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JAMAICA, Kingston (16 July 2018) – – The second part of the ISA 24th Session Council meetings presided over by Ambassador Olav Myklebust of Norway, began today in Kingston.

The meeting featured a presentation to Council by Massachusetts Institute of Technology (MIT) expert, Richard Roth, on the work relating to the development of a financial model for the Authority. 

During the 5-day meeting, the Council will consider the report of the Secretary‐General on the status of national legislation relating to deep seabed mining; the report of the Chair of the Legal and Technical Commission on the work of the Commission at its sessions; the Report of the Finance Committee; the report of the Secretary‐General on the election of members of the Legal and Technical Commission; and make recommendations to the Assembly on the 2019-2020 proposed budget of the Authority.

Much of the Council meeting, however, will be devoted to the consideration of the revised draft regulations on exploitation of mineral resources in the Area together with providing the Commission further direction, guidance or comments on the structure of the draft regulations; the balance of rights and obligations; the balance between certainty and predictability; as well as flexibility and adaptability; the roles of organs of the Authority and the balance of authority; confidentiality of information and the annual fixed fee.

ENB/IISD will be providing daily coverage of Part 2 of the 24th Session meetings from 16-27 July 2018.