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Minerals Report - International Seabed Authority

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A participant, who made the comment that the Law of the Sea<br />

Convention identifies the resources spoken of as the common heritage of<br />

mankind, as consisting of the Area, and solid or liquid materials to be found<br />

on the seabed, including polymetallic nodules, initiated the discussions on the<br />

common heritage principle. This participant said that as a result of this<br />

principle, the <strong>Authority</strong> is fully in charge of all these resources. In this regard<br />

he pointed out that as better knowledge makes the discovery of new resources<br />

possible, the <strong>Authority</strong> should be prepared to devise rules, regulations and<br />

procedures for their development. In addition to new mineral resources, this<br />

participant pointed to other uses including the laying of underwater optic<br />

cables as operations that utilize the common heritage. This participant<br />

indicated that while it may be necessary to devise new mechanisms for<br />

realizing the benefits accruing from the common heritage principle from<br />

developing the two new minerals found on the seabed, another approach<br />

might be to devise a new mechanism for all resources other than polymetallic<br />

nodules. In so doing, this participant noted that there would be problems as<br />

well as benefits. He described the benefit by stating that it would eliminate<br />

the need to develop a new mechanism each time a resource that differs from<br />

nodules is encountered, and eliminate the need for a protracted period of<br />

negotiations that may not be able to solve the associated problems. This<br />

participant observed that the system in place for nodules took a long time to<br />

negotiate, has been tried over the past fifteen years and will be furthered<br />

refined during the next fifteen years as part of exploration contracts.<br />

Another participant, recalled that during the Secretary-General ‘s<br />

presentation he had suggested a number of factors to be taken into account in<br />

preparing the rules, regulations and procedures for prospecting and<br />

exploration of seafloor massive sulphides and cobalt-rich ferromanganese<br />

crusts. In this regard, this participant said that other factors needed to be<br />

taken into account. These, he said, were the distribution of these new mineral<br />

resources in the Area and in Exclusive economic zones, the metals to be<br />

recovered from these minerals, and the depths of occurrence of these deposits.<br />

This participant observed that cobalt-rich crusts are distributed in the Area as<br />

well as in the EEZs of many countries, and that polymetallic massive<br />

sulphides are also found in the Area and in the EEZs of many countries. This<br />

participant said that the metals to be recovered from these resources introduce<br />

INTERNATIONAL SEABED AUTHORITY 479

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