A mining security is an unconditional performance bond requirement that complements the State’s Mining Rehabilitation Fund program
|Date:||Wednesday, 16 December 2020|
The Department of Mines, Industry Regulation and Safety has released the revised Mining Securities Policy and Mining Securities Procedure clarifying the department’s decision-making process for ensuring tenement holders meet their environmental obligations for each tenement.
A mining security is an unconditional performance bond requirement that complements the State’s Mining Rehabilitation Fund program. It offers greater protection to the State from the costs if a tenement holder is considered at risk of failing to meet the mine closure requirements and environmental conditions on their tenements.
The policy outlines the circumstances and matters taken into consideration when imposing, reviewing or discharging a mining security.
The revised documents were developed following an in depth review of the relevant risks to compliance with environmental conditions as part of a broader review of the mining securities framework.
The documents were released for public comment in 2019 and the responses to the submissions are available online.
Resource and Environmental Compliance Executive Director Karen Caple said the industry feedback was positive.
“It was clear that industry was supportive of the mining securities policy and its transparent and fair process for reviewing bond requirements,” Ms Caple said.
“The revised policy and procedure give industry stakeholders a greater understanding of the department’s risk management approach in ensuring mining operators achieve their environmental obligations.”