[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: 15CFR970.515]

[Page 332]
 
                  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 E_Issuance/Transfer/Terms, Conditions and Restrictions
 
Sec. 970.515  Duration of a license.

    (a) Each exploration license will be issued for a period of 10 
years.
    (b) If the licensee has substantially complied with the license and 
its associated exploration plan and requests an extension of the 
license, the Administrator will extend the license on terms, conditions 
and restrictions consistent with the Act and this part for a period of 
not more than 5 years.

In determining substantial compliance for purposes of this section, the 
Administrator may make allowance for deviation from the exploration plan 
for good cause, such as significantly changed market conditions. 
However, a request for extension must be accompanied by an amended 
exploration plan to govern the activities by the licensee during the 
extended period.
    (c) Successive extensions may be requested, and will be granted by 
the Administrator, based on the criteria, and for the length of time, 
specified in paragraph (b) of this section.