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EXPLORATION
Financial terms of contracts | Protection and preservation of the marine environment
Open-ended working group on the financial terms of contracts
An open-ended working group of the Council was created in July 2018 to discuss a financial model and payment mechanism for deep-sea mining. The group is chaired by Mr. Olav Myklebust (Norway) and has held four meetings to discuss the various options and associated rates of payment.
1st meeting - February 2019
- Meeting documents
- Briefing Note from the President of Council
- Provisional Agenda
- Indicative Programme of Work
- Request for consideration by the Council of the African Group’s proposal on the Economic Model/Payment Regime and Other Financial Matters in the Draft Exploitation Regulations under review dated 9 July 2018
- Analysis of the Economic Benefits of Developing Commercial Deep Sea Mining Operations in Regions where Germany has Exploration Licences of the International Seabed Authority, as well as Compilation and Evaluation of Implementation Options with a Focus on the Performance of a Pilot Mining Test. Study on behalf of the Federal Ministry for Economic Affairs and Energy of Germany dated 30 September 2016
- Financial model and economic evaluation of polymetallic nodules development in the Area, Prof. Shaojun Liu, Central South University, China
- Report of the Chair
- Presentations of the Massachusetts Institute of Technology (MIT):
- Decision Analysis Framework & Review of Cash Flow Approach
- Financial Regimes for Polymetallic Nodule Mining: A Comparison of Four Economic Models. Randolph Kirchain, Frank R Field, and Richard Roth Materials Systems Laboratory, Massachusetts Institute of Technology dated January 2019
2nd meeting - July 2019
- Meeting documents
- MIT Report
- Report of the Chair
3rd meeting - February 2020
- List of documents
- Report of the Chair
- Presentations of the Massachusetts Institute of Technology (MIT):
- Comments on Refining Assumptions of the Financial Model
At its last meetings in February 2020, the Council of the International Seabed Authority invited all stakeholders to submit comments to the secretariat by 23 March 2020, for the purpose of further refining the assumptions of the system of payments and associated rates of payment. Comments received by the Secretariat as of 6 April 2020 have been compiled in this document.
Information webinars
- June and October 2020
- 21-22 March 2022
Comparative Analysis of the Financial Aspects of Seabed Mining and Land-Based Mining
Studies requested by the Council concerning the financial model
- MIT refined financial model and Report
- Comparative Analysis of the Financial Aspects of Seabed Mining and Land-Based Mining
- Joint summary of the reports prepared by CRU International Ltd. and RMG Consulting relating to a Comparative Analysis of the Financial Aspects of Seabed Mining and Land-Based Mining
- Report by RMG Consulting
- Report by CRU International Ltd
Presentation of the studies (webinar on 28 October 2020)
Social Discount Rate
4th meeting - March 2022
Informal working group on the protection and preservation of the marine environment
The informal working group on the protection and preservation of the marine environment is one of the three informal working groups that the Council of ISA decided to establish at the first part of the twenty-sixth session. Ms. Raijeli Taga (Fiji) was appointed as facilitator.
Webinar - 28 February 2022: Facilitator's Presentation
- ISBA/27/C/IWG/ENV/CRP.1 - Text of the working group facilitator Ms. Raijeli Taga: revised version of Parts IV and VI and Annexes IV, VII and VIII of the Draft regulations on exploitation of mineral resources in the Area (ISBA/25/C/WP.1)
- Briefing note on presentation and exchange of views concerning the facilitator’s text ISBA/27/C/IWG/ENV/CRP.1