Submarine Mineral Resources Development Act.

This Act contributes to the industrial development by exploiting petroleum, natural gas, etc. from among the natural resources in the sea areas adjacent to the coasts of the Korean Peninsula and its affiliated islands, that are the territory of the Republic of Korea, or in the continental shelves over which the Republic of Korea may extend all of her exercisable rights. Submarine mining is defined in article 2.
The Minister of Knowledge Economy shall establish and execute master plans for the development of submarine mineral resources, and shall establish a deliberative committee for development of submarine resources.
Boundary of the submarine area or the submarine mining concession area shall be defined by straight lines and its margins shall be right below the submarine boundary lines. Submarine mining concessions shall be classified into the exploration rights and gathering rights. Other provisions of this Act deal with mining fees, waiver and extinguishment of submarine mining concession rights, registration, etc.