Evaluation on the outcome of international deep seabed mining regime and its prospect

Abstract

The International Seabed Authority (ISA) formally came into existence upon the entry into force of the UNCLOS on 16 November 1994. By adopting the Implementing Agreement in 1994, UNCLOS has the universality as a Magna Carta of International Ocean Regime, and the Deep Seabed Mining Regime could be operated as a unique one for the benefit of mankind. During last 10 years, ISA established the institutional framework successfully and made substantial and tangible progress in formulating the rules, regulations and procedures for the prospecting and exploration for polymetally nodules. Furthermore, RPI's obligations had been carried out completely, and the 7 RPI made contract with ISA to become a contractor who has an at least 15 year exclusive right for exploration in their allocated site. However, due to the uncertainty of commercial mining, the number of representatives from developing countries has been getting looser and looser and ISA has a problem of quorum of the Assembly. Land-based producers took a very strong opposite position to the contractors to make their loss in the minimum level. For the next decade, it might be prospected that ISA will focus on monitoring the contractor's activities, making rules, regulations and procedures for exploration on cobalt rich crust, sulphide and methane hydrate and implementing environment studies.