National Seabed Hard Minerals Act of 1986

Title I: General Provisions - National Seabed Hard Minerals Act of 1986 - Sets forth the findings, purposes, and definitions of this Act.

Title II: Resource Evaluation, Environmental Assessment, and Consultation - Requires the Secretary of Commerce and the Administrator of the National Oceanic and Atmospheric Administration (NOAA) to conduct a comprehensive research program to support U.S. seabed activities related to: (1) environmental assessment; (2) mapping and charting; and (3) evaluation of hard mineral resources. Requires the Secretary and the Administrator to prepare, and subsequently revise, a five-year plan to carry out such a program.

Requires the Secretary to establish, upon request, a task force for each coastal State to provide a forum for State and local consultation and advice associated with recovery of hard minerals from the U.S. seabed. Provides for regional cooperation and coordination.

Provides for the establishment (but not withdrawal) of stable reference areas prior to the issuance of a license or permit under this Act.

Title III: Licenses and Permits - Provides for the: (1) issuance of exploration licenses on commercial recovery permits for exclusive rights to the hard mineral resources of the U.S. seabed; (2) priority of right for the issuance of such licenses and permits; and (3) applications, including certification of certain criteria and payment of administrative fees, for such licenses and permits; and (4) terms, conditions, and restrictions in licenses and permits (including duration, royalty, environmental, safety, and consultation requirements).

States that the issuance, but not the certification, of a license or permit is a major Federal action for purposes of the National Environmental Policy Act (thereby requiring an environmental impact statement).

Requires notification and consultation with the Governors of each affected State at specified times during the licensing and permit issuing process. Provides for negotiation of disputes arising out of such consultations, including the formation of joint dispute resolution panels.

Provides for modification, revision, relinquishment, revocation, and suspension of activities under a license or permit.

Title IV: Enforcement, Private Actions for Equitable Relief, and Administrative Procedure - Sets forth prohibited acts under this Act. Provides for: (1) enforcement of this Act, including liability in rem of vessels and civil forfeiture; (2) civil and criminal penalties for violations of such prohibited acts; and (3) private actions, including injunction and the awarding of attorney fees and costs, for equitable relief.

Title V: Miscellaneous - Provides for: (1) the promulgation of regulations; and (2) certain biennial reports by the Secretary to the Congress. Authorizes appropriations for FY 1988 through 1992 for: (1) resource evaluation of the U.S. seabed; (2) mapping and environmental assessment; and (3) public education, dissemination of information, and research.

Repeals a specified provision of the Outer Continental Shelf Lands Act (the OCLA) authorizing the leasing of minerals other than oil, gas, and sulfur in the Outer Continental Shelf. Exempts salt and sulfur leasing activities under the OCLA from the operation of this Act.