Marine nonfuel minerals in the US exclusive economic zone: Managing information as a resource

Abstract

Substantial quantities of marine nonfuel minerals are known to exist in the US exclusive economic zone (EEZ), but most of these are not yet close to production or even to being properly classified as economic resources. Nonfuel mineral prospecting, discovery and exploration activity in the EEZ is part of a long-range process of resource development. The product of this activity in the near-term is not mineral commodities such as metals, however, but rather information about the resource potential. We examine the role of investment in information in the resource development process, briefly discuss the economics of information, characterize the problems faced and the methods employed by public agencies in managing information, and highlight several critical policy issues concerning the management of information about EEZ nonfuel minerals. These issues concern the distribution of research effort, exclusive rights, confidentiality provisions, performance requirements, and national security classification.