TMC has carried out exploratory mining expeditions to the Clarion-Clipperton Zone (CCZ). (Image: TMC.)
Canada’s The Metals Company (NASDAQ: TMC) said on Monday that South Korean refiner Korea Zinc will invest $85.2 million in the company, a major boost for its plans to extract critical minerals from the seafloor.
The deal gives Korea Zinc a 5% stake in TMC through the purchase of 19.6 million shares at $4.34 each. It also includes a three-year warrant allowing the South Korean refiner to acquire an additional 6.9 million shares at $7 apiece.
TMC shares soared on the news and were trading 27% higher at $1.2 mid-afternoon New York time. The company’s market capitalization is sitting at $1.92 billion.
The move comes as TMC seeks a US permit to begin commercial harvesting of polymetallic nodules from the ocean floor. These nodules contain nickel, copper, cobalt and manganese—metals essential to…
