Fortescue cuts 700 jobs, slows down green hydrogen plans
Fortescue is revising plans to become a major green hydrogen producer, citing high energy costs as main reason for restructuring and layoffs.
The Metals Co (TMC), which was created through the merger of deep-sea mining firm DeepGreen with blank-check company Sustainable Opportunities Acquisition Corp, started trading on the Nasdaq on Friday at $11.0535 a share.
The Metals Co has exploration licenses for parts of the Pacific Ocean seabed, where it hopes to mine for cobalt, nickel, and other battery metals.
Deep-sea mining has come under fire from environmentalists who call for a moratorium on the practice, saying too little is known about the harm it may cause to deep-sea ecosystems.
(By Helen Reid; Editing by Edmund Blair)
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