TMC the metals company Inc (TMC) Soars 17.7% as Countries Join Forces to Ramp up Critical Minerals Production

TMC -0.81%

We recently published 10 Stocks Stealing the Spotlight Early as Christmas Looms. TMC the metals company Inc (NASDAQ:TMC) is one of the top performers on Tuesday.

TMC the metals company soared by 17.74 percent on Tuesday to close at $7.40 apiece as investor sentiment was bolstered by the United States’ forging of alliances with other nations to ramp up the development of critical minerals.

According to Jacob Helberg, State undersecretary for economic affairs, the US would meet with representatives from Japan, South Korea, Singapore, the Netherlands, the UK, Israel, UAE, and Australia on December 12 to discuss the expansion of critical minerals globally in a bid to reduce reliance on China.

Additionally, the summit would focus on reaching agreements related to energy, advanced manufacturing, semiconductors, and AI infrastructure, among others.

Photo by Shane Cottle on Unsplash

Optimism spilled over to TMC the metals company Inc (NASDAQ:TMC), which is aggressively expanding on its critical minerals production.

TMC the metals company Inc. (NASDAQ:TMC) is a deep-sea mining exploration company focusing on minerals highly needed for the development of semiconductors and the artificial intelligence industry, such as nickel and copper, among others.

The company reported a dismal earnings performance in the third quarter of the year, having widened its net loss and comprehensive loss by 800 percent to $189.39 million from $20.5 million in the same period last year.

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