Preview: During the colonial age, the trading and mining of the Western companies gained
concessions for the exploitation of mineral resources with a high value within the colony, and
frequently at favourable terms. The new states, in the Third World, want to recapture control
over their natural resources. The problem the author raises here is the disadvantage of the
Third World countries by the Western countries in terms of natural resources. The Third
World tried to change the applicable international law. At first, The Third World countries
argued that the natural resources of a territory had always belonged to the people of the
territory and that this ownership continued through the colonial episode. Secondly, the Third
World argued that the colonized countries were entitled, upon independence, to review the
concession which had been granted by the colonial powers to trading companies exploiting
the resources of colonial territories.