CYIL vol. 8 (2017)

CYIL 8 ȍ2017Ȏ THE ISSUES OF SOVEREIGNTY AND OWNERSHIP IN RESPECT TO THE SEAǧBED … be conducted by enterprises with sufficient financial resources and equipped with respective technology. Conclusion The utility of the regime of the common heritage of mankind set in the UN Convention on the Law of the Sea of 1982 is mainly in the fact that it prevents uncontrolled exploitation of important resources. The protection of the marine environment, which is so emphasized by the regulation is especially important both from the perspective of rational administration of the resources and the protection of the sea environment from pollution. In these aspects, the idea of common heritage of mankind as something we pass on to future generations could be fulfilled. As to the financial contributions from mining activities which will be paid by the contractors to the International Seabed Authority, their level and their further distribution is a question of future development.

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