❓ A WA parliamentary question seeks information on Environmental Performance Bonds held by the Department of State Development, including their value, duration, repayment, interest, trust status, and expenditure. The response provides details on Unconditional Performance Bonds and explains why some questions cannot be answered directly.
AnsweredQoN 564Legislative Assembly
QuestionView source ↗
(b) given the current resources boom, what is the estimated value of Environmental Performance Bonds that will be held by the Department in the 2010 financial year; (c) what is the average length of time that Environmental Performance Bond moneys are held; (d) how much Environmental Performance Bond money has been repaid in the last 10 years; (e) is Environmental Performance Bond money returned with interest; (f) are Environmental Performance Bond moneys held in a trust account; and (g) if this Environmental Performance Bond money is being expended, what is it being spent on?
(c) what is the average length of time that Environmental Performance Bond moneys are held; (d) how much Environmental Performance Bond money has been repaid in the last 10 years; (e) is Environmental Performance Bond money returned with interest; (f) are Environmental Performance Bond moneys held in a trust account; and (g) if this Environmental Performance Bond money is being expended, what is it being spent on?
(d) how much Environmental Performance Bond money has been repaid in the last 10 years; (e) is Environmental Performance Bond money returned with interest; (f) are Environmental Performance Bond moneys held in a trust account; and (g) if this Environmental Performance Bond money is being expended, what is it being spent on?
(e) is Environmental Performance Bond money returned with interest; (f) are Environmental Performance Bond moneys held in a trust account; and (g) if this Environmental Performance Bond money is being expended, what is it being spent on?
(f) are Environmental Performance Bond moneys held in a trust account; and (g) if this Environmental Performance Bond money is being expended, what is it being spent on?
(g) if this Environmental Performance Bond money is being expended, what is it being spent on?
Unconditional Performance Bonds totalling $448m provided by financial institutions are held by the Department as at March 2006. An Unconditional Performance Bond is a guarantee arranged by the mining tenement holder and provided by a financial institution acceptable to the Minister. The financial institution is committed to unconditionally pay the agreed sum to the Minister on his request in the event of a failure by the tenement holder to meet the previously agreed environmental commitments and or conditions imposed. When the Department of Industry and Resources (DoIR) is satisfied that the agreed mine closure standards have been met, DoIR will make a recommendation to the Minister that the Unconditional Performance Bond be retired. (b)No estimate is available. Determining factors between now and 2010 will be the number of mine closures where rehabilitation is complete and the area disturbed as a result of new mining operations. (c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met. (d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
An Unconditional Performance Bond is a guarantee arranged by the mining tenement holder and provided by a financial institution acceptable to the Minister. The financial institution is committed to unconditionally pay the agreed sum to the Minister on his request in the event of a failure by the tenement holder to meet the previously agreed environmental commitments and or conditions imposed. When the Department of Industry and Resources (DoIR) is satisfied that the agreed mine closure standards have been met, DoIR will make a recommendation to the Minister that the Unconditional Performance Bond be retired. (b)No estimate is available. Determining factors between now and 2010 will be the number of mine closures where rehabilitation is complete and the area disturbed as a result of new mining operations. (c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met. (d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
When the Department of Industry and Resources (DoIR) is satisfied that the agreed mine closure standards have been met, DoIR will make a recommendation to the Minister that the Unconditional Performance Bond be retired. (b)No estimate is available. Determining factors between now and 2010 will be the number of mine closures where rehabilitation is complete and the area disturbed as a result of new mining operations. (c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met. (d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
(b)No estimate is available. Determining factors between now and 2010 will be the number of mine closures where rehabilitation is complete and the area disturbed as a result of new mining operations. (c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met. (d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
(c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met. (d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
(d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
(f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
(c) what is the average length of time that Environmental Performance Bond moneys are held; (d) how much Environmental Performance Bond money has been repaid in the last 10 years; (e) is Environmental Performance Bond money returned with interest; (f) are Environmental Performance Bond moneys held in a trust account; and (g) if this Environmental Performance Bond money is being expended, what is it being spent on?
(d) how much Environmental Performance Bond money has been repaid in the last 10 years; (e) is Environmental Performance Bond money returned with interest; (f) are Environmental Performance Bond moneys held in a trust account; and (g) if this Environmental Performance Bond money is being expended, what is it being spent on?
(e) is Environmental Performance Bond money returned with interest; (f) are Environmental Performance Bond moneys held in a trust account; and (g) if this Environmental Performance Bond money is being expended, what is it being spent on?
(f) are Environmental Performance Bond moneys held in a trust account; and (g) if this Environmental Performance Bond money is being expended, what is it being spent on?
(g) if this Environmental Performance Bond money is being expended, what is it being spent on?
Unconditional Performance Bonds totalling $448m provided by financial institutions are held by the Department as at March 2006. An Unconditional Performance Bond is a guarantee arranged by the mining tenement holder and provided by a financial institution acceptable to the Minister. The financial institution is committed to unconditionally pay the agreed sum to the Minister on his request in the event of a failure by the tenement holder to meet the previously agreed environmental commitments and or conditions imposed. When the Department of Industry and Resources (DoIR) is satisfied that the agreed mine closure standards have been met, DoIR will make a recommendation to the Minister that the Unconditional Performance Bond be retired. (b)No estimate is available. Determining factors between now and 2010 will be the number of mine closures where rehabilitation is complete and the area disturbed as a result of new mining operations. (c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met. (d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
An Unconditional Performance Bond is a guarantee arranged by the mining tenement holder and provided by a financial institution acceptable to the Minister. The financial institution is committed to unconditionally pay the agreed sum to the Minister on his request in the event of a failure by the tenement holder to meet the previously agreed environmental commitments and or conditions imposed. When the Department of Industry and Resources (DoIR) is satisfied that the agreed mine closure standards have been met, DoIR will make a recommendation to the Minister that the Unconditional Performance Bond be retired. (b)No estimate is available. Determining factors between now and 2010 will be the number of mine closures where rehabilitation is complete and the area disturbed as a result of new mining operations. (c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met. (d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
When the Department of Industry and Resources (DoIR) is satisfied that the agreed mine closure standards have been met, DoIR will make a recommendation to the Minister that the Unconditional Performance Bond be retired. (b)No estimate is available. Determining factors between now and 2010 will be the number of mine closures where rehabilitation is complete and the area disturbed as a result of new mining operations. (c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met. (d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
(b)No estimate is available. Determining factors between now and 2010 will be the number of mine closures where rehabilitation is complete and the area disturbed as a result of new mining operations. (c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met. (d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
(c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met. (d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
(d-e) Not applicable. Refer to (a) above. (f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
(f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
AnswerView source ↗
Answered
28 March 2006
Responded by
Minister for State Development
Response time
21 days
(a) Nil.
Unconditional Performance Bonds totalling $448m provided by financial institutions are held by the Department as at March 2006.
An Unconditional Performance Bond is a guarantee arranged by the mining tenement holder and provided by a financial institution acceptable to the Minister. The financial institution is committed to unconditionally pay the agreed sum to the Minister on his request in the event of a failure by the tenement holder to meet the previously agreed environmental commitments and or conditions imposed.
When the Department of Industry and Resources (DoIR) is satisfied that the agreed mine closure standards have been met, DoIR will make a recommendation to the Minister that the Unconditional Performance Bond be retired.
(b)No estimate is available. Determining factors between now and 2010 will be the number of mine closures where rehabilitation is complete and the area disturbed as a result of new mining operations.
(c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met.
(d-e) Not applicable. Refer to (a) above.
(f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
Unconditional Performance Bonds totalling $448m provided by financial institutions are held by the Department as at March 2006.
An Unconditional Performance Bond is a guarantee arranged by the mining tenement holder and provided by a financial institution acceptable to the Minister. The financial institution is committed to unconditionally pay the agreed sum to the Minister on his request in the event of a failure by the tenement holder to meet the previously agreed environmental commitments and or conditions imposed.
When the Department of Industry and Resources (DoIR) is satisfied that the agreed mine closure standards have been met, DoIR will make a recommendation to the Minister that the Unconditional Performance Bond be retired.
(b)No estimate is available. Determining factors between now and 2010 will be the number of mine closures where rehabilitation is complete and the area disturbed as a result of new mining operations.
(c) Bonds are held for the operational life of the project and for such further time until rehabilitation requirements have been met.
(d-e) Not applicable. Refer to (a) above.
(f-g) In a small number of cases, bond monies are 'called in' by the Minister when there is a failure by the lease holder to comply with their rehabilitation obligations. In these cases the money is held in trust until it is utilised in rehabilitating the relevant area.
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