As set out in our previous alert Pivotal Year for Deep-Sea Mining, the deep seabed is rich in mineral concretions containing cobalt, nickel, copper and manganese called polymetallic nodules. A vast number of these nodules are located in the seabed beyond national jurisdiction (the “Areaâ€) an area addressed in the 1982 United Nations Convention on the Law of the Sea (“UNCLOSâ€) framework. The International Seabed Authority (“ISAâ€) is responsible for protecting the marine environment and regulating activities in the international seabed Area. The ISA has been working on developing a regulatory framework for exploitation activities of the deep seabed since 2011. The first part of the ISA’s governing council’s (the “Councilâ€) 28th session closed on 31 March 2023. The two weeks of negotiations concluded without approving rules and regulations on the exploitation of the deep seabed.
