A Sustainable Seabed Mining Asset Valuation Code Framework

Seabed mining is governed by the United Nations Convention on the Law of the Sea, the Agreement relating to the Implementation of Part XI of the United Nations Convention on the Law of the Sea of 10 December 1982, the Mining Code, domestic laws of member states, and international law. The central tenets of seabed mining law are to develop the industry in accordance with the Common Heritage of Mankind, provide equitable sharing of financial and economic benefits derived from seabed mining activities, and protect and preserve the marine environment. Moreover, seabed mining must be developed and operated to not unduly financially harm land-based mining operations, nor should seabed mining operate at a competitive disadvantage. The International Seabed Authority ("ISA") regulates mining in the Area, defined as the ocean area beyond national jurisdiction. Land-based mineral valuation codes help value minerals fairly, consistently and accurately and provide for the public disclosure of this information to investors. Securities regulators in Canada, the United States, Australia, and several other jurisdictions require valuations based on these mineral asset valuation codes. However, terrestrial mineral valuation code research shows gaps in incorporating environmental, social, and governance factors into financial valuations. The ISA has recommendations on mineral reserves but has not undertaken the work to transform these recommendations into a valuation code. Seabed mining contractors do not need to disclose financial information to the public. This thesis thus answers the following questions: • How might the legal framework for deep-seabed mining finance in the international seabed area be envisioned to enable an environmentally and socially sustainable industry for the low-carbon world? • How does the law shape the financing of seabed mining such that a mineral asset valuation code could be developed to assist contractors with the sustainable exploitation of minerals found on the seabed? This dissertation recommends the ISA develop a sustainable seabed mining asset valuation code, incorporating environmental and social factors into financial valuations. Sustainable development law informs which environmental and social factors to include in such a code. This seabed mining valuation code could apply to all contractors and mining operators, regardless of how they are formed, owned or legally structured. The dissertation develops ten (10) 'principles' that must be addressed in such a seabed valuation code. These principles include the necessity of valuing equitable sharing and the common heritage of mankind, valuing seabed minerals and cash flows more accurately, valuing nature and the circular economy, valuing social equality, publicly disclosing valuations, standardizing valuations to avoid regulatory capture, integrating valuations into all financial arrangements, ensuring data requirements are sufficient, allowing regional approaches, and revising terrestrial mining codes to integrate environmental and social valuations better. This code would ensure that mineral valuations are accurate, consistent and comparable with their land-based mining counterparts.

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