Canada’s The Metals Company (NASDAQ: TMC) plans to be ready to apply for a licence to start mining the seabed before the end of this year, with production expected to start at the end of the first quarter of 2026.
TMC, a deep-sea mining pioneer, has long said it would submit its application after the United Nations’ International Seabed Authority (ISA) current meeting, which ends on July 26. Gathered in Kingston, Jamaica, the 36-member ISA council is negotiating the latest draft of the anticipated seabed mining rules.
“We’ve told the market that we would lodge (our application) after the July (ISA) session [and] we see no reason to change that,” chief executive Gerard Barron told Reuters. “From our perspective, what we’re looking for out of the current session is continual movement towards finalizing the regulations,” Barron told the news agency.
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