ABSTRACT
This chapter examines international seabed authority (ISA) progress towards achievement of a workable payment regime, while highlighting key challenges. It examines progress towards achievement of a payment regime, taking account of the underlying convention framework for financial aspects and ISA development of this through the mining code. Benefit sharing is one of the key premises of the common heritage of mankind, and it includes sharing of financial benefits derived from deep seabed mining (DSM). The convention, as modified by the 1994 agreement, provides a broad framework for the financial regime while leaving the underlying details to be determined by future regulation. Considerable controversy endures concerning the development of the profit-share elements, given the differing ideological visions for deep seabed mining historically evident within the international community, with continuing tensions simmering between communitarian, egalitarian approaches and more individualistic, capitalist attitudes. The chapter concludes with remarks on ISA progress towards the objective of attaining a suitable payment regime.
