Mining resource activities
Environmentally relevant activities that are resource activities can include mining activities.
Reform of Queensland’s financial assurance system
The Reform of Queensland’s financial assurance system—Discussion paper was released in June 2014 on the proposed reforms to Queensland’s financial assurance system. Submissions have now closed. Feedback received will be used to develop policy options to be included in a regulatory impact statement that will be released for further consultation in the second half of 2014.
Financial assurance is a type of financial security provided by mining and petroleum and gas companies where there is an ongoing rehabilitation liability. The aim of rehabilitation is to prevent environmental harm following the cessation of operations.
As it is unlikely that all operators would default on their rehabilitation obligations at the same time, the current system of holding financial assurance has been argued as being unnecessarily costly for the resources industry.
An alternative pooled fund model is proposed to spread the risk of default across the resource industry. This would require all operators to contribute to a pooled fund that would then meet any outstanding rehabilitation costs.
The major aims of the reform are to:
- ensure that the government holds sufficient money to cover the risk that a resource operator will default on their rehabilitation obligations.
- provide a model that reduces the cost to the resources industry of doing business in Queensland.
- implement a rate of contribution that reflects the financial risk of an operator being able to meet their rehabilitation obligations i.e. a system that better reflects the overall risk of default on rehabilitation obligations.
- generate sufficient interest to cover the cost of the Abandoned Mines Land Program.
- encourage ongoing rehabilitation by operators.
For more information about proposed reforms to Queensland's financial assurance system, email email@example.com
What licence or permit do I need?
To conduct a mining activity you will require an environmental authority.
If the activity you are proposing to undertake requires tenure you will also need to have an approval from the Department of Natural Resources and Mines.
For further information in relation to applying for an environmental authority for a mining ERA (resource activity) including how to prepare you application, the forms and fees applicable and where to lodge your application please refer to the Business and industry portal
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