Fig. 4-3 Cobalt exports of developing countries as a percentage of total exports and gross domestic product. Fig. 4-5 World demand for certain metals and hypothetical supply from the seabed (short tons). United Nations Secretariat Report A/NC.130/36, p54 Fig. 4-6 Simultaneous availability of four associated metals in manganese nodules for alternative hypothesis of supplying the entire 1968 world production of each metal. Exports are 111 of consumption, mainly to different countries • Includes consumption from Stocks Fig. 4-7 U. S. imports of four metals; contained metal (millions of pounds). Senator METCALF. There are several statements that you suggested to present later. You will be permitted to add to the statements. Mr. ARY. Thank you, sir. Senator METCALF. Well then, again I thank you for coming and I thank you for your patience in waiting until this afternoon while we held another committee meeting this morning. I look forward to working with you and with your colleagues in developing some sort of legislation. I am convinced as a Senator of Montana-which is a long way from any seacoast-that there must be some way for us to develop our very important resources on the seabed. So, I appreciate your appearance here. I look forward to working with you. Thank you very much. We will be in recess until the 14th of June. [Whereupon, at 3:50 p.m., the hearing was adjourned, to reconvene at 2 p.m., Thursday, June 14, 1973.] MINERAL RESOURCES OF THE DEEP SEABED THURSDAY, JUNE 14, 1973 U.S. SENATE, SUBCOMMITTEE ON MINERALS, MATERIALS AND FUELS Washington, D.C. Also present: Jerry T. Verkler, staff director; William J. Van Ness, chief counsel; Mike Harvey, special counsel; Harrison Loesch, minority counsel; Merrill W. Englund, special committee assistant for Outer Continental Shelf; and David P. Stang, deputy director, national fuels and energy study. OPENING STATEMENT OF HON. LEE METCALF, A U.S. SENATOR FROM THE STATE OF MONTANA Senator METCALF. The subcommittee will be in order. Today we continue hearings on S. 1134, the Deep Seabed Hard Mineral Resources Act. Hearings on S. 1134 began on May 17, 1973, when representatives of the mining industry who drafted the legislation appeared to testify in support of the bill. The text of that testimony was distributed to representatives of the U.S. Government, who are appearing today, and to spokesmen for environmental and international groups who will appear before this subcommittee next week. During the May 17 hearings, industry representatives persuasively pleaded their case for legislation which they believe will encourage development of the hard mineral resources of the deep seabed and provide necessary security of investment in deep ocean mining ven tures. They feel that technology to mine the deep seabed is advancing rapidly. They believe it will be difficult, however, to obtain continued financing for development of deep ocean mining in the absence of a legal structure that would provide scurity for such investment. Also they fear the technological lead presently enjoyed by U.S. industry in deep ocean mining will evaporate if U.S. firms are required to curtain their activities due to lack of security. They were skeptical that the Law of the Sea Conference schedule. will be kept and confused over the government's opposition to the legislation in light of the potentially favorable impact on our balance of payments position from exploitation of the deep seabed resources. |