[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: 15CFR970.515]



[Page 331]

 

                  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.