 4.42 percent to close at $6.27 apiece as investors continued to unload positions amid uncertainties in the resumption of deep-sea mining talks.

This is after the International Seabed Authority (ISA) announced the revival of negotiations on the controversies surrounding deep-sea mining, following President Donald Trump’s order last April to fast-track permits for deep-sea mining even beyond US waters, taking advantage of its non-membership in the organization.

Sentiment was further dampened by TMC, the metals company Inc.’s (NASDAQ:TMC) bypassing of the ISA after its immediate submission of its first offshore license application, despite being a Canadian company and with Canada being a member of the organization.

In recent news, TMC the metals company Inc. (NASDAQ:TMC) earned an “outperform” rating from Wedbush and an $11 price target, a significant upgrade from its “neutral” stance and $6 price target previously.

A tunneling machine underground, deep in the mine to extract the polymetallic nodules.

According to Wedbush, the upgrade was based on a stronger US government from President Donald Trump’s executive order in April, “Unleashing America’s Offshore Critical Minerals and Resources,” which could allow TMC the metals company Inc. (NASDAQ:TMC) to bypass the UN-affiliated International Seabed Authority and ramp up production in the Clarion Clipperton Zone.

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