TMC

TMC the metals company Inc

The move comes amid a growing push by the Trump administration to bolster domestic rare earth production by encouraging businesses to establish facilities within the U.S.

The new rules led to a sharp increase in the share prices of Chinese firms, such as China Northern Rare Earth Group High-Tech Co. and JL-Mag Rare-Earth Co., on Monday.

Shipments had hit rock bottom in May after China put several rare earth materials, used in electric vehicles and missile-guidance systems, on an export restrictions list.

The U.S. State Department said on Tuesday it has begun talks with the Cook Islands over seabed exploration.

With projected cash costs of $1,065 per tonne of nickel (inclusive of byproduct credits) and All-In Sustaining Costs at $2,569 per tonne, TMC expects to operate in the lowest production cost quartile globally.

President Donald Trump has already issued executive orders to allow companies to extract minerals from the seabed, aiming to reduce the country's reliance on China.

The U.S. defense industry is now reportedly paying five or more times the previous price for specific materials and seeking alternative sources, as a direct consequence of Beijing’s curb on exports.

Chinese exports of the rare earth magnets jumped to 353 metric tons in June, up from a paltry 46 tons in May.

U.S. regulators reportedly granted two eastern Pacific mining licenses in international waters to the U.S. aerospace giant in the early 1980s.