UN General Assembly
1976

229. The United States has made major proposals to resolve the deep sea-bed issue. We have agreed that the sea-beds are the common heritage of all mankind We have proposed a dual system for the exploitation of sea-bed minerals by which half of the mining sites would be reserved for the International Authority and half could be developed by individual nations and their nationals on the basis of technical capacity. We have offered to find financing and to transfer the technology needed to make international mining a practical reality. And in light of the many uncertainties that lie ahead, we have proposed that there be a review-for example after 25 years-to determine whether the provisions on sea-bed mining are working equitably. 230. In response, some nations have escalated their demands and the stridency with which they advocate them.