49 



predict that the decision would be that there is no high seas right 

 to engage in deep seabed mining. 



At any rate, whatever the odds, one would be risking the invest- 

 ment of a billion dollars in a single seabed mining project against 

 the hazard that the ICJ might issue such a ruling, and all of the 

 countries that we are talking about are bound by the statute of the 

 court. 



Mr. Bingham. I believe you said earlier that you would not have 

 given the answer 1 year ago or 2 years ago; that mining companies 

 would not go in without a treaty; am I correct? 



Mr. Richardson. Yes. 



Mr. Bingham. What has been the factor to change your position 

 on that? 



Mr. Richardson. My position has not changed, only my tactical 

 judgment as to whether to answer the question. I never believed 

 that any mining company would ever invest under U.S. legislation. 



Mr. Bingham. Oh, I see. 



Thank you, Mr. Chairman. 



Chairman Zablocki. You have been generous with your time, but 

 I think for the record, I would like to ask a couple of additional 

 questions on which I would like to have your views or assessment. 



It is my understanding that the Conference has operated on the 

 principle of consensus. If the proposals for changes that the seabed 

 mining industry's checklist includes were to be put forth, would 

 the proposals generate wider consensus or not? 



Mr. Richardson. I am sorry, Mr. Chairman. Which proposals are 

 you referring to? 



Chairman Zablocki. The seabed mining interests' checklist. I 

 understand there is a checklist that may be accepted by this ad- 

 ministration, and if that were included in future negotiations, 

 would this checklist enhance it, or generate wider consensus at the 

 Conference? 



Mr. Richardson. I have not seen the checklist, Mr. Chairman. I 

 think it would, of course, depend on what is on it. I think that I 

 could imagine a checklist, including all the items referred to in my 

 own testimony, which would have a good chance of consensus, 

 perhaps not every item and not every item in the form in which we 

 initially proposed it, but we could get a high percentage of it 

 through, depending on how far the list goes. 



I don't myself believe that the industry leadership would come 

 up with a list now that I would regard as out of sight. 



I might think that they could not get everything on their list, 

 but I think that a carefully drawn list which perhaps went beyond 

 what we really hoped to get at the end of the day would have a 

 good chance of consensus. 



Chairman Zablocki. Well, you did say that the seabed mining 

 industry recognized a treaty improved in realistically possible ways 

 would be preferable to no treaty at all. They agreed to that. 



I interpret "realistically possible ways" to mean certain recom- 

 mendations that the seabed mining industry would request. 



Mr. Richardson. Oh, yes. Oh, yes, it would. 



I have reflected, even in my own rather illustrative references in 

 my testimony, to some things that I know the industry would 

 regard as important. 



