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Experts say its unlike it will since the process will likely take several years. body fails to approve a set of rules and regulations by July 9.

treaty requires the ISA to complete regulations governing deep sea exploitation by July 2023.Ĭountries and private companies can start applying for provisional licenses if the U.N. WHY IS THERE PRESSURE ON THE ISA TO ESTABLISH REGULATIONS NOW?Ī clause of the U.N. More than 30 exploration licenses have been issued so far, with activity mostly focused in an area called the Clarion-Clipperton Fracture Zone, which spans 1.7 million square miles (4.5 million square kilometers) between Hawaii and Mexico. Mining companies interested in deep sea exploitation are partnering with countries to help them get exploration licenses.

Under the treaty, the seabed and its mineral resources are considered the “common heritage of mankind” that must be managed in a way that protects the interests of humanity through the sharing of economic benefits, support for marine scientific research, and protecting marine environments. It is considered to apply to states regardless of whether or not they have signed or ratified it. Countries manage their own maritime territory and exclusive economic zones, while the high seas and the international ocean floor are governed by the United Nations Convention on the Law of the Seas.