The financial aspects of deep sea mining: common heritage of mankind or first-come-first-served?
Willaert, K. (2020). The financial aspects of deep sea mining: common heritage of mankind or first-come-first-served? J. Int. Marit. Law 25(5): 387-395
In: The Journal of International Maritime Law. Lawtext: Witney. ISSN 1478-8586, more
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law of the sea, deep sea mining, common heritage of mankind, equitable benefit-sharing |
| Abstract |
Along with the growing demand for precious metals, the interests of states and commercial entities in the deep seabed have increased. This particular area, however, is subject to a complex international regime and received, together with the mineral resources which are located there, the status of common heritage of mankind. This means, among others, that the deep seabed and its natural resources cannot be appropriated or exploited at one’s own discretion, and it furthermore implies the equitable sharing of the financial and economic benefits which are derived from it. Although the exploitation phase is drawing near, a financial system to achieve this objective has however not been created. While it is true that the 1982 Law of the Sea Convention and the 1994 Implementation Agreement contain the main principles, a specific regime has to be decided upon by the International Seabed Authority. A suitable financial model is sought within the context of the development of the exploitation regulations, but a final consensus on this matter is not yet in sight. This article will explain the most important conditions and current developments, in order to examine whether or not the proposed options are in line with the status of the deep seabed and its natural resources as common heritage of mankind. |
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