[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: 15CFR971.102]



[Page 342]

 

                  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 A_General

 

Sec. 971.102  Nature of permits.



    (a) A permit issued under this part authorizes the holder thereof to 

engage in commercial recovery within a specific portion of the sea floor 

consistent with the provisions of the Act and this part and consistent 

with the specific terms, conditions, and restrictions (TCRs) applied to 

the permit by the Administrator.

    (b) A permit issued under this part is 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 under 15 CFR part 970 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 from within the license area. Such a permit will recognize 

the right of the holder to recover hard mineral resources, and to own, 

tranport, use, and sell hard mineral resources recovered under the 

permit and in accordance with the requirements of the Act and this part.