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e-CFR data is current as of January 19, 2021

Title 15Subtitle BChapter IXSubchapter DPart 970Subpart E → §970.515


Title 15: Commerce and Foreign Trade
PART 970—DEEP SEABED MINING REGULATIONS FOR EXPLORATION LICENSES
Subpart E—Issuance/Transfer/Terms, Conditions and Restrictions


§970.515   Duration of a license.

(a) Each exploration license will be issued for a period of 10 years.

(b) If the licensee has substantially complied with the license and its associated exploration plan and requests an extension of the license, the Administrator will extend the license on terms, conditions and restrictions consistent with the Act and this part for a period of not more than 5 years.

In determining substantial compliance for purposes of this section, the Administrator may make allowance for deviation from the exploration plan for good cause, such as significantly changed market conditions. However, a request for extension must be accompanied by an amended exploration plan to govern the activities by the licensee during the extended period.

(c) Successive extensions may be requested, and will be granted by the Administrator, based on the criteria, and for the length of time, specified in paragraph (b) of this section.

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