Pacific territories would get a share of money from seabed mining near their coasts.
This bill would give Guam, American Samoa, and the Northern Mariana Islands 50% of the money earned from seabed mining leases in nearby waters. It would also set new financial rules for mining companies, requiring them to provide guarantees and preventing royalty reductions. The goal is to boost the economic security of these territories and ensure environmental responsibility.
Today, Pacific territories do not receive a share of money from seabed mining leases near their coasts, and there are no specific rules for financial guarantees or royalty relief for these leases. If this bill becomes law, 50% of all money from these leases would go to Guam, American Samoa, and the Northern Mariana Islands, starting in the government's budget year 2027. Mining companies would also need to provide an initial financial guarantee of at least $100,000 and a supplemental guarantee, and they would not be able to get royalty relief.
HR 10318 · 119th Congress · AI Summary by gemini-2.5-flash · 10/10
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