ABSTRACT
Under Art. 136 of the United Nations Convention on the Law of the Sea, the 'Area', that is the seabed and ocean floor and subsoil thereof beyond the limits of national jurisdiction, and its resources, are the common heritage of mankind. The principle of common heritage of mankind was launched in a memorable speech made on 1 November 1967 at the United Nations General Assembly by the representative of Malta, Mr Arvid Pardo. The opportunity for proposing it came from the technological developments that were expected to lead in a relatively short time to the commercial exploitation of polymetallic nodules lying on the surface of the deep seabed and containing various minerals, such as manganese, nickel, cobalt and copper. While the prospects for commercial mining in the deep seabed are uncertain, the exploitation of genetic resources found beyond the limits of national jurisdiction may in the near future become a commercially profitable activity.
