On 14 November 2018, the Queensland Parliament passed the Mineral and Energy Resources (Financial Provisioning) Act 2018 (Act).
The Act introduces two major reforms for the resources industry in Queensland. It will:
- replace the current financial assurance regime with a new financial provisioning scheme for all resource authorities; and
- introduce new progressive rehabilitation requirements for mining leases, through progressive rehabilitation and closure plans (PRC plans)
- The Bill introduces amendments to the Environmental Protection Act, that require all holders of site specific EAs for a mining lease to submit a PRC plan.Under the transitional provisions, DES has three years from the “PRCP start date” (to be prescribed by regulation but no later than 1 November 2019) to give notice to these holders, requiring them to submit a proposed PRC plan to comply with the new requirements. DES must give the holder at least six months to comply with the notice.
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