Gerard Barron

Very highly regulated.

So since 2011,

We've been working through the International Seabed Authority.

And if you recall when I said the United Nations stepped in and took over the process, they created this framework called UNCLOS, the United Nations Convention of the Law of the Sea.

And it basically said, you know, every country owns 12 miles from your coastline.

has an economic right to everything within 200.

But beyond that, it will be considered the area.

And this UNCLOS called for the establishment of the International Seabed Authority to be established, which it was in 1994.

Now remember, the United States never agreed to it.

In fact, they've been a consistent objector to it.

So they're not part of it.

But for 169 other countries, including China and Russia,

They signed this treaty that said, when it comes to minerals, these are the rules we'll play by.

And America went, no, we're not going to do that.

They were like, we don't even like multilateral organizations.

You know, one vote, one country doesn't seem to work for the biggest economy in the world.

And oh, my goodness, how insightful they were.

how insightful they were, because this international organization has been entirely overrun by NGOs.

And it's played right into China's hand.

So China have five licenses through this body, the International Seabed Authority.