Shares of TMC the metals co. are trading higher Tuesday, following news a former drill ship arrived in Rotterdam, The Netherlands, to be converted into a sub-sea mining vessel.
The company said its partner Allseas acquired ship "as her configuration is well-suited for modifications that will enable the deployment at sea of a 4.5 kilometer-long riser to bring polymetallic nodules up from the seafloor." The nodules contain nickel, manganese, copper and cobalt, which are used in electric vehicles and renewable energy technologies.
At 1:24 p.m. ET, TMC shares are trading 6.74% higher, at $9.50 a share. Volume at the time topped 10 million shares, above the stock's 65-day average volume of some 2.2 million shares.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.
Read Full Story: https://www.marketwatch.com/story/the-metals-co-shares-up-ship-being-retrofitted-into-nodule-collection-vessel-271632245557
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