A comprehensive approach to the payment mechanism for deep seabed mining

The International Seabed Authority (ISA) is presently developing regulations (the “Mining Code”) to govern the exploration and exploitation of mineral resources of the international seabed (or “Area”). Whilst the financial mechanism is a critical component of this Mining Code, its development has been delegated to the Open-Ended Ad Hoc Working Group of the Council. These informal discussions have prioritized a model that gives preference to enabling mining over delivering fair compensation for the loss of resources. This policy brief argues that a fundamentally different and comprehensive approach is required and outlines some of its key components.