❓ Hon Robin Chapple questions the government on the timeline and implementation of increased mining bond rates and the introduction of a fidelity account, seeking clarity on the transition and coverage for rehabilitation costs.
AnsweredQoN 5709Legislative Council
QuestionView source ↗
I refer to conversations and questions asked in Estimates on Wednesday, 6 June 2012 in relation to bonds and ask —
(1) When does the Government intend to lift the bond rate to 40 per cent of the total environmental damage?
(2) In relation to (1), how will this be implemented by mining companies?
(3) In relation to the implementation of a fidelity account, what will happen to the current bond system when it is introduced?
(4) In relation to the implementation of a fidelity account, what will happen to insurance or bond coverage in the period between the closure of the current bond system and the fidelity account generating enough funds to cover for rehabilitation of defaulting mining tenements?
(1) When does the Government intend to lift the bond rate to 40 per cent of the total environmental damage?
(2) In relation to (1), how will this be implemented by mining companies?
(3) In relation to the implementation of a fidelity account, what will happen to the current bond system when it is introduced?
(4) In relation to the implementation of a fidelity account, what will happen to insurance or bond coverage in the period between the closure of the current bond system and the fidelity account generating enough funds to cover for rehabilitation of defaulting mining tenements?
AnswerView source ↗
Answered
14 August 2012
Responded by
Minister for Mines and Petroleum
Response time
62 days
(1) The next increase to 40 per cent of the estimated rehabilitation cost is from
1 January 2013;
(2) The new bond rate will apply to mining proposals received after
1 January 2013. For existing projects, the new bonds rate will be applied as part of Department of Mines and Petroleum's ongoing bond review process.
(3) Should the fidelity account be introduced as proposed, then the facility to apply bonds will remain under the
Mining Act 1978
, and bonds will be retained on high risk sites.
(4) The majority of bonds will be retired as mining companies pay into the fund. Even in the early years the Government will be in an improved position to meet any critical rehabilitation issues.
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1 January 2013;
(2) The new bond rate will apply to mining proposals received after
1 January 2013. For existing projects, the new bonds rate will be applied as part of Department of Mines and Petroleum's ongoing bond review process.
(3) Should the fidelity account be introduced as proposed, then the facility to apply bonds will remain under the
Mining Act 1978
, and bonds will be retained on high risk sites.
(4) The majority of bonds will be retired as mining companies pay into the fund. Even in the early years the Government will be in an improved position to meet any critical rehabilitation issues.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
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