Nauru Triggers Two-year Countdown For Deep Seabed Mining

On 25 June 2021, the Republic of Nauru ("Nauru") triggered a two-year countdown for the International Seabed Authority (the "ISA") to finalise the regulations for the exploitation of minerals in the international seabed. If ISA does not complete those regulations within two years, deep seabed mining contractors could commence exploitation based on provisionally adopted regulations.

ISA regulates all mining activities in the international seabed beyond the limits of national jurisdiction (the "Area"). ISA is an autonomous international organisation established under the 1982 United Nations Convention on the Law of the Sea ("UNCLOS"). No mining activities, whether exploration or exploitation, can take place in the Area without an appropriate licence from ISA.