The future of seabed mining
The Law of the Sea Treaty provides for taxation on mineral ventures which occur in the deep seabed. The rate of taxation is quite small in comparison with the taxes normally paid to developing countries where the same minerals might otherwise be retrieved. The Law of the Sea Treaty has been criticized for being excessively bureaucratic. It sets up an international instituion with regulatory bodies and voting systems for monitoring and enforcement of mining activities at the bottom of the ocean. All of the countries in which minerals are exploited do likewise. From that persepctive, one needs to give some consideration to whether or not the Law of the Sea Treaty provides an adequate basis for investment. Deep sea mining companies in the U.S. have said that it does not, and that ocean mining will simply not proceed under the Law of the Sea Treaty. The United States has objected to the treaty but will probably sign in order to secure freedom of navigation through the Straits of Gibraltar and other straits which would be overlapped by the emerging 12-mile territorial sea law. (JMT)
- Research Organization:
- Dickstein, Shapiro and Morin, Washington, DC
- OSTI ID:
- 5690265
- Journal Information:
- Mater. Soc.; (United States), Journal Name: Mater. Soc.; (United States) Vol. 7:1; ISSN MSOCD
- Country of Publication:
- United States
- Language:
- English
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