The obligations of the registered pioneer investors: Toward a new understanding at the law of the sea Preparatory Commission

Since 1988, the Preparatory Commission for the Law of the Sea Convention has been negotiating the specific terms of the obligations of the pioneer investors. The crux of the issues involved is the dramatic fall in the world metal market that no one had expected when the deep seabed regime was negotiated in the late 1970s and the tremendous burden the pioneer investors are to bear under the regime during the forseeable future. This paper discusses the issues and arguments of the main interest groups as well as possible avenues of compromise. The author hopes that, as it was done before, a new practical solution will be found by the Commission taking into account the new circumstances.