Who Gains From Deep-Sea Mining

The Third United Nations Conference on the Law of the Sea (UNCLOS) will probably be remembered as one of the longest diplomatic battles between DCs and LDCs fought in the twentieth century. The issue at stake was nothing less than a redistribution of ocean wealth, i. e. of future income flows arising from the different uses of the world’s marine resources. On the basis of majority voting (one country, one vote), UNCLOS produced a Convention which, should it pass ratification, can be regarded as a major step of the international community towards the socalled New International Economic Order (NIEO).