[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: 15CFR970.201]



[Page 313]

 

                  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 B_Applications

 

Sec. 970.201  Statement of financial resources.



    (a) General. The application must contain information sufficient to 

demonstrate to the Administrator the financial resources of the 

applicant to carry out, in accordance with this part, the exploration 

program set forth in the applicant's exploration plan. The information 

must show that the applicant is reasonably capable of committing or 

raising sufficient resources to cover the estimated costs of the 

exploration program. The information must be sufficient for the 

Administrator to make a determination on the applicant's financial 

responsibility pursuant to Sec. 970.401.

    (b) Contents. In particular, the information on financial resources 

must include:

    (1) A description of how the applicant intends to finance the 

exploration program;

    (2) The estimated cost of the exploration program;

    (3) With respect to the applicant and those entities upon which the 

applicant will rely to finance his exploration activities, the most 

recent audited financial statement (for publicly-held companies, the 

most recent annual report and Form 10-K filed with the Securities and 

Exchange Commission will suffice in this regard); and

    (4) The credit rating and bond rating of the applicant, and such 

financing entities, to the extent they are relevant.



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