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"International Seabed Authority: Regulations on Prospecting and Exploration for Polymetallic Nodules in the Area , 2000" [2005] ELECD 289; in Tully, Stephen (ed), "International Documents on Corporate Responsibility" (Edward Elgar Publishing, 2005)

Book Title: International Documents on Corporate Responsibility

Editor(s): Tully, Stephen

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843768197

Section: Chapter 66

Section Title: International Seabed Authority: Regulations on Prospecting and Exploration for Polymetallic Nodules in the Area , 2000

Number of pages: 15

Extract:

66. International Seabed Authority:
Regulations on Prospecting and Exploration
for Polymetallic Nodules in the Area, 2000

Commentary: The UN Convention on the Law of the Sea (UNCLOS, UN Doc
A/CONF.62/122 (1982), entry into force 1994) defines the roles and responsibilities
of national vessels to utilise living marine resources including fishing rights. It also
envisages that exploring and exploiting the seabed, ocean floor and subsoil thereof
shall be carried out for the benefit of humanity. Commercial exploitation of the deep
seabed and the position of pioneer investors became the subject of lengthy inter-
governmental negotiations: see further, Resolution II Governing Preparatory
Investment in Pioneer Activities Relating to Polymetallic Nodules 21 ILM 1254
(1982); Agreement concerning Interim Arrangements relating to Polymetallic
Nodules of the Deep Sea-Bed 21 ILM 950 (1982); Provisional Understanding
Regarding Deep Seabed Mining 23 ILM 1354 (1984); Declaration adopted by the
UNCLOS Preparatory Commission, UN Doc LOS/PCN/72 (1985); New York
Agreement Relating to the Implementation of Part XI of the 1982 Convention on the
Law of the Sea 33 ILM 1309 (1994). For academic comment, see Dubow M. (1982),
`The Third United Nations Conference on the Law of the Sea: questions of equity
for American business', Northwestern Journal of International Law and Business, 4, 172.
Consideration was ultimately given to formulating an intergovernmental code of
conduct: see UN (1998), `Seabed Council Receives Mining Code Draft', Press
Release SEA/1578; UN (1998), `International Seabed Authority to Resume Work on
Mining Code', Press Release SEA/ ...