[Code of Federal Regulations]
[Title 15, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 15CFR971.102]

[Page 339]
 
                  TITLE 15--COMMERCE AND FOREIGN TRADE
 
CHAPTER IX--NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, DEPARTMENT 
                               OF COMMERCE
 
PART 971--DEEP SEABED MINING REGULATIONS FOR COMMERCIAL RECOVERY PERMITS--Table of Contents
 
                           Subpart A--General
 
Sec. 971.102  Nature of permits.

    (a) A permit issued under this part authorizes the holder thereof to 
engage in commercial recovery within a specific portion of the sea floor 
consistent with the provisions of the Act and this part and consistent 
with the specific terms, conditions, and restrictions (TCRs) applied to 
the permit by the Administrator.
    (b) A permit issued under this part is exclusive with respect to the 
holder thereof as against any other United States citizen or any 
citizen, national or governmental agency of, or any legal entity 
organized or existing under the laws of, any reciprocating state.
    (c) A valid existing license under 15 CFR part 970 will entitle the 
holder, if otherwise eligible under the provisions of the Act and 
implementing regulations, to a permit for commercial recovery from an 
area selected from within the license area. Such a permit will recognize 
the right of the holder to recover hard mineral resources, and to own, 
tranport, use, and sell hard mineral resources recovered under the 
permit and in accordance with the requirements of the Act and this part.