A new executive order pits the United States against the rest of the world over the question of who can exploit mineral resources in shared waters.

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.

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.