CNMI Del. Kimberlyn King-Hinds has introduced legislation that would provide environmental protections and strengthen economic benefits for territories located near potential seabed mining areas.
The Pacific Minerals Economic Security Act would also expand notification requirements for territorial governors.
“This bill addresses some of the most serious gaps in existing law and regulation governing hard mineral development on the Outer Continental Shelf,” King-Hinds said in a news release announcing the legislation. “It would establish unprecedented levels of local revenue sharing for natural resource development, require meaningful financial assurance to ensure companies can meet their environmental and lease obligations, and provide greater notification and consultation for adjacent Pacific territorial governments.
King-Hinds said she neither supports nor opposes seabed mining. She said secure critical mineral supply chains are important for the United States.
The bill would require 50% of revenues from seabed mining leases to go to the federal government and the other 50% to be distributed to affected territories.
It would also prohibit the Secretary of the Interior from granting a lessee an exemption from paying royalties, and require a study examining methods to mitigate the environmental impacts of seabed mining and the potential costs of those mitigation measures.