The Cook Islands Investment Corporation (CIIC), in partnership with its joint venture partner Global Sea Mineral Resources (GSR) and other seabed exploration contractors, has formally urged the International Seabed Authority (ISA) to finalise and adopt the Exploitation Regulations by 2025. In a joint letter to ISA President Olav Myklebust, CIIC and its fellow contractors underscored the critical need for a clear, stable regulatory framework to facilitate the transition from exploration to the responsible and sustainable extraction of deep-sea mineral resources in international waters, particularly within the Clarion-Clipperton Zone (CCZ).
CIIC has held an ISA exploration licence in the CCZ since 2016 and has undertaken extensive exploration activities through its joint venture, Cobalt Seabed Resources (CSR). However, despite years of progress in seabed exploration, the absence of finalised Exploitation Regulations continues to create uncertainty for investors and contractors operating under existing international legal frameworks, including the United Nations Convention on the Law of the Sea (UNCLOS).
The Exploitation Regulations currently under development are critical to ensuring that deep-sea mineral extraction is conducted sustainably. The joint letter underscores that contractors have made significant investments in environmental research, technology development, and responsible exploitation practices. However, without a clear regulatory framework, legal and financial risks continue to escalate, posing challenges for ongoing investment and project planning.
Since the first draft of the Regulations in 2017, the ISA Council had initially aimed for adoption in 2020. Repeated delays and shifting timelines have raised concerns about the ISA’s commitment to providing certainty for contractors. The joint letter simply asks the ISA to honour its past assurances and complete the regulatory process without further delay.
“For over a decade, contractors have invested heavily in exploration, environmental studies, and the development of responsible exploitation technology. The absence of finalised regulations creates uncertainty and delays progress,” said CIIC Chair Fletcher Melvin.
The letter further stresses that while contractors continue to meet their obligations under their exploration contracts, the ISA must now fulfill its own commitments by finalising the Exploitation Regulations. Failure to do so risks undermining investor confidence and delaying the responsible development of deep-sea mineral resources.
Melvin also noted that while the ISA has yet to finalise its regulations, the Cook Islands has already established its own Seabed Minerals Harvesting Regulations for the nation’s Exclusive Economic Zone (EEZ). CIIC’s joint venture, CSR, also holds an exploration licence within the Cook Islands EEZ, where a robust regulatory framework is already in place.
“CIIC remains committed to ensuring that any future exploitation is guided by the highest levels of scientific research, environmental safeguards, and regulatory oversight,” Melvin stated. “We continue to work closely with international partners to ensure that seabed resource development benefits both present and future generations while upholding the strictest environmental and ethical standards.”
In closing, Melvin reiterated and clarified that CIIC’s interest in the seabed minerals sector is as a contractor or licence holder with the ISA for its CCZ area and as a contractor and licence holder with the Cook Islands Seabed Minerals Authority (SBMA) for its EEZ area. He emphasised that CIIC does not represent the position of the Cook Islands Government or the views of the Seabed Minerals Authority. As an entity that independently oversees the Government’s commercial undertakings, CIIC’s role is to capture future value from its seabed minerals interests for the benefit of the public.
Melvin further clarified that this correspondence in no way implies any immediate intention to pursue a harvesting or exploitation licence. Such a step would only be considered following rigorous sectoral and internal assessments, ensuring that all necessary checks and balances are met, and that any future harvesting occurs in a responsible and environmentally sustainable manner.
