[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: 15CFR971.415]

[Page 356-357]
 
                  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 D_Issuance/Transfer: Terms, Conditions and Restrictions
 
Sec. 971.415  Duration of a permit.

    (a) Unless suspended or revoked pursuant to Sec. Sec. 971.406 and 
971.417, each commercial recovery permit will be issued for a period of 
20 years and for so long thereafter as hard mineral resources are 
recovered annually in commercial

[[Page 357]]

quantities from the area listed in the permit.
    (b) If the permittee has substantially complied with the permit and 
its associated recovery plan and requests an extension of the permit, 
the Administrator will extend the permit with appropriate TCRs, 
consistent with the Act, for so long thereafter as hard mineral 
resources are recovered annually in commercial quantities from the area 
to which the recovery plan associated with the permit applies. The 
Administrator may make allowance for deviation from the recovery plan 
for good cause, such as significantly changed market conditions. 
However, a request for extension must be accompanied by an amended 
recovery plan to govern the activities by the permittee during the 
extended period.
    (c) Successive extensions may be requested, and will be granted by 
the Administrator, based on the criteria specified in paragraphs (a) and 
(b).