Odyssey Marine Exploration Inc. (NASD: OMEX) shares were up 17.67% at $3.53 as of the most recent check in after-hours trading with no noteworthy news. The price of OMEX shares dropped by -3.23% or $0.1 to settle at $3.00 previous session.
What just occurred with OMEX?
Odyssey Marine (OMEX) has disclosed that it would submit its post-hearing brief in its NAFTA complaint against Mexico on September 12, 2022. The post-hearing brief, which is the case’s last substantive filing, was created by Odyssey’s legal team, which included Cooley LLP and King & Spalding LLP’s international arbitration experts. One of the greatest phosphate resources ever found in the Americas is at the center of the NAFTA case, which was launched with the filing of the Notice of Arbitration in April 2019.
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This is a significant turning point in Odyssey Marine’s NAFTA case since it has spent the previous few years accumulating information, presenting it to the NAFTA Tribunal, and maintaining confidence in its case, which is now in the Tribunal’s hands. It is in Mexico’s and OMEX’s best interests to put the NAFTA project into production since doing so may considerably improve Mexico’s food security and position Mexico as a global leader in ethical phosphate extraction. It is regrettable that OMEX was compelled to file an arbitration claim for significant compensation rather than collaborate with Mexico to fulfill the project’s numerous economic, social, and environmental advantages. This is especially true given the present global food price situation.
Projects to Advance Critical Mineral Resources:
OMEX and its partners continue to make great progress on other important mineral projects as the business waits for the resolution of the NAFTA lawsuit. Odyssey Marine is utilizing its extensive phosphate knowledge in two brand-new projects that are now in the planning stages. Odyssey Marine, on the other hand, is involved in a number of initiatives centered on the crucial minerals necessary for global green energy transition as well as US economic and national security.
How will OMEX proceed?
With demonstrated expertise in all phases of deep-ocean mineral project development, including resource validation, resource assessment, environmental impact studies, extraction programs, commercial programs, and licensing for various mineral resources in multiple jurisdictions around the world, Odyssey Marine (OMEX) is prepared to assist in resolving the strategic mineral imbalance.
