Over the past 24 hours, Tether has minted a staggering $3 billion in new USDT, fueling speculation across the crypto market just as new regulation under the GENIUS Act threatens to tip the balance toward Ripple’s RLUSD. Tether Mints Billions In USDT During Regulatory Shift According to data from Lookonchain, Tether minted yet another 1
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With greed extensively visible among investors, the Ethereum price surge is leading the crypto market rally. Despite records of its invariant performance even when other digital assets boomed, things have changed this time. It is now among the most bullish cryptos today, outperforming Bitcoin, XRP, Solana, and many other top altcoins. Key Factors Fueling Today’s
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A new chapter in the intriguing saga of Ripple and XRP is unfolding. The ProShares Ultra XRP ETF (UXRP) is just around the corner, with its official launch scheduled for July 18. Will this historic development be a game-changer for the XRP ecosystem? ProShares UXRP ETF Launch: Details As ProShares has received the green light
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Cardano (ADA) has registered an impressive 21% surge in the last seven days, as it follows historical trends where it always tracks Bitcoin price movements. At press time, Cardano price stood at $0.695 while its daily trading volumes came in at $1.24 billion. A bullish pattern that has now matured and soaring odds of an
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Consumer prices rose in June as President Donald Trump’s tariffs began to slowly work their way through the U.S. economy.
The consumer price index, a broad-based measure of goods and services costs, increased 0.3% on the month, putting the 12-month inflation rate at 2.7%, the Bureau of Labor Statistics reported Tuesday. The numbers were right in line with the Dow Jones consensus, though the annual rate is the highest since February.
Excluding volatile food and energy prices, core inflation picked up 0.2% on the month, with the annual rate moving to 2.9%, with the annual rate in line with estimates. The monthly level was slightly below the outlook for a 0.3% gain.
Prior to June, inflation had been on a generally downward slope for the year, with headline CPI at a 3% annual rate back in January and progressing gradually slower in the subsequent months despite fears that Trump’s trade war would drive prices higher.
While the evidence in June was mixed on how much influence tariffs had over prices, there were signs that the duties are having an impact.
Vehicle prices fell on the month, with prices on new vehicles down 0.3% and used car and trucks tumbling 0.7%. However, tariff-sensitive apparel prices increased 0.4%. Household furnishings, which also are influenced by tariffs, increased 1% for the month.
Shelter prices increased just 0.2% for the month, but the BLS said the category was still the largest contributor to the overall CPI gain. The index rose 3.8% from a year ago. Within the category, a measurement of what homeowners feel they could receive if they rented their properties increased 0.3%. However, lodging away from home slipped 2.9%.
Elsewhere, food prices increased 0.3% for the month, putting the annual gain at 3%, while energy prices reversed a loss in May and rose 0.9%, though they are still down marginally from a year ago. Medical care services were up 0.6% while transportation services edged higher by 0.2%.
With the rise in prices, inflation-adjusted hourly earnings fell 0.1% in June, the BLS said in a separate release. Real earnings increased 1% on an annual basis.
Markets largely took the inflation report in stride. Stock market indexes were mixed while Treasury yields were mostly negative.
Amid the previously muted inflation ratings, Trump has been urging the Federal Reserve to lower interest rates, which it has not done since December. The president has insisted that tariffs are not aggravating inflation, and has contended that the Fed’s refusal to ease is raising the costs the U.S. has to pay on its burgeoning debt and deficit problem.
Central bankers, led by Chair Jerome Powell, have refused to budge. They insist that the U.S. economy is in a strong enough position now that the Fed can afford to wait to see the impact tariffs will have on inflation. Trump in turn has called on Powell to resign and is certain to name someone else to the job when the chair’s term expires in May 2026.
Markets expect the Fed to stay on hold when it meets at the end of July and then cut by a quarter percentage point in September.
Relatively healthy earnings reports from the big banks and a June inflation report that came in line with analyst expectations didn’t give the stock market much of a lift, as the S&P 500 ($SPX) and Dow Jones Industrial Average ($INDU) both ended the day lower. The only major index to shine was the Nasdaq Composite ($COMPQ), which closed at a record high.
Technology stocks were the stars of the show. It wasn’t a blowout rally, but the sector still managed to finish in the green. Why? There were a couple of key developments that gave tech a nice boost.
First, semiconductors got some breathing room. Restrictions on chip sales to China were relaxed, and that gave big names like NVIDIA Corp. (NVDA) and Advanced Micro Devices (AMD) a reason to rally.
Second, there’s a push from the government to invest in AI and energy initiatives in Pennsylvania. One of the biggest winners was Super Micro Computer, Inc. (SMCI), which jumped 6.9% — the biggest percentage gain in the S&P 500. You can see from the StockCharts MarketCarpet for the S&P 500 stocks that, besides the top-weighted stocks in the index, it was mostly a sea of red.
FIGURE 1. MARKETCARPET FOR TUESDAY, JULY 15. Technology was the clear leader, with the largest cap-weighted stocks leading the sector higher.Image source: StockCharts.com. For educational purposes.
If you’ve been watching semiconductors, you may have noticed that the SPDR S&P Semiconductor ETF (XSD) has been on a roll. Since April, the ETF has stayed above its 20-day exponential moving average (EMA). The relative performance of XSD against the SPDR S&P 500 ETF (SPY) has been improving, and its relative strength index (RSI) is at around 62, an indication that momentum is at healthy levels (see chart below). It’s important to note that since May, the RSI has remained above 50, which is supportive of XSD’s upside movement.
Note: StockCharts members can access this chart from the Market Summary page or the Market Summary ChartPack (under US Industries > Bellwether Industries).
FIGURE 2. DAILY CHART OF XSD. Since April, XSD has been trending higher and is now trading above its 21-day EMA.Chart source: StockCharts.com. For educational purposes.
If the environment for semiconductors remains strong, there could be more upside for stocks in that space. A simple way to keep tabs on the stocks using StockCharts tools is to create a ChartList of semiconductor stocks you’re interested in owning.
From there, I prefer to sort the data by the Universe (U) column, starting with the large caps and then the StockCharts Technical Rank (SCTR) score to find large-cap technically strong stocks. You can then view the charts on the list. If you see a chart that appears to have a favorable risk-to-reward ratio, you can save it to your Semiconductor ChartList.
FIGURE 3. SEMICONDUCTOR STOCKS TO REVIEW. The sector drill-down will uncover stocks in leading sectors or industry groups. Scroll down the list to identify charts that meet your investment or trading criteria. Image source: StockCharts.com. For educational purposes.
As you review the charts in your ChartList, you can identify potential support and resistance levels and set alerts to notify you when prices reach your key levels. It’s a great way to stay proactive.
This type of top-down analysis helps you stay one step ahead of the market. Start with the broad market, then narrow down to sectors, then industry groups, and then individual stocks. By taking a proactive approach to managing your investments, you’re always preparing for the stock market’s next move.
Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.
With a clear vision for value creation in the energy transition and precious metals sectors, Surface Metals has strategically assembled one of North America’s most compelling project portfolios. Anchored by a high-potential gold asset and a robust lithium pipeline, the company is focused on discovery-driven growth, resource development, and unlocking long-term shareholder value through exploration, partnerships and potential M&A.
Surface Metals (CSE:SUR,OTCQB:SURMF) is a diversified exploration and development company with a portfolio spanning precious metals and lithium, targeting the growing global need for electrification metals and gold as a financial hedge.
The company’s flagship Cimarron gold project in Nevada is an underexplored, high-grade oxide gold system with historic drilling by majors including Newmont and Echo Bay. Simultaneously, Surface Metals, through its subsidiary ACME Lithium US, is developing lithium projects across Nevada and Manitoba, Canada. These include the Clayton Valley lithium brine asset (with a defined resource), the claystone-hosted Fish Lake Valley project, and the pegmatite-rich Shatford and Cat-Euclid claims in partnership with Snow Lake Resources.
Surface Metals’ projects are located in prolific mining jurisdictions in Nevada and Manitoba
With a foundational 43-101 resource, compelling exploration upside, and strategic positioning next to producing and near-producing lithium assets, Surface Metals is building value from the ground up.
The Cimarron gold project is a high-grade epithermal gold exploration project located at the north end of the San Antonio Mountains in the historic San Antonio (Cimarron) mining district, approximately 18 miles north of Tonopah, Nevada. Surface Metals holds a 90 percent interest in the project through its US subsidiary, Surface Metals US Inc. The project comprises 31 lode claims and is characterized by shallow, structurally controlled, low-sulfidation oxide gold mineralization.
Cimarron lies at the intersection of two regionally significant gold trends: the northwest-trending Walker Lane Belt and a north-northeast trend hosting Round Mountain (Kinross), Bullfrog, Goldfield, Manhattan and Gold Hill deposits. Notably, Round Mountain—located just 28 miles north—has produced more than 15 million ounces of gold. The project benefits from excellent infrastructure, including nearby power, road access and historic drill pads.
Aerial view of the project property
From 1980 to 2004, significant historical exploration was conducted by major operators such as Newmont, Echo Bay, Romarco and Budge. More than 190 drill holes define three main mineralized zones: West, Central and East. Echo Bay’s internal reports (1987) estimated a non-NI 43-101 compliant resource of over 50,000 oz of gold hosted in approximately 1.5 million tons (Mt), with roughly 80 percent of the ounces located in the West Zone. Historic high-grade intercepts include:
Mineralization remains open in multiple directions, and surface sampling has returned anomalous gold values across a wide area, indicating strong potential for both lateral and vertical extensions. The mineralized system features strong structural controls and is interpreted to be part of a shallow, boiling zone epithermal system.
Surface Metals is currently finalizing its 2025/2026 exploration interpretation and strategy to potentially expand the known mineralized envelope and produce an NI 43-101 compliant resource estimate.
The Clayton Valley Project, held through Surface’s subsidiary ACME Lithium US, is located in Esmeralda County, home to the only operating lithium brine mine in the United States: Albemarle’s Silver Peak mine. ACME’s 100 percent interest covers 122 placer claims totaling 2,440 acres in one of the world’s most prolific lithium-producing basins.
The project hosts a defined NI 43-101 inferred resource of 302,900 tons of lithium carbonate equivalent (LCE), based on extensive geophysical surveys (gravity and HSAMT), Phase 1 and Phase 2 drilling, and a 10-day pump test. The brines are hosted in interbedded silts, clays, sand and gravel, with lithium concentrations in brine ranging from 38 to 130 mg/L. Borehole DH-1 confirmed brine presence from 85 meters to 370 meters, with increased concentrations in basal gravels and lacustrine tuff layers.
Phase 2 drilling (DH-1A and TW-1) reached a depth of 1,940 ft, intersecting the Lower Gravel Unit (LGU), interpreted as the main brine aquifer. Pack testing and zone-isolated sampling from the LGU showed lithium values up to 71 mg/L. Permeability tests demonstrated favorable aquifer transmissivity. The presence of bicarbonate-rich groundwater indicates typical Clayton Valley geochemistry, conducive to direct lithium extraction (DLE) processing. Surface is currently evaluating DLE partnerships and pilot testing, with SLB (formerly Schlumberger) having already demonstrated a working DLE unit in the region.
The Fish Lake Valley (FLV) project is a 100 percent owned sedimentary lithium claystone asset covering 207 claims across 4,002 acres in Esmeralda County. The project is strategically adjacent to Ioneer’s fully permitted and DOE-funded Rhyolite Ridge lithium-boron project, with expected commencement of construction in 2025 and offtake agreements with Ford, Panasonic and Toyota.
FLV hosts lithium values up to 1,418 parts per million (ppm) in surface samples, with boron anomalies as high as 1,964 ppm—both strong indicators of favorable sedimentary lithium potential. Two major field sampling programs (2022 and 2023) confirmed the widespread presence of lithium-bearing illite-smectite clays. Phase 2 sampling utilized Asterra’s satellite analytics to identify new mineralized zones.
Geophysical surveys, including gravity and HSAMT, confirm the presence of a deep down-dropped basin with clay-rich horizons extending to over 1.3 km depth. Interpreted illite-smectite units, comparable to Rhyolite Ridge’s host rocks, are present throughout the basin. The project is fully permitted for drilling, with multiple high-priority drill targets identified for validation and resource definition. Surface is actively seeking a JV or strategic partner to fund and advance this asset.
Surface Metals, in partnership with Snow Lake Resources (Nasdaq:LITM), holds a 49 percent interest in a 17,000-acre pegmatite exploration portfolio in southeastern Manitoba, contiguous with the Tanco mine, Canada’s only operating LCT (lithium-cesium-tantalum) pegmatite mine, owned by Sinomine.
The Shatford Lake project comprises 21 claims (8,883 acres), Birse Lake adds another 10 claims (5,196 acres), and the Cat-Euclid block includes six claims (2,930 acres). The claims straddle the Greer-Shatford Shear Zone, a major 15-km structural corridor hosting known pegmatites, favorable host rocks and historic lithium occurrences.
Snow Lake’s 2024 field campaign discovered a 25 m to 30 m wide tantalite-bearing pegmatite on the Cat-Euclid block and identified multiple new pegmatite swarms under heavy overburden. Drilling at Shatford Lake (2023) included eight holes totaling 3,280 meters, intersecting pegmatites in six holes. 3D modeling of airborne magnetic data correlated structural dilation zones with pegmatite emplacement, prime targets for lithium mineralization. Multiple new drill targets have been identified for follow-up in 2025. The joint venture provides a low-cost pathway to potential lithium discoveries near a fully integrated lithium processing facility.
With over 28 years of global experience in finance and corporate development, Stephen Hanson has held executive roles across mining, energy and resource sectors. He has successfully executed M&A deals and created exit strategies for multiple public and private companies. Hanson’s focus at Surface Metals is on unlocking value through resource expansion and strategic partnerships.
A CPA with deep experience in financial reporting for junior mining companies, Zara Kanji oversees compliance, budgeting, and financial strategy. She brings more than two decades of expertise in audit, taxation and advisory for public entities in Canada.
A capital markets specialist with over 28 years of experience, Vivian Katsuris has served in executive and board roles for numerous TSXV and CSE-listed companies. Her expertise spans brokerage, corporate governance and strategic advisory.
Formerly with BHP Billiton for 19 years, Yannis Tsitos has decades of exploration and M&A experience across multiple continents. He is currently the president of Goldsource Mines and sits on several public company boards.
A certified professional geologist and NI 43-101 Qualified Person, William Feyerabend has authored multiple technical reports on lithium assets and has decades of exploration experience in the US, Mexico and South America.
With over 45 years in global mineral exploration and mine evaluation, Dane Bridge provides strategic technical oversight across Surface’s exploration assets.
A specialist in hydrology and lithium brine systems, Matt Banta brings over 20 years of field and analytical experience with a focus on lithium extraction and water resource modeling.
Geopolitical tensions are rising in several regions of the world, and governments are expected to increase their defense spending in the years ahead. This has investors looking to aerospace and defense stocks.
The entrenched Russia-Ukraine war, widespread conflict in the Middle East, military posturing in the ongoing US-China trade conflict and the spread of cybersecurity attacks on critical infrastructure — all of these developments and more are driving demand in the global defense market.
In 2024, the five countries spending the most on their militaries were the United States, China, Russia, Germany and India, according to data from the Stockholm International Peace Research Institute.
For the most part, the aerospace and defense industry provides equipment, technologies and services to national governments through contracts. The players in this space are typically defense contractors that design and manufacture aircraft, satellites, electronic systems, software, missiles, drones, autonomous vehicles, tanks and marine vessels.
Global aerospace and defense revenue reached record highs in 2024, according to PwC in its latest annual sector report, totaling US$922 billion across the top 100 companies. However, the firm reports that increased demand is outpacing supply and capacity from defense companies.
Today, the US accounts for the largest share of global defense spending, representing about 37 percent of worldwide military outlays. In fact, military spending represents about 12 percent of the US federal budget for fiscal year 2025. Worsening geopolitical tensions are expected to increase the US government’s spending on defense technology.
Market cap: US$189.46 billion
One of the most well-known American defense companies, RTX operates in the defense, aviation, space, electronics and cybersecurity sectors. The company captured more than US$80.7 billion in revenue for 2024, up 17.15 percent from the previous year.
The company’s defense solutions arm Raytheon was awarded a US$250 million contract in June 2025 from Japan’s Mitsubishi Electric (TSE:6503) for licensed production of ESSM Block 2 short to medium-range guided missiles.
‘Under the Direct Commercial Sale contract, Raytheon will provide missile kits, parts, and components as well as technical support for missile production at (Mitsubishi Electric) in Japan,’ the press release stated.
Market cap: US$151.52 billion
Another heavyweight in the aerospace and defense industry, Boeing designs and manufactures airplanes, rotorcraft, rockets, satellites, telecommunications equipment and missiles.
Revenue for the company declined by 14.5 percent in 2024 over the previous year to come in at US$66.5 billion. The majority of that loss was driven by its airplane segment; its defense segment revenue dropped 4 percent over the same period. The company’s aviation sector has faced heavy scrutiny in recent years after several disastrous incidents linked to the Boeing 737.
As for its defense business, in March 2025, Boeing reported that production of its air defense systems, Patriot Advanced Capability-3 seekers, reached an all-time high in 2024. According to the release, the company produces the seekers as a subcontractor for Lockheed Martin and has sold them to 17 countries, including the US and Ukraine.
Market cap: US$144.57 billion
Engineering and technology company Honeywell International develops and manufactures technological solutions for a variety of sectors. The company’s four business divisions are aerospace technologies, building automation, energy and sustainability solutions, and industrial automation. Honeywell’s sales came in at US$38.5 billion in 2024, up 5 percent from the previous year.
Honeywell has numerous defense contracts with government agencies around the world, including right at home with the US Department of Defense (DoD) and US Armed Forces. In May 2025, the company’s JetWave X satellite communication system was selected for use in the advanced US Army aircraft ARES.
Market cap: US$107.57 billion
Lockheed Martin’s business is concentrated on aerospace products and advanced defense technology systems. The F-16 Fighting Falcon fighter jet is among its most notable products, but Lockheed is also well known for its space launchers, ballistic missiles and satellites. The company’s 2024 net sales increased by 5.15 percent from the previous year to just over US$71 billion.
Unsurprisingly, about half of Lockheed Martin’s annual sales are made to the US DoD. However, governments around the world have purchasing contracts with the company to supply their militaries with defense products such as F-16 and F-35 fighter jets. In April 2025, the Royal Norwegian Air Force received the last two F-35 fighter jets of the 52 ordered in its most recent supply contract.
Market cap: US$76.57 billion
Although best known for its Gulfstream business jets, General Dynamics designs and manufactures wheeled and tracked combat vehicles, submarines, weapons and communications systems, as well as munitions. The company garnered more than US$47.72 billion in revenue for 2024, up 12.88 percent from the previous year.
General Dynamics is a major defense contractor for the US military as well as allied nations abroad. In April 2025, the company was awarded US$12 billion in contract modifications for the construction of two Virginia-class submarines for the US Navy, bringing the potential value of the contract to US$17.2 billion. This type of sub is designed for anti-submarine and surface ship warfare and special operations support.
Investors looking to mitigate the risk of investing in individual stocks can diversify their portfolio with defense ETFs. While ETFs aren’t without risk, they are often considered a more stable investment compared to stocks as they allocate funds across a variety of stocks that are rebalanced by an asset manager to meet the return goals of the fund.
The biggest US Defense ETFs by assets under management are listed below according to data from ETF Database.
Assets under management: US$7.83 billion
The iShares U.S. Aerospace & Defense ETF launched in May 2006. This fund invests in large, generally stable companies in the aerospace and defense sector, particularly those with the majority of their revenues based on long-term government contracts.
The ETF has 40 holdings and an expense ratio of 0.4 percent. IShares U.S. Aerospace & Defense ETF’s top holdings include RTX, Boeing, Lockheed Martin and General Dynamics as well as another important name in the industry, L3Harris Technologies (NYSE:LHX).
Assets under management: US$5.41 billion
Invesco Aerospace & Defense ETF launched in October 2005. Like ITA, it also tracks large, stable aerospace and defense stocks with steady revenue streams from long-term government contracts.
While it has more holdings than ITA at 57, it also has a higher expense ratio at 0.58 percent. Unlike ITA, Honeywell is listed among Invesco Aerospace & Defense ETF’s top holdings in addition to the other biggest US defense stocks.
Assets under management: US$3.76 billion
SPDR S&P Aerospace & Defense ETF, which launched in September 2011, offers exposure to large cap stocks in this sector. It has the lowest expense ratio on this list at 0.35 percent.
Of the 40 holdings XAR tracks, the most heavily weighted US defense stocks include RTX, Boeing, Lockheed Martin and General Dynamics as well as Rocket Lab (NASDAQ:RKLB) and AeroVironment (NASDAQ:AVAV).
Assets under management: US$2.69 billion
Launched in September 2023, Global X Defense Tech ETF is the newest defense ETF on the market. While it does offer a geographic diversity of exposure to the overall defense sector, its holdings are just over 50 percent based in the United States. This ETF has an expense ratio of 0.50 percent.
SHLD has 43 holdings, including the biggest US defense stocks such as Lockheed Martin and General Dynamics, but is also heavily weighted in Palantir Technologies (NASDAQ:PLTR) and L3Harris Technologies.
Assets under management: US$249.19 million
Direxion Daily Aerospace & Defense Bull 3X Shares launched in May 2017 with the goal of tripling the daily return of an index of major defense industry stocks.
DFEN has the highest expense ratio on this list at 0.95 percent. Some of the most heavily weighted stocks of its 39 holdings are Boeing, Lockheed Martin and RTX.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
American Rare Earths Limited (ARR:AU) has announced Updated Announcement -Metallurgical Test Holes
Download the PDF here.
Defense manufacturer Lockheed Martin (NYSE:LMT) is in early talks with undersea mining companies to open access to two dormant seabed exploration licenses it has held since the 1980s
The move signals a renewed US push to tap the ocean floor for critical minerals.
The licenses, which cover swaths of the eastern Pacific seabed in international waters, were awarded to Lockheed by US regulators decades ago during a previous wave of interest in deep-sea mining.
Though the projects never progressed to extraction, they are now gaining fresh attention as nations and corporations seek alternative sources of key minerals used in electric vehicles, defense technologies, and clean energy systems.
“We are in early stages of conversations with several companies about giving them access to our licences and allowing them to process those materials,” Frank St. John, Lockheed’s chief operating officer, told the Financial Times.
While St. John declined to quantify the potential value of the deposits, he added that interested parties have “done the homework and determined there is value there.”
Lockheed’s seabed licenses could represent a strategic foothold in a mineral-rich region, containing polymetallic nodules that can hold commercially viable concentrations of key metals.
The timing also coincides with recent executive action from the White House.
USPresident Donald Trump, who returned to office in January, signed an executive order in April asserting US rights to issue mining licenses in international waters and encouraging the stockpiling of seabed metals as strategic resources.
The order bypasses ongoing negotiations at the International Seabed Authority (ISA), the UN agency tasked with regulating deep-sea mining, and instead relies on the 1980 US Deep Seabed Hard Mineral Resources Act as the legal foundation.
It emphasizes the need to “establish the US as a global leader in seabed mineral exploration and development both within and beyond national jurisdiction.” While the US has not ratified the UN Convention on the Law of the Sea — the treaty from which the ISA derives its authority — it has signed a 1994 agreement recognizing the treaty’s seabed provisions and operates its own permitting system through the National Oceanic and Atmospheric Administration.
Lockheed said it welcomes the renewed policy attention. “We believe the US has the opportunity to develop a gold standard for commercial recovery of nodules in an environmentally responsible manner.”
Lockheed is not alone in navigating the legal uncertainties surrounding seabed mining.
The Metals Company (TMC) (NASDAQ:TMC), a deep-sea mining startup, recently survived a shareholder lawsuit alleging it had misled investors about the environmental impacts and financial backing of its operations.
US District Judge Eric Komitee dismissed the claims, ruling that the company’s comparisons to conventional mining methods were not misleading, even if deep-sea mining still carries environmental risks.
“It is eminently possible that (1) deep-sea mining causes meaningful environmental harm, and yet (2) such harm is significantly less than the harm caused by existing methods,” the judge wrote.
TMC had disclosed in filings that deep-sea mining could result in damage and that the regulatory path remained uncertain. Its legal win may encourage others — like Lockheed — to proceed more openly with their seabed plans, albeit cautiously.
The growing pursuit of potentially extracting resources from the world’s oceans comes at a critical juncture for the seabed-mining industry. For decades, a de facto moratorium on mining in international waters has been in place due to regulatory uncertainty and environmental concerns.
The ISA has issued more than 30 exploratory permits, but has yet to finalize commercial extraction rules. That delay has prompted frustration from some parties, while drawing calls from others for a pause or outright ban.
Currently, the ISA is holding key assemblies in Jamaica to hash out the long-awaited mining code to regulate commercial activity on the ocean floor with provisions for environmental safeguards, royalties, and tax obligations.
But a growing number of countries — 37 at last count — have pushed for a precautionary pause, citing risks to deep-sea ecosystems that remain largely uncharted. Scientists warn that mining these habitats could cause irreversible damage.
In 2023, Lockheed appeared to step back from the sector by selling two UK-sponsored exploration licenses in the Pacific, a move interpreted by analysts as signaling reduced confidence in deep-sea mining.
However, its retained US licenses suggest it never fully exited the space.
The Trump administration’s executive order marks the most assertive US step yet to undermine the ISA’s multilateral approach, raising fears among diplomats that the agency may lose legitimacy.
China, which has also invested heavily in seabed mining, responded sharply to the move.
“The US authorization violates international law and harms the overall interests of the international community,” Chinese foreign ministry spokesman Guo Jiakun said earlier this year.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.