Minerals Report - International Seabed Authority

workshop, in relation to deposit evaluation the only equipment discussed
have been grabs and dredges, and yet to be proven drilling equipment has
been discussed. This participant also pointed out that the although the
volumetric maps shown during an earlier presentation are a significant step
forward, they were not based on a consistent size sample as required for landbased
deposits. He said that the current information on seafloor massive
sulphides and cobalt-rich ferromanganese crusts is still an order of magnitude
away from the kind of knowledge needed to set up a mine plan and to be able
to base that plan on a cost analysis that will deliver a certain amount of money
in a year.
In relation to the rights of prospectors under the regime for
polymetallic nodules, the Secretary-General pointed out that at the time, it
was not known what prospectors were doing, and seabed areas in which they
were engaged in prospecting activities. He said however that when
applications were submitted to the Preparatory Commission for the
International Seabed Authority for interested entities to be registered as
Pioneer Investors each of them came up with two sites. He noted that under
the Exploration Code for Polymetallic Nodules the same provision applies to
all applicants for exploration rights. He reiterated that no exclusive rights
were given to the pioneer investors for their prospecting work. He said that
the proposal made earlier during the discussions that prospectors should be
given some understanding that they will have proprietary rights or at least
priority for a license in the area that they prospect at the very outset is a new
approach.
He said that if this approach were agreeable, it might be preferable to
have a grid or block system for these kinds of resources in preference to the
system for nodules. He noted that under the system for nodules, other
prospectors are allowed to prospect in the same areas because nodule deposits
are spread over large areas. He said that the grid or block system would
provide for some kind of security and exclusivity but for a limited time
period.
Discussions on the principle of the common heritage of mankind, the
parallel system and its applicability to seafloor massive sulphides and cobaltrich
ferromanganese crusts deposits, and their distribution in marine areas.
INTERNATIONAL SEABED AUTHORITY 478