30 U.S.C. § 1401
(a)
Findings— The Congress finds that—
(1)
the
United States’ requirements for hard minerals to satisfy national industrial needs will continue to expand and the demand for such minerals will increasingly exceed the available domestic sources of supply;
(2)
in the case of certain hard minerals, the
United States is dependent upon foreign sources of supply and the acquisition of such minerals from foreign sources is a significant factor in the national balance-of-payments position;
(4)
there is an alternate source of supply, which is significant in relation to national needs, of certain hard minerals, including nickel, copper, cobalt, and manganese, contained in the nodules existing in great abundance on the
deep seabed;
(6)
in particular, future access to the nickel, copper, cobalt, and manganese resources of the
deep seabed will be important to the industrial needs of the nations of the world, both developed and developing;
(7)
on December 17, 1970, the
United States supported (by affirmative vote) the United Nations General Assembly Resolution 2749 (XXV) declaring inter alia the principle that the mineral resources of the
deep seabed are the common heritage of mankind, with the expectation that this principle would be legally defined under the terms of a comprehensive international Law of the Sea Treaty yet to be agreed upon;
(9)
the negotiations to conclude such a Treaty and establish the international regime governing the exercise of rights over, and
exploration of, the resources of the
deep seabed, referred to in General Assembly Resolution 2749 (XXV) are in progress but may not be concluded in the near future;
(10)
even if such negotiations are completed promptly, much time will elapse before such an international regime is established and in operation;
(11)
development of technology required for the
exploration and recovery of
hard mineral resources of the
deep seabed will require substantial investment for many years before commercial production can occur, and must proceed at this time if
deep seabed minerals are to be available when needed;
(13)
pending a Law of the Sea Treaty, and in the absence of agreement among states on applicable principles of international law, the uncertainty among potential investors as to the future legal regime is likely to discourage or prevent the investments necessary to develop
deep seabed mining technology;
(b)
Purposes— The Congress declares that the purposes of this chapter are—
(1)
to encourage the successful conclusion of a comprehensive Law of the Sea Treaty, which will give legal definition to the principle that the
hard mineral resources of the
deep seabed are the common heritage of mankind and which will assure, among other things, nondiscriminatory access to such resources for all nations;
(2)
pending the ratification by, and entering into force with respect to, the
United States of such a Treaty, to provide for the establishment of an international revenue-sharing fund the proceeds of which shall be used for sharing with the international community pursuant to such Treaty;
Notes, amendments, and revision history
(Pub. L. 96–283, § 2, June 28, 1980, 94 Stat. 553.)
Editorial Notes
References in Text
This chapter, referred to in subsec. (b), was in the original “this Act”, meaning Pub. L. 96–283, June 28, 1980, 94 Stat. 553, known as the Deep Seabed Hard Mineral Resources Act, which is classified principally to this chapter (§ 1401 et seq.). For complete classification of this Act to the Code, see Short Title note set out below and Tables.
Statutory Notes and Related Subsidiaries
Short Title of 1986 Amendment
Pub. L. 99–507, § 1, Oct. 21, 1986, 100 Stat. 1847, provided that: “This Act [amending section 1470 of this title] may be cited as the ‘Deep Seabed Hard Mineral Resources Reauthorization Act of 1986’.”
Short Title
Pub. L. 96–283, § 1, June 28, 1980, 94 Stat. 553, provided that: “This Act [enacting this chapter and sections 4495 to 4498 of Title 26, Internal Revenue Code, and enacting a provision set out as a note under section 4495 of Title 26] may be cited as the ‘Deep Seabed Hard Mineral Resources Act’.”