Mining resource activities
Environmentally relevant activities that are resource activities can include mining activities.
Release of the discussion paper Reform of Queensland’s financial assurance system
Have your say on the Reform of Queensland’s financial assurance system—Discussion paper.
Closing date for submissions: 25 July 2014
The Department of Environment and Heritage Protection is seeking your views on the proposed reforms to Queensland’s financial assurance system.
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.
Public submissions on the discussion paper are invited until 5pm, 25 July 2014.
Submissions must be made in writing and can be emailed or posted.
Financial assurance reform project
Department of Environment and Heritage Protection
GPO Box 2454
Brisbane QLD 4001
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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