❓ The Minister for Mines and Petroleum provides an update on the Mining Rehabilitation Fund, highlighting high compliance rates for environmental disturbance data reporting, bond returns to mining companies, and the fund's financial status. The fund is touted as world's best practice.
AnsweredQoN 702Legislative Assembly
QuestionView source ↗
MINING REHABILITATION FUND
702. Mr J. NORBERGER to the Minister for
Mines and Petroleum:
Can the minister please update the
house on the mining rehabilitation fund?
702. Mr J. NORBERGER to the Minister for
Mines and Petroleum:
Can the minister please update the
house on the mining rehabilitation fund?
AnswerView source ↗
I thank the member for Joondalup for
another great question. It is my pleasure to update the house on how the mining
rehabilitation fund is going. As members will recall, the compulsory period
started this financial year. All tenement holders were required by 30 June to
report on their environmental disturbance data. I can report that at close of
30 June, 96.5 per cent of tenement holders had met this requirement, and that
is a pretty good achievement out of 22 000 tenements. As of 30 June, 1 183
tenement holders had not provided their information, and we sent notices out to
them to remind them of their obligations, and to advise them that if they
complied within a reasonable time they would avoid a fine. As of last week, 990
of those 1 183 potential fines have been waived because those tenement holders
had complied with the requirements.
I can also report that, during the
voluntary period, $290 million worth of bonds were returned to mining
companies, which was very useful to the small and mid-tier companies, given the
current downturn in commodity prices. Also as of last week there was $7 million
in the levy fund, which is now gaining interest, and the interest will be used
for rehabilitating legacy mines throughout the state. I know that there is more
than one legacy mine in the member for Kalgoorlie's electorate. We
expect to return a further $1 billion in bonds to mining companies over the
next few months. I alert the house that some tenement holders might not have
their bonds returned if they have been fined within the past couple of years
for noncompliance with their environmental obligations.
The mining rehabilitation fund is an
example of world's best practice in terms of policy and is one of the
reasons why Western Australia is the world's number one ranked place
for investing capital in mining and exploration. I congratulate my department
for working hard with all the tenement holders to get this 96.5 per cent
outcome by 30 June, and I look forward to being able to return a further $1 billion
to all the mining companies.
another great question. It is my pleasure to update the house on how the mining
rehabilitation fund is going. As members will recall, the compulsory period
started this financial year. All tenement holders were required by 30 June to
report on their environmental disturbance data. I can report that at close of
30 June, 96.5 per cent of tenement holders had met this requirement, and that
is a pretty good achievement out of 22 000 tenements. As of 30 June, 1 183
tenement holders had not provided their information, and we sent notices out to
them to remind them of their obligations, and to advise them that if they
complied within a reasonable time they would avoid a fine. As of last week, 990
of those 1 183 potential fines have been waived because those tenement holders
had complied with the requirements.
I can also report that, during the
voluntary period, $290 million worth of bonds were returned to mining
companies, which was very useful to the small and mid-tier companies, given the
current downturn in commodity prices. Also as of last week there was $7 million
in the levy fund, which is now gaining interest, and the interest will be used
for rehabilitating legacy mines throughout the state. I know that there is more
than one legacy mine in the member for Kalgoorlie's electorate. We
expect to return a further $1 billion in bonds to mining companies over the
next few months. I alert the house that some tenement holders might not have
their bonds returned if they have been fined within the past couple of years
for noncompliance with their environmental obligations.
The mining rehabilitation fund is an
example of world's best practice in terms of policy and is one of the
reasons why Western Australia is the world's number one ranked place
for investing capital in mining and exploration. I congratulate my department
for working hard with all the tenement holders to get this 96.5 per cent
outcome by 30 June, and I look forward to being able to return a further $1 billion
to all the mining companies.
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