Shares of TMC the Metals Company (NASDAQ: TMC) are jumping on Thursday, up 8.6% as of 2:46 p.m. ET. The rise comes as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.3% and 0.1%, respectively.
TMC’s stock is getting a boost from a major deal announced this morning between the Pentagon and another mining company.
Last week, President Trump mused about the possibility of the federal government investing in domestic rare earth mining. The U.S. is extremely dependent on foreign rare earth elements — especially from China — which are critical to many key defense systems.