Why The Metals Company Stock Is Plunging Today
After closing at a 52-week high on Tuesday, shares of The Metals Company (NASDAQ: TMC) plummeted 15.4% yesterday. The decline is extending into today's trading session. With a growing number of nations raising doubts about deep sea mining, the market is sensing that The Metals Company, a company aspiring to produce battery Metals from mineral formations harvested from the seafloor, is facing formidable political opposition that may impede its growth.
As of 10:57 a.m. ET, shares of The Metals Company are down 15.8%.
The Financial Times reported today that numerous British Parliament members have raised concerns about deep sea mining to the prime minister. More than 20 parliamentarians addressed their concerns in a letter, stating, "The risks to deep-sea ecosystems are too great for it to be permitted to start."
Source Fool.com
