• Ocean and Polar Research
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• v.27 no.1
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• pp.97-108
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• 2005

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 you 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.

• The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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• v.13 no.3
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• pp.271-279
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• 2008

Polymetallic sulphides means hydrothermally formed deposits of sulphide minerals which contain concentrations of metals including, inter alia, copper, lead, zinc, gold and silver. Nautilus is the first company to commercially explore the seafloor polymetallic sulphide deposits. The Company holds exploration licences and exploration applications for more than 370,000 $km^2$ in the jurisdictional seas of Papua New Guinea, Fiji, Tonga, the Solomon Islands and New Zealand along the western Pacific Ocean's Rim of Fire. Neptune Minerals is also a leading explorer and developer in this field, with exploration licences awarded totalling more than 270,000 $km^2$ in the territorial seas or EEZ of New Zealand, Papua New Guinea and the Federated States of Micronesia. These two companies now carry out the most active investment activities for seafloor polymetallic sulphide deposits with a goal of commercial production by 2010. China and Japan carry out exploration activities for the seafloor polymetallic sulphide deposits to secure supplies of strategic metals. China carries out national R&D projects relating to deep sea mineral resources in the world ocean through China Ocean Mineral Resources R&D Association(COMRA). And Japan investigates her own EEZ for exploration of the seafloor polymetallic sulphide deposits. In consideration of aforementioned international activities of coastal nations as well as private companies for exploring the sulphide deposits, Korea shall prepare strategic plans : First, consolidation of the authorities concerned and legislative support; second, determination of main entity of the project; third, securing government's decisive investment of sufficient budget; and lastly, establishment of the mid, long-term plan for development of seafloor polymetallic sulphides deposits.

• Ocean and Polar Research
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• v.45 no.1
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• pp.11-22
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• 2023

For the commercial development of deep-sea mineral resources, the International Seabed Authority is engaged in wide ranging discussions to establish the Regulations on Exploitation. The core issue of the Regulations on Exploitation is how to protect the marine environment along with the royalty system that distributes the profits from such development. The United Nations Convention on the Law of the Sea stipulates the protection of the marine environment in Part 12 (Articles 192-237) for the preservation of the marine environment, and in the 1994 Implementation Agreement, the protection of the marine environment at the stage of application for approval of the plan of work together with the Regulations on Exploration for the protection of the marine environment. For this purpose, certain obligations are imposed on the applicants. In the Regulations on Exploitation, financial systems such as environmental performance guarantee, insurance, and environmental compensation funds, which were not found in the Regulations on Exploration, are added to further specify the measures for marine environment protection generally stipulated in the 1982 Law of the Convention or 1994 Implementation Agreement. Regarding the financial system for marine environment protection, the Marine Environmental Protection and Conservation Informal Working Group meeting is revising the purpose of the environmental compensation fund. Among these financial system elements, it is judged that there is a possibility that the environmental performance guarantee and insurance may overlap considerably, and it is also thought that the establishment of the environmental compensation fund can also provide a substantial sum of money that will meet the purpose of the compensation fund in terms of securing its financial resources. In this paper, the question is posed as to whether or not this can be accomplished. In this respect, this paper examines the environmental performance guarantee, insurance, and environmental compensation fund, which are necessary for the protection of the marine environment of the deep seabed, but which can impose appropriate obligations on contractors for the commercial development of deep seabed mineral resources. At the same time as figuring out how it is operated in relation to relevant domestic laws, I would like to propose a plan to reflect the implications derived from the domestic law operation process in the Regulations on Exploitation.