China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
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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