Odyssey Marine Exploration said on Friday it has sought U.S. regulators' permission to explore and mine mineral-rich sands off the Mid-Atlantic coast, as the country bolsters domestic supplies of materials vital for various industries.
The site is believed to hold heavy mineral sands containing titanium, zirconium, rare earth elements and phosphate - materials vital to defense, electronics, fertilizers and clean energy technologies, according to the company.
Shares of the company rose 3.3% in morning trading.
The move aligns with Washington's push to expand domestic critical mineral capacity amid a trade war with top producer China, and reduce dependence on imports of materials critical to defense and manufacturing.
"If Odyssey is successful in obtaining the proposed lease, it will represent another step in our strategy to expand our diverse portfolio and unlock new seafloor resource opportunities," said CEO Mark Gordon.
(Reuters)