The Metals Company Comments On International Seabed Authority Council Decision And Intention To Deliver Final Rules, Regulations And Procedures For Exploitation
Portfolio Pulse from Happy Mohamed
The Metals Company (TMC) has commented on the International Seabed Authority (ISA) Council's decision to continue the development of rules, regulations, and procedures (RRPs) for seafloor resource exploitation. TMC's subsidiary, Nauru Ocean Resources Inc. (NORI), plans to submit an application for a plan of work for exploitation once these RRPs are in place. TMC's CEO, Gerard Barron, expressed disappointment at the delay in adopting the RRPs but remains optimistic about the future of commercial-scale nodule collection.
July 24, 2023 | 12:36 pm
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NEUTRAL IMPACT
TMC's future operations are dependent on the adoption of the RRPs by the ISA Council. The delay in their adoption introduces uncertainty, but the company remains optimistic about the future of commercial-scale nodule collection.
The news directly pertains to TMC as it is waiting for the adoption of the RRPs by the ISA Council to proceed with its seafloor resource exploitation plans. The delay in the adoption of the RRPs introduces uncertainty, but the company's optimism suggests that it is prepared to navigate this regulatory landscape. This could have a neutral impact on the stock in the short term as the market digests the implications of the delay and the company's response.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100