Research On The Revenue Sharing Regime Of The Exploitation Of Mineral Resources In The Area Under The Background Of 'Belt And Road'

The International Seabed Area(hereinafter referred to as the "Area")contains a large amount of mineral resources.The 1982 United Nations Convention on the Law of the Sea(hereinafter referred to as the "Convention"or UNCLOS)and the 1994 Agreement on the Implementation of Part XI of the United Nations Convention on the Law of the Sea of 10th December 1982(hereinafter referred to as the Implementation Agreement),both provided that the "Area"and its resources as "the common heritage of mankind",and the International Seabed Authority(hereinafter referred to as the ISA)manages the "Area"and its resources on behalf of all mankind.The Authority has previously issued the Regulations on the Exploration of Polymetallic Nodules,the Regulations on the Exploration of Polymetallic Sulfides and the Regulations for the Exploration of Cobalt-rich Crusts.At present,many countries have applied to the Authority for exploration in the mining area.The current challenge for the Bureau is to move from exploration to development.In 2014,the Authority initiated the development of the Regulations on the Development of Mineral Resources in the Area(hereinafter referred to as the "Regulations"),during which the opinions of stakeholders were consulted twice.The revenue-sharing system,which focuses on the fair sharing of financial and other economic benefits from activities in the Area,has become the focus of discussions among various stakeholders.The revenue sharing system involves three aspects:the contractor's payment mechanism,the distribution mechanism of economic benefits,and the sharing of non-economic benefits.As for the contractor's payment mechanism,the Authority organized a series of workshops during 2013-2018 which emphasized financial matters that should be noted in the financial provisions of the Regulation.In February 2019,the 25th Council meeting provided four different payment models for stakeholders.At the same time,the taxation and royalty system for land-based mining and the implementation of Article 82 by the Authority can also provide reference value for the issuance of the Regulations.The distribution of revenues of deep sea bed mining is an important challenge in the strategic plan for 2019-2023 of the Authority,namely,how to promote a fair,reasonable and transparent revenues sharing model,the interests of the sea management bureau,contractors and sponsoring countries should be taken into account and try the best to balance.Also,the needs of developing countries and the interests of some countries whose industry of land-based mining suffers from economic shocks due to the development of deep-sea mining should be considered carefully.The economic income distribution standard should be fair both intra-temporally and inter-temporally with a regularly review and supervision,while considering the participation of different contractors.Sharing of non-economic benefits is also brought by deep sea mining,the most important of it is environmental benefits.Environmental interests cannot be monetarily valued,the sharing of environmental interests requires the cooperation of the international community.At present,through the contractor's payment of environmental taxes and fees,the establishment of an environmental ecological compensation fund by the Authority,and the encouragement of private establishment of environmental trust funds or liability insurance to encourage contractors to actively improve technology,initiative and ability to undertake the responsibility of protecting marine environment of the Area.The "Belt and Road" is an important diplomatic strategy put forward from the CPC's 18th Congress and an important platform for China to promote international cooperation in various fields.As a pioneer investor and a large developing country that already has four mining areas,China has been actively participating in the formulation of the Regulations and has put forward practical comments.Although the re'venue sharing system in the Regulations still needs further discussion,China can prepare for deep sea mining in the basic requirements of the revenue sharing system,such as strengthening technical cooperation with developing countries along the "Belt and Road";the talent training of deep sea mining relies on the strategy to provide multi-level composite talents for developing countries to participate in deep sea mining in the future.At the same time,China should insist that the design of the revenue-sharing system meets the Convention and the Implementation Agreement,and strictly imply the international law of the sea at the same time,make contribution to the revenue-sharing system.