"Shipping Giant Maersk Drops Deep Sea Mining Investment", 3 May 2023

Shipping company A.P. Moller-Maersk is selling its stake in deep-sea mining firm The Metals Company, even as the legal process to allow seabed mining approaches its final stages. 

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Maersk said it entered into a contract with TMC five years ago, under which it would provide shipping services to the company. Maersk said direct payment from TMC wasn’t possible at the time and so payment for the contract was provided in the form of shares that it is in the process of selling. 

TMC said in 2022 that Maersk didn’t have a vessel suitable for TMC’s mining operations, so the miner instead signed a contract with engineering firm Allseas Group. “We remain good friends [with Maersk] and grateful for their important contribution in getting this industry moving in the right direction,” TMC Chief Executive Gerard Barron said. 

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