Deep Seabed Hard Minerals Act

Deep Seabed Hard Minerals Act - Sets forth the findings of Congress and the purposes of the Act.

Defines the terms used in the Act.

Declares that, except as authorized pursuant to the provisions of this Act or under a treaty ratified by the United States, no person subject to the jurisdiction of the United States shall engage directly or indirectly in the development of hard mineral resources of the deep seabed.

Authorizes the Secretary of the Interior to accept applications from and to issue licenses to eligible applicants for the development of hard mineral resources of the deep seabed.

Sets forth the provisions for the issuing of such licenses.

Declares that in no event shall any license issued under this Act authorize the commercial recovery of such resources prior to January 1, 1976, and that except to the extent that such licenses are authorized pursuant to the provisions of an international agreement establishing a regime for the development of mineral resources of the international seabed area beyond the limits of costal State territorial or resource jurisdiction, no licenses shall be issued under this Act subsequent to the ratification by the United States of any such international agreement.

Provides that every license issued under this Act shall remain in force for 10 years.

Makes provisions for licensing procedures under this Act.

Requires the Secretary of the Interior, prior to the issuance of any license under this Act, to establish and apply criteria for evaluating the potential impact on the marine environment of deep seabed hard mineral mining operations.

Sets forth a table of minimum expenditures per licensed block until commercial recovery from such block is initiated.

Authorizes the Secretary to begin commercial recovery and for the withdrawal of areas from licensing.

Makes provisions for investment guaranty and insurance through the Secretary of Commerce.

Provides a civil penalty of $10,000 per day during which violations of this Act occur and a criminal penalty of $25,000 per day for willful and knowing violations of this Act.

Authorizes to be appropriated for the current fiscal year and the two succeeding fiscal years sums as may be necessary for the administration of this Act.

Authorizes necessary appropriations for fiscal years 1976-1978 to implement the investment guaranty provisions of this Act.