The legal framework for the KMT project is currently under review.
It will follow best practices in the relevant fields as well as proven frameworks for large international research projects.
GEORG will lead and run the investment. All funding bodies will have a seat on a governing board to ensure transparency. The project team, which is responsible for the delivery of the venture, will report to that board.
This dedicated project team — based in Iceland — will use expertise from within the partners to assure a robust project management process.
A steering committee, with representatives from all the participating organisations, will provide scrutiny over the lifespan of the project — delivering on the four pillars: Geohazards; Geothermal Energy; Planetary/fundamental science; and Technology & Innovation.
The steering committee will ensure the project is not compromised or hijacked by any one country’s agenda. This is a global initiative with global benefits for the whole of humankind.
The government of Iceland and research funding agencies in the UK and Italy have already committed in total 4M$ for preparation and first drilling steps in the KMT project during the period of 2020-2024. The KMT team is open for negotiations with representatives from other interested countries. As can been seen in the figure below the estimated cost for the preparation phase and the first dedicated research borehole is 30M$.