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Photo: Korea Zinc (Korea Zinc Co., Ltd.) |
[Alpha Biz= Paul Lee] Shares of The Metals Company (TMC), a Canadian deep-sea mining developer backed by up to ₩180 billion (approx. USD 135 million) from Korea Zinc Chairman Choi Yun-beom, have plunged nearly 30% amid an international investigation into potential legal violations.
According to the New York Stock Exchange on August 3, TMC shares closed at $5.87 on August 1 — down 27.5% from $8.10 on July 24, marking a steep five-day decline.
The slump followed the International Seabed Authority (ISA) decision at its 30th annual assembly in Jamaica to launch a probe via its Legal and Technical Commission into whether TMC’s activities violate international law.
Major foreign media reported that in April, TMC bypassed the ISA and directly applied to the U.S. government for a deep-sea mining permit — an unprecedented move that ISA officials view as a potential breach of international law and the United Nations Convention on the Law of the Sea (UNCLOS).
The investigation has rattled investor confidence, putting pressure on TMC’s share price and raising questions about the future of its operations — and the sizable investment made by Korea Zinc’s chairman in the company.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
