[Code of Federal Regulations]

[Title 15, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 15CFR970.102]



[Page 311]

 

                  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.