U.S. companies unlikely to invest in deep seabed mining without protections afforded by UNCLOS

First, without the protection now guaranteed by UNCLOS, U.S. companies are not likely to invest in deep seabed mining.¹⁰⁹Almost Everyone Agrees: The U.S. Should Ratify the Law of the Sea Treaty  — Stewart M. Patrick. — The Atlantic — Jun 10, 2012 [ More ] At a hearing before the Senate Foreign Relations Committee, Jay Timmons, President and CEO of the National Association of Manufacturers, spoke on manufacturers' behalf and expressed the hesitancy to invest: "[t]he development of deep seabed claims is incredibly expensive. Companies in the U.S. are reluctant to invest heavily in deep seabed mining because of the risk that their activities would not withstand a legal challenge since the U.S. is not a party to the Convention."¹¹⁰Timmons, Jay. "Statement of Jay Timmons: The Law of the Sea Convention: Perspectives from Business and Industry (June 28, 2012) ." Testimony before the Senate Foreign Relations Committee, June 28, 2012. [ More (5 quotes) ] For instance, the Pacific Ocean contains a large supply of nodules, rock-like substances that contain minerals such as nickel, copper, and cobalt.¹¹¹Mining the Seafloor for Rare-Earth Minerals  — William J. Broad. — New York Times — Nov 09, 2010 [ More ] There is currently no cost-effective way to remove these nodules from the ocean floor.¹¹²Mining the Seafloor for Rare-Earth Minerals  — William J. Broad. — New York Times — Nov 09, 2010 [ More ] It is possible that developing a procedure to extract the metal from the nodules will be the most expensive part of the process."¹¹³Mining the Seafloor for Rare-Earth Minerals  — William J. Broad. — New York Times — Nov 09, 2010 [ More ] Further, methane hydrates¹¹⁴ are another potentially enormous alternative energy source found in the ocean with extraction technology in its infancy.¹¹⁵ Unless the United States accedes to UNCLOS, U.S. companies will be less likely to invest in deep seabed mining of the nodules and exploitation of methane hydrates, leaving untouched great resources that would add much revenue to the U.S. Treasury.