The Legal Aspects Of The Exploitation Of Offshore Mineral Deposits - Regulation Of Mining In International Waters- Four Possibilities Facing The Mining Industry Today

One aspect of ocean mining that is frequently overlooked in discussions is the problem of establishing some form of legal control over the seas. Much of the discussion centers on mining in territorial waters, which are controlled by the various countries according to the Geneva Convention on the Continental Shelf, and perhaps by political subdivisions of countries such as the individual states of the U.S. But as technology improves and the mining of deeper waters becomes feasible, the problem of rights outside the continental shelf and territorial waters becomes a significant factor for anyone expending the time and capital for development. Several schemes are possible for regulating ocean mining but as yet none have been instituted, except what might be termed the "wait and see" approach. Even some of the coastal states in the U.S. have no regulations governing mining in the territorial waters under their jurisdiction. Until some regulation is formulated, there may well be little development in ocean mining due to the high risk of capital involved, both with respect to companies wishing to invest their own funds and financial institutions funding a venture to develop offshore mineral deposits.