❓ A WA parliamentary question seeks detailed information on mine rehabilitation liabilities, environmental bonds, and the Mining Rehabilitation Fund (MRF), including its investment strategy and targets. The response provides some figures but lacks specific targets for the MRF.
AnsweredQoN 3748Legislative Council
QuestionView source ↗
(1) What is the total expected liability of rehabilitating all of Western Australia's existing mine sites, either in operation, care and
maintenance or other various stages? (2) What is the total expected liability of rehabilitating all of Western Australia's abandoned mines? (3) How much in environmental bonds has been relinquished since the introduction of the Mining Rehabilitation Fund (MRF)? (4) How much in unconditional performance bonds or environmental bonds are still held by the Department for Mines and Petroleum or other agencies? (5) How much has been collected through the MRF levy system? (6) Is the levy currently being invested? (7) Where are those funds being invested? (8) How have those investment decisions been made? (9) What are the expected returns on those investments? (10) What is the target for the MRF levy amount to be raised? (11) What is this target based on? (12) What is the target for the returns of investment from the levy? (13) What is this target based on?
maintenance or other various stages? (2) What is the total expected liability of rehabilitating all of Western Australia's abandoned mines? (3) How much in environmental bonds has been relinquished since the introduction of the Mining Rehabilitation Fund (MRF)? (4) How much in unconditional performance bonds or environmental bonds are still held by the Department for Mines and Petroleum or other agencies? (5) How much has been collected through the MRF levy system? (6) Is the levy currently being invested? (7) Where are those funds being invested? (8) How have those investment decisions been made? (9) What are the expected returns on those investments? (10) What is the target for the MRF levy amount to be raised? (11) What is this target based on? (12) What is the target for the returns of investment from the levy? (13) What is this target based on?
AnswerView source ↗
Answered
16 February 2016
Responded by
Minister for Agriculture and Food representing the Minister for Mines and Petroleum
Response time
91 days
The Department of Mines and Petroleum (DMP) advises:
(1) The total rehabilitation liability estimate (RLE) for tenements under the Mining Act 1978 (the Mining Act) is reported annually in the Mining Rehabilitation Fund (MRF). The RLE for 2014-15 was $2 621 194 200.
(2) A rehabilitation liability estimate has not been calculated for all abandoned mines in Western Australia, as this is not a regulatory requirement under either the Mining Rehabilitation Fund (MRF) Act 2012 (MRF Act) or the Mining Act.
(3) Bonds to the value of $1 056 510 275 have been retired to eligible tenement holders since the commencement of the voluntary reporting period that commenced on 1 July 2013.
(4) DMP has retained bonds to the value of $198 741 892. These bonds have been retained as the tenement holder was not able to meet the published eligibility criteria.
(5) As of the end January 2016, the balance of the MRF is $57 054 950.
(6) Yes
(7) The Department of Treasury is responsible for the MRF funds.
(8) The Department of Treasury manage investment decisions.
(9) Entirely dependent on the interest rates from the Department of Treasury. 2.17 per cent was the interest rate from 1 October 2015 to 31 December 2015.
(10) There is no prescribed target for the MRF.
(11) There is no prescribed target for the MRF.
(12) The returns of investment in the form of interest will be invested into positive environmental and safety outcomes from historic abandoned mines.
(13) This is set out in section 8 of the MRF Act.
(1) The total rehabilitation liability estimate (RLE) for tenements under the Mining Act 1978 (the Mining Act) is reported annually in the Mining Rehabilitation Fund (MRF). The RLE for 2014-15 was $2 621 194 200.
(2) A rehabilitation liability estimate has not been calculated for all abandoned mines in Western Australia, as this is not a regulatory requirement under either the Mining Rehabilitation Fund (MRF) Act 2012 (MRF Act) or the Mining Act.
(3) Bonds to the value of $1 056 510 275 have been retired to eligible tenement holders since the commencement of the voluntary reporting period that commenced on 1 July 2013.
(4) DMP has retained bonds to the value of $198 741 892. These bonds have been retained as the tenement holder was not able to meet the published eligibility criteria.
(5) As of the end January 2016, the balance of the MRF is $57 054 950.
(6) Yes
(7) The Department of Treasury is responsible for the MRF funds.
(8) The Department of Treasury manage investment decisions.
(9) Entirely dependent on the interest rates from the Department of Treasury. 2.17 per cent was the interest rate from 1 October 2015 to 31 December 2015.
(10) There is no prescribed target for the MRF.
(11) There is no prescribed target for the MRF.
(12) The returns of investment in the form of interest will be invested into positive environmental and safety outcomes from historic abandoned mines.
(13) This is set out in section 8 of the MRF Act.
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