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DCCUMENT RESUME
03713 - [B2t3406E]
[S. 2053, The Deep Sea Minerals Resources Act]. October 4, 1977.
10 pp.
Testimony before the Senata Ccmmittee on Energy and Natural
Resources: Public Lands and Resources Subcommittee; by Monte
Canfield, Jr., Director, Energy and Minerals Div.
Issue Area: Environmental Protecticn Programs (2200)-, Materials:
Administration and Coordination of Materials Policy (1812).
Contact: Energy and Minerals Div.
Budget Function: Natural Resources, Environment, and Energy:
Other Natural Resources (306).
Organizaticn Concerned: Department of the Interior; Department
of Commerce; National Oceanic and Atmosphecic
Ad ministration.
Congressional Relevance: Senate Coimittee on Energy and N1atural
Resources: Public Lands and Resources Subccmmittee.
Authority: Deep Sea Minerals Resources Act; S. 2053 (95th
Cong.) . H.R. 335C (95th Cong.) .
Resolutiop of the appropriate governmental role in deep
ocean mining would be authorized by S. 2053, the Deep Sea
Minerals Resources Act. Questions involving the need to
coordinate deep ocean mining with cverall foreign policy
objectives and what share of the revenues from the deep ocean
mining should accrue to the public remain unresolved. The bill
would establish a system of issuing licenses on a first-come
first-serve basis, enabling firms to retain all financial
benefits from resource recovery. This provision would not allov
the public to receive a fair market value return fro' the use of
its resources. GAO supports a system for the granting of laases
to ocean mining firms similar to tte bidding, royalty, and
information sharing program employed for oil and gas leasing on
the Outer Continental Shelf. The Secretary of Commerce should
provide funding to assess the environmental impact of key
prototype mining operation tests. Specific provisions need to be
developed for the operation of a revenue sharirg escrow account
into which the receipts from the leasing progrem would be placed
perding their distribution. Congress should no- qnact the bill
until the various problems outlined are resolved. (SW)](ViewImageLocal?handle=hein.gao/gaobadxwe0001&div=1&collection=&method=preview&ext=.png&size=3)