The Japanese Trade Ministry is planning to restructure a mining law, as part of a push to develop seabed resources within the country’s exclusive economic zone.
According to Japan Project-Industry Council, the total recoverable natural resources in seafloor hydrothermal deposits are estimated to be 300tn yen ($3tn) as of December 2008.
Fuel Policy Planning Office director Tadashi Mogi told Bloomberg that the restructuring included stricter approval process, a new tender system and a mechanism to monitor projects from the start of exploration and test-drilling.
“Under the current law, there’s no regulation to check whether applicants have adequate technology, financing, track records and exploration and development plans,” he said.
The Ministry of Economy, Trade and Industry will submit a revised bill to the cabinet in the middle of this month followed by a submission to the parliament.