This three-volume work is concerned with the rules of international law governing the exploitation of the energy and mineral resources to be found on and under the sea-bed. The purpose of the second volume is to present an analysis of the legal regime governing the exploration and exploitation of the mineral resources of the area beyond the limits of national jurisdiction, that is, the area lying seaward of the outer limit of the continental shelf. It places the United Nations regime in historical perspective by examining the forces which have shaped the compromise embodied in the UN Convention on the Law of the Sea, as modified by the 1994 Implementation Agreement, and provides a comprehensive study of the three pillars of the regime: Part XI of the Convention, with the related Resolution on pioneer activities in the Area; the Implementation Agreement; and the Mining Code adopted in July 2000. Detailed though the provisions of Part XI of the Convention and of the Implementation Agreement are, a Mining Code is required for the practical day-to-day implementation of the regime. This text provides a detailed analysis of this Code, together with an examination of the special provision made for pioneer investors. An account is also given of the conflict which existed between the UN regime and the Reciprocating States Regime, showing how a compromise solution was facilitated by the adoption of the Implementation Agreement.