❓ Ms. Duncan asks about the progress of the Mining Rehabilitation Fund. The Minister responds positively, highlighting industry support, bond releases, fund accumulation, and future benefits for legacy mine rehabilitation, particularly in Kalgoorlie.
AnsweredQoN 69Legislative Assembly
QuestionView source ↗
MINING REHABILITATION FUND — PROGRESS
69. Ms W.M. DUNCAN to the
Minister for Mines and Petroleum:
The Liberal–National
government's mining rehabilitation fund, which commenced in July last
year, is of great importance to my electorate. With this in mind, can the
minister please update the house on the fund's progress in managing
environmental security?
69. Ms W.M. DUNCAN to the
Minister for Mines and Petroleum:
The Liberal–National
government's mining rehabilitation fund, which commenced in July last
year, is of great importance to my electorate. With this in mind, can the
minister please update the house on the fund's progress in managing
environmental security?
AnswerView source ↗
I thank the member for Kalgoorlie
for the question.
As everyone in this place knows, she
is a very strong supporter of the mining industry, particularly in her
electorate of Kalgoorlie. It is very rare to introduce a levy system into any
portfolio and get universal
support for it right across industry, but the mining rehabilitation fund is one
such policy initiative of the Liberal–National government that has had
significant industry support and take-up. It has been voluntary only since 1 July
and we have had a significant take-up, with 5 040 individual tenements being
relinquished and their bonds retired. As a consequence of that, $231 million of
bonds have been released to the mining companies that had those bonds. That is
$231 million of funds—cash flow—freed up to the industry.
What has gone into the levy so far?
As at the end of January, there is more than $5 million in the levy fund. The
voluntary payment, as everyone knows, becomes compulsory on 1 July this year.
The system improves environmental security because the previous bonds covered
only about 25 per cent of the liability of each company. Now we are
implementing a system whereby we have a pool of funds, a capital base, to secure the rehabilitation of any mine site
throughout Western Australia. A further bonus is that the interest accruing on
the fund will be available to rehabilitate old legacy mines; I think in the member
for Kalgoorlie's electorate there
are lots of old goldmines, so that will benefit her electorate.
Just to do a
bit of housekeeping for the fund, t here
are still five months to go before it becomes compulsory. The department
is contacting those tenement holders who are yet to relinquish their bonds. It
will be the third time they have been contacted. That is prior to going on a
series of week-long tours to the regions to explain what the system is about
and to encourage them to relinquish their bonds before 1 July so we do not have
a large inundation of requests.
This fund has been an outstanding initiative of the
government. It is something that not only industry supports but also
government. I look forward to a full take-up before 1 July.
for the question.
As everyone in this place knows, she
is a very strong supporter of the mining industry, particularly in her
electorate of Kalgoorlie. It is very rare to introduce a levy system into any
portfolio and get universal
support for it right across industry, but the mining rehabilitation fund is one
such policy initiative of the Liberal–National government that has had
significant industry support and take-up. It has been voluntary only since 1 July
and we have had a significant take-up, with 5 040 individual tenements being
relinquished and their bonds retired. As a consequence of that, $231 million of
bonds have been released to the mining companies that had those bonds. That is
$231 million of funds—cash flow—freed up to the industry.
What has gone into the levy so far?
As at the end of January, there is more than $5 million in the levy fund. The
voluntary payment, as everyone knows, becomes compulsory on 1 July this year.
The system improves environmental security because the previous bonds covered
only about 25 per cent of the liability of each company. Now we are
implementing a system whereby we have a pool of funds, a capital base, to secure the rehabilitation of any mine site
throughout Western Australia. A further bonus is that the interest accruing on
the fund will be available to rehabilitate old legacy mines; I think in the member
for Kalgoorlie's electorate there
are lots of old goldmines, so that will benefit her electorate.
Just to do a
bit of housekeeping for the fund, t here
are still five months to go before it becomes compulsory. The department
is contacting those tenement holders who are yet to relinquish their bonds. It
will be the third time they have been contacted. That is prior to going on a
series of week-long tours to the regions to explain what the system is about
and to encourage them to relinquish their bonds before 1 July so we do not have
a large inundation of requests.
This fund has been an outstanding initiative of the
government. It is something that not only industry supports but also
government. I look forward to a full take-up before 1 July.
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