TMC The Metals Company (NASDAQ: TMC) extended its spectacular 2025 run on Thursday after President Trump’s sweeping 50% tariff on copper imports positioned the deep-sea miner as a prime beneficiary of America’s critical minerals strategy.
Shares peaked at a 15.6% intraday gain before settling at $6.85, up 9.25% for the session and crossing the 500% year-to-date return threshold.
White House officials confirmed the import levy forms part of the “National Critical Minerals Independence Initiative,” targeting America’s 40% import dependence on copper – 15% of which originates from China. “This validates our five-year thesis that national security would redefine mineral supply chains,” said TMC CEO Gerard Barron in after-hours remarks as the company’s market capitalization reached $2.48 billion.
Policy Tailwinds
The tariff announcement follows Trump’s April Executive Order 14137 streamlining deep-sea mining permits. TMC subsequently filed its first commercial extraction application with the International Seabed Authority (ISA) for polymetallic nodule harvesting in the Clarion-Clipperton Zone, believed to contain 6.8 million metric tons of copper-equivalent resources.
“Tariff protection plus permitting acceleration could revalue TMC’s exploration rights by 70%,” noted Morgan Stanley mining analyst Sarah Chen. However, her report cautioned about speculative risks, with TMC’s 12.7x price-to-book ratio dwarfing traditional miners’ 2-3x multiples.
Geopolitical Calculus
The Pentagon’s July Strategic Minerals Assessment explicitly endorsed deep-sea mining as critical for “reducing Chinese dominance.” TMC’s technological edge received validation through its partnership with Lockheed Martin subsidiary and Pentagon certification of its robotic collection systems as dual-use technology.
As three-month copper futures on the LME rose 0.8%, industry watchers anticipate renewed investment in domestic mining. With TMC preparing to release Q2 operational updates, investors await clarity on commercialization timelines amid lingering environmental concerns from advocacy groups.
