We have invested heavily in the exploration of minerals in the deep seabed.

The importance of the International Seabed Authority will increase as technological advances in seabed mining make exploitation of minerals more feasible.

Over the last several years, the Authority has convened a series of workshops on topics related to the deep seabed environment and its resources.

In so doing, the draft regulations ensured that deep seabed mining would not be unreasonably restricted.

(a) LOS PCN SCN.3 WP.1 Seabed Mining Code (Background paper)

The economics of seabed mining, therefore, would probably need to be improved by means of cost reductions achieved through advances in marine mining technology.

The intent of the resolution was to protect the substantial investments already made in the development of seabed mining technology, equipment and expertise.

An agreement relating to the deep seabed mining provisions of the Convention would of course have a much wider significance than its immediate subject matter. For it would provide the key to unlock the door to universal acceptance of the Convention as a whole.

The policies of this nucleus Enterprise would reflect its autonomy and the state of affairs with respect to the prospects for seabed mining.

Some views stressed the potentially serious problems that could be posed by deep seabed mining.

Unfortunately until now certain difficulties have existed relating to the regime for the mining of minerals from the deep seabed.

The differences which persisted after 1982 related to certain provisions in the regime for the mining of minerals from the deep seabed.

The workshops provided the best available scientific information on deep seabed resources and the ecosystems in which they are found.

The Agreement, by resolving all outstanding differences on the deep seabed mining regime, has paved the way for universal participation in the Convention.

With this in mind, the Secretary General convened informal consultations in 1990 to address the deep seabed mining issues that were preventing some States from acceding to the Convention.

Seabed minerals

266. Other views characterized the production limitation formula as an artificial restraint both on the commencement of seabed mining and on production levels.

283. According to one view, the seabed mining technology to be transferred to the Enterprise should cover processing technology as well.

Deep sea fisheries

It is a year in which the Assembly itself, on 28 July, adopted an Agreement to resolve the outstanding issues relating to the regime for the mining of the deep seabed part XI of the Convention paving the way to universal participation in the Convention.

This opinion held that the inflexibility of the free market aspects of the deep seabed mining industry, as well as the inertia inherent in the long lead in time for deep seabed mining projects, was far more important than any perceived inflexibility of the trend line in the production limitation formula.

1990 1994 Acted as legal adviser in the Secretary General's informal consultations on deep seabed mining issues which were concluded in 1994 with the adoption of the Agreement relating to the implementation of Part XI of the United Nations Convention on the Law of the Sea of 10 December 1982

However, our expectations at that time for imminent seabed mining on a commercial basis proved to be over optimistic.

It was held that since deep seabed mining might not occur for many years to come, the Preparatory Commission should map out a strategy for preserving the seabed environment and not merely establish a set of formal procedures.

As required, the applicant has expended more than 30 million in research and prospecting in the deep seabed.

On the basis of developments in the seabed mining sector, the Council and the Assembly would decide when to set up the Enterprise and to elect the Governing Board and the Director General.

It was also suggested that the provision of such incentives should not amount to subsidizing seabed mining, especially to the detriment of land based mining.

We are all indebted to them for maintaining the momentum in these efforts to forge consensus on the seabed mining issue.

In this connection, the Group expressed its appreciation of a paper by the Secretariat entitled quot Current status of deep seabed exploration and mining by technology quot (LOS PCN L.56), which contributed greatly to consideration by the Group of the feasibility of seabed mining.

With the changes contained in this Agreement, the seabed mining regime established under the Convention will give all States a voice in managing the resources of the ocean.

These consultations are aimed at resolving outstanding issues relating to the deep seabed mining provisions of the United Nations Convention on the Law of the Sea in order to achieve universal participation in the Convention.

We hope the setting up and functioning of organs and subsidiary bodies of the International Seabed Authority will facilitate the development, acquisition and transfer of ocean related technology, in particular deep seabed mining technology.

The Pacific Islands Forum addressed the need for management of deep sea bottom trawling at its Leaders meeting in October.

The Authority should collect available data and information on the future seabed mining activities as well as existing forecasts on mineral situation.

Concern was expressed about the effects of unrestricted or subsidized seabed mining operations on producers and consumers alike.

In cases where such effects may be attributed to mining from the deep seabed, the Authority is required to provide assistance to the affected developing countries.

A. Seabed Disputes Chamber

Thus began a series of informal meetings focusing on the deep seabed mining issues which had prevented the industrialized States from participating in the Convention.

The Authority should collect available data and information on future seabed mining activities in the Area as well as existing forecasts on mineral situation.

Even before its entry into force, the Agreement will be applied provisionally, opening the way to universal participation in the work of the International Seabed Authority, the body established by the Convention to administer deep seabed mining.

Taking into account the fact that seabed mining would only occur in the future, perhaps more than a decade away, it was agreed that

(c) A special commission for the preparation of rules, regulations and procedures for the exploration and exploitation of the Area (seabed mining code) (resolution I, para. 5 (g))

It was pointed out that, in regard to seabed mining technology, the Enterprise should adhere to regular commercial practices since adequate technology would be available on the open market.

This would mean, partially, that the future of deep seabed mining and the benefits to be derived therefrom by the international community as a whole would be kept ambiguous for an extended period of time.

Request Action taken Informal consultations of the Secretary General on outstanding issues relating to the deep seabed mining provisions of the United Nations Convention on the Law of the Sea