[Code of Federal Regulations]
[Title 15, Volume 3]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 15CFR970.102]

[Page 312]
 
                  TITLE 15--COMMERCE AND FOREIGN TRADE
 
CHAPTER IX--NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, DEPARTMENT 
                               OF COMMERCE
 
PART 970_DEEP SEABED MINING REGULATIONS FOR EXPLORATION LICENSES--Table of 
Contents
 
                            Subpart A_General
 
Sec. 970.102  Nature of licenses.

    (a) A license issued under this part will authorize the holder 
thereof to engage in exploration within a specific portion of the sea 
floor consistent with the provisions of the Act, this part, and the 
specific terms, conditions and restrictions applied to the license by 
the Administrator.
    (b) Any license issued under this part will be 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 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 within the 
same area of the sea floor. Such a permit will recognize the right of 
the holder to recover hard mineral resources, and to own, transport, 
use, and sell hard mineral resources recovered, under the permit and in 
accordance with the requirements of the Act.