Deep Seabed Hard Minerals Act

(Reported to Senate from the Committee on Interior and Insular Affairs with amendment, S. Rept. 94-754)

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, with specified exceptions, 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 upon tender of a fee, to cover administrative costs, for the development of hard mineral resources of the seabed.

Sets forth the provisions for the issuing of such licenses. Declares that in no event shall any license under this Act authorize the commercial recovery of such resources prior to January 1, 1977, and that except to the extent that such licenses are authorized pursuant to the provisions of a future international agreement ratified by the United States establishing a regime for the development of mineral resources of the international seabed area beyond the limits of coastal 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 15 years.

Makes provisions for licensing procedures under this Act. Requires the Secretary of the Interior to establish environmental standards to which operations under licenses issued pursuant to this Act shall adhere.

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 the withdrawal of specified areas from licensing.

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

Requires the Secretary of the Interior to harmonize his regulations promulgated under this Act with the regulations and laws of any other State which has acted for purposes and policies similar to those of this Act. Deems such States reciprocating States for the purposes of this Act.

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 succeding fiscal year such sums as may be necessary for the administration of this Act. Declares that if any provision of this Act is held invalid, the validity of the remainder of the Act not be affected thereby.