Minerals Report - International Seabed Authority

8. Individual nations should develop a fiscal regime specific for offshore
mineral development that accounts for the unique economic aspects of
such exploration and development, in particular the high costs of
exploration, development and technology development.
9. Initial offshore mineral developments should be viewed as "pioneering
efforts" and as such be granted appropriate economic incentives to
promote investment and development.
10. Recognising the appropriate instruments within the 1982 Convention
regarding the conservation and management of the living resources
within coastal states’ EEZs, measures should be taken to minimise
adverse impacts to the marine environment and to traditional and nontraditional
uses of the sea that may be caused by offshore mining.
11. Where appropriate, coastal states should consider making a declaration
that the non-living resources beyond the 3-mile limit from the Provincial
coastlines are a “Common Heritage of the Nation”.
12. Coastal states should adopt a proactive approach in all significant
decision making activities related to environmental concerns associated
with offshore mineral exploration and exploitation.
13. The collection of baseline environmental data should be a condition of
any marine exploration licence. Collection of baseline data should begin
as early as possible followed by systematic data collection throughout
the term of the exploration licence.
14. Stakeholder groups and their interest should be clearly defined during
the formulation of any Offshore Mineral Development Agreement to
ensure that the interests of the stakeholders are adequately considered
and, where appropriate, incorporated into the agreement.
15. Appropriate programs will need to be developed for the assessment of,
and compensation for, impacts of marine mineral development activities
on traditional and commercial fishery activities.
16. To facilitate the development and sustainability of national fisheries
Government and industry should consider joint development of
INTERNATIONAL SEABED AUTHORITY 910