Deep Seabed Hard Mineral Resources Act

(LATEST SUMMARY)

Deep Seabed Hard Minerals Act - Requires all persons subject to the jurisdiction of the United States who wish to engage in the development of hard mineral resources of the deep seabed to secure a license for such development from the Secretary of the Interior.

Authorizes the Secretary of the Interior to issue licenses for development of hard, mineral resources of the deep seabed. Sets forth the requirements for such licenses and the criteria for approval by the Secretary of applications for licenses.

Directs the Secretary to establish environmental protection criteria to which operations under a license issued under this Act must adhere.

Provides that no license shall be issued under this Act for any portion of the deep seabed: (1) which has been relinquished by the applicant under license issued by any State within the prior three years; (2) which is subject either to a prior application for a license or an outstanding license under this Act or from a reciprocating State; (3) which if licensed would result in the applicant holding under licenses issued by any State or States more than 30 percent of that area of the deep seabed which is within any circle with a diameter of one thousand two hundred and fifty kilometers where the licensed area consists of surface blocks and one hundred twenty-five kilometers where the licensed area consists of subsurface blocks; or (4) which if licensed would result in the United States licensing more than 30 percent of such area.

Requires the licensee to make minimum annual expenditures for the development of each licensed block until commercial recovery from such block is first achieved.

Provides that the licenses shall relinquish 75 percent of such block within 15 years of the date any block is licensed. Provides for the establishment of a fund for assistance to developing reciprocating States.

Provides that licenses issued under this Act may be made subject to any international regime for development of the deep seabed hereafter agreed to by the United States.

Requires the United States, on payment of a premium by the licensee, to guarantee to reimburse the licensee for certain losses caused through license infringement by another party.

Provides that minerals recovered pursuant to this Act shall be deemed to have been recovered within the United States for purposes of the import and tax laws and regulations of the United States.

Sets forth penalties for violation of the provisions of this Act.