Deep Seabed Hard Minerals Act

Summary

Deep Seabed Hard Minerals Act - Prohibits the development of hard mineral resources of the deep seabed by persons subject to the jurisdiction of the United States except: (1) as authorized pursuant to this Act; (2) as authorized under a license issued by a reciprocating foreign state; or (3) as authorized by treaty or international agreement. Authorizes the issuance of licenses by the Secretary of Commerce to develop deep seabed mineral resources, in accordance with prescribed conditions. Stipulates that licenses shall remain in force for 15 years or as long as commercial recovery from the block of land mineral resources continues. Authorizes the Secretary to establish procedures for the issuance of licenses. Requires the establishment of objective environmental standards for operations licensed under this Act. Sets forth a table of minimum annual expenditures per licensed block until commercial recovery from such block is initiated. Requires notification by each licensee to the Secretary after completion of exploration activities prior to the granting of an authorization to the licensee to begin commercial recovery. Requires that the licensee furnish specified data to the Secretary as a condition for the granting of such authorization. Withdraws the following areas from licensing: (1) areas relinquished by the applicant under a license issued under this Act within the prior three years; (2) areas subject to a prior application or outstanding license; and (3) areas which would increase the licensees' holding to more than 30 percent of the deep seabed in a 250-kilometer circular area. Requires that licensees relinquish 75 percent of any block within 15 years of the license date. Requires compliance with subsequent international agreements which may supersede the requirements of this Act. Imposes a civil penalty of $10,000 per day for violations of this Act. Imposes a criminal penalty of $25,000 per day for willful and knowing violation of this Act. Authorizes the appropriation of such sums as may be necessary for the administration of this Act for the current fiscal year and the two succeeding fiscal years. Establishes in the United States Treasury a Guarantee and Investment Fund to provide investment insurance for eligible licensees. Authorizes the appropriation of such sums as may be necessary to periodically replenish such Fund.

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1 official file

• Introduced in House

  summary · EN · 11 February 1976

  Open at official source

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