The legal regime under which the resources of the Moon can be exploited is unclear. Recent proposals indicate that states are now planning to return to the Moon. Lunar resources offer great potential, both for terrestrial applications and in the exploration of space. The possibility of resource use, in the foreseeable future, creates the need for a clarification of the legal regime in relation to the Moon. This paper explores the present legal situation, identifies shortcomings in space law, and seeks precedents in the structures that are in place to govern other global Commons. The Third United Nations Convention on the Law of the Sea is assessed as the most relevant treaty, as it regulates the use of resources located outside of the state, and it can provide an analogy for a potential regime to govern the resource utilization of the Moon. The Law of the Sea reveals further problems concerning an international agreement, for the regime highlights the discontent between developed and developing states. This draws attention to the situation concerning the Moon's legal status, for although a regime to govern lunar activities is preferable, it would likely be formed in circumstances where technologically advanced states are aware of the lunar resources which they can potentially monopolize.
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