Summary: H.R.7732 — 93rd Congress (1973-1974)All Information (Except Text)

There is one summary for H.R.7732. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/10/1973)

Deep Seabed Hard Mineral Resources Act - Authorizes the Secretary of the Interior to administer the provisions of this Act. Provides that no person subject to the jurisdiction of the United States shall directly or indirectly develop any portion of the deep seabed except as authorized by license issued pursuant to this Act or by a reciprocating State.

Authorizes the Secretary to issue fifteen year licenses recognizing rights to develop the deep seabed block designated in such license.

Procides that a license shall be issued by the Secretary to the first qualified person who makes written application and tenders a fee of $5,000 for the block specified in the application.

Provides that no license shall be issued under this Act for any portion of the deep seabed: (1) which has been relinguished by the applicant under license issued by any State within the prior three years; (2) which is subject either to a prior application for a license or an outstanding license under this Act or from a reciprocating State; (3) which if licensed would result in the applicant holding under licenses issued by any State or States more than 30 percent of that area of the deep seabed which is within any circle with a diameter of one thousand two hundred and fifty kilometers where the licensed area consists of surface blocks and one hundred twenty-five kilometers where the licensed area consists of subsurface blocks; or (4) which if licensed would result in the United States licensing more than 30 percent of such area.

Requires the licensee to make minimum annual expenditures for the development of each licensed block until commercial recovery from such block is first achieved.

Provides that the licenses shall relinquish 75 percent of such block within ten years of the date any block is licensed. Provides for the establishment of a fund for assistance to developing reciprocating States.

Provides that licenses issued under this Act may be made subject to any international regime for development of the deep seabed hereafter agreed to by the United States.

Requires the United States, on payment of a premium by the licensee, to guarantee to reimburse the licensee for certain losses caused through license infringement by another party.

Provides that minerals recovered pursuant to this Act shall be deemed to have been recovered within the United States for purposes of the import and tax laws and regulations of the United States.

Provides that any willful violation of the license protections of this Act shall be a misdemeanor punishable by up to six months imprisonment, a fine of $2,000, or both. Provides that the United States district court shall have jurisdiction to enforce the license rights under this Act, and the United States court of appeals shall have jurisdiction to review the rulings of the Secretary under this Act.