Progress on reforms
The Mineral and Energy Resources (Financial Provisioning) Act 2018 (the Act) commenced on 1 April 2019. The Act replaces previous financial assurance requirements under the Environmental Protection Act 1994 (EP Act) with the Financial Provisioning Scheme (the Scheme).
The Act also amended the Environmental Protection Act 1994 (EP Act) to require mining companies to develop Progressive Rehabilitation and Closure Plans. Those reforms will commence later in 2019. Information on the rehabilitation reforms can be found on the Department of Environment and Science website.
Commencement of the Scheme achieves the first major milestone of the Government’s broad reforms to improve rehabilitation of mined land on a progressive basis, rather than at the end of a mine’s life. The Scheme will reduce the financial risk to Government in the event a holder of a resource authority or small scale mining tenure (holder) fails to meet their environmental and rehabilitation obligations. Over time, abandoned mines will be rehabilitated and rehabilitation techniques will be improved through grants provided from the Scheme’s Financial Provisioning Fund.
While this milestone has been met, further reforms are still occurring. The final reform discussion paper on Managing residual risks in Queensland has closed for public comment and the Department of Environment and Science is considering the submissions.
In addition, issues outlined in previous discussion papers by the Department of Natural Resources, Mines and Energy on associated risks and proposed solutions, and the State’s abandoned mines legacy, continue to be progressed. Further information on these initiatives will be made available once the appropriate policy approvals have been obtained.
More information is available: