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President of the ISA Council H.E Mr. Olav Myklebust announced that an open-ended working group will convene in Kingston from 21 to 22 February 2019 to discuss the financial model under consideration, as part of the draft regulations for exploitation of mineral resources in the Area.

Open to all stakeholders and chaired by the Council President, the informal working group of the whole will review the comparative study of alternative models prepared by the Massachusetts Institute of Technology (MIT) to be completed by the end of December 2018.

Mr. Myklebust emphasised that delegations are encouraged to download and digest the report, which will be made available on the ISA website by the end of the year, and ideas are welcome to progress the financial model in a fair and transparent manner.

Formal credentials are not required for the meeting, however those who wish to attend are asked to inform the Secretariat in advance.

Mr. Myklesbust will report the outcomes of the discussions to the Council during the first part of its twenty-fifth session to be held in Kingston from 25 February to 1 March.