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Here's Why Odyssey Marine Plunged 55%

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Odyssey Marine Exploration, Inc. NASDAQ:OMEX - Here's Why Odyssey Marine Plunged 55%

Odyssey Marine said it was informed by the Mexican Secretary of Environment and Natural Resources (SEMARNAT) it was denied an application for an environmental license for the Don Diego region.

The company stated, "Phosphate is a key and irreplaceable component of fertilizers, and the location of the "Don Diego" deposit makes it an attractive potential sourcing site for the Mexican fertilizer and agricultural industry. The project proposed to use standard dredging ships and equipment, which have been in use for decades in...