ABSTRACT
States within the world community, depending on their technological capabilities and level of economic development, have differing perceptions of the UNCLOS III Convention. Most Third World states want seabed mining to proceed. On the other hand, Third World and developed states highly dependent on income from minerals like those to be extracted from the seabed would prefer a limited production. Some states with significant concerns for maintaining adequate supplies of strategic minerals fear that the ISA, to be established under the UNCLOS Convention umbella, may not protect their interests, and they have sought to establish an alternative regime. Because of poor international mineral market conditions and the yet unsettled LOS regime situation, several seabed mining consortia—with considerable time and money already invested in seabed mining research—are hesitant to proceed.
