"Nauru, which sponsors a company to mine the seabed for minerals in ungoverned waters, has triggered a rule with the International Seabed Authority that requires it to allow seabed mining in two years, regardless of whether regulations have been written.
Advocates have expressed concerns that the main beneficiary of the move is a Canadian company that is in the process of publicly listing its stock in the US, which is not governed by ISA regulations.
Seabed mining has never been attempted before, and scientists worry that a shortened deadline to design regulations may sideline environmental protection in the world’s largest inhabited zone.
Among the outstanding questions over regulations is the issue of royalties: how will sponsoring states and other countries benefit from the “common heritage of mankind”?"
Ian Morse reports for Mongabay July 27, 2021.
SEE ALSO:
"Nauru’s Intention To Mine The Seabed Prompts Alarm Among Conservationists" (Mongabay)
