Mining resource activities
Environmentally relevant activities that are resource activities can include mining activities.
Reform of Queensland’s financial assurance system
In June 2014, the Reform of Queensland’s financial assurance system—Discussion paper was released for public comment.
All submissions from the discussion paper have been reviewed and a summary of the issues raised is available to view in the consultation report.
The discussion paper proposed an alternative pooled fund model for financial assurance to spread the risk of default across the resource industry. The model was developed to reflect the low likelihood that all operators would default on their rehabilitation obligations at the same time, and also address concerns from the resource industry that the current system of financial assurance is unnecessarily costly.
Based on the results of consultation the Queensland Government is reconsidering its approach and has decided not to proceed with the pooled fund model.
Instead, an alternative framework for negotiated risk evaluated financial assurance is now being developed. This framework will determine principles and criteria that better reflect the overall risk to the state of project abandonment.
The objectives of the reform remain the same. These 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.
- encourage ongoing rehabilitation by operators.
The negotiated risk evaluated financial assurance framework will be developed in consultation with the resource industry to commence in early 2015.
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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