The measure directs the Commerce Department to speed up reviewing and issuing permits for exploration and commercial recovery under a 1980 law, White House officials said.

The order will likely fast track permitting for deep-sea mining in international waters and let mining companies bypass a United Nations-backed review process, Reuters previously reported. Shares of The Metals Company - among the most prominent of deep-sea mining companies - rose on Thursday by roughly 40% to hit a 52-week high of $3.