Site-banking of the Reserved Areas with the International Seabed Authority: for operation of the Enterprise or Joint Venture

INTRODUCTION The UN-General Assembly adopted an Agreement on 28 July 1994 entitled ‘Agreement relating to the implementation of Part XI of the United Nations Convention on the Law of the Sea ((UNCLOS) of 10 December 1982’. The Agreement came into force on 16 November 1994, and consequently, the inauguration of the International Seabed Authority (ISA, or the Authority), located in Kingston, Jamaica. The Authority is the organization through which States Parties to the Convention (168, as of 25 July 2017) shall, in accordance with the regime for the seabed and ocean floor and subsoil thereof beyond the limits of national jurisdiction (the Area) established in Part XI and the Agreement, organize and control activities in the Area, particularly with a view to administering the mineral resources of the Area. The legal regime for the administration and development of the mineral resources of the Area as it now exists are available in Part XI of the Convention1 which contains the legal framework governing “activities in the Area” and in Annex III to the Convention which contains the “Basic Conditions of Prospecting, Exploration and Exploitation” with respect to the resources of the Area2. The 1994 Agreement relating to the Implementation of Part XI of the UNCLOS is the so- called ‘parallel system’; as elaborated in article 153 of the Convention. The essential elements of the ‘parallel system’ include assured access for States parties and their nationals to seabed mineral resources along with a system of site-banking, whereby ‘reserved areas’ are set aside for the conduct of activities by the Authority through the ‘Enterprise’ itself or in association with developing States or in joint venture with the contractor who provided the particular reserved site2.