Victoria, Australia’s Earth Resources Regulation has taken key steps to support more active rehabilitation of the state’s mines and quarries by updating its rehabilitation bond calculator to ensure contingency amounts reflect expected costs.
Rehabilitation bonds held by the earth resources and mining regulator provide financial assurance that site rehabilitation will occur if an operator defaults on their statutory obligations.
An important change to the way bond amounts are calculated now is the recognition of ongoing and completed rehabilitation works. This encourages site operators to complete rehabilitation work early rather than waiting until projects are completed.
Earth Resources Regulation will work closely with site operators to progressively review estimated rehabilitation costs and bonds using the updated calculator. The highest risk sites will be prioritised including those nearing the end of their resource life or undergoing expansion.
The regulator will adopt an education outreach approach for the majority of other mine and quarry sites to help operators reduce their rehabilitation liabilities and plan for future site rehabilitation.
To assist with this transition, information sessions will be held for all mine and quarry operators. Details of these sessions are available at earthresources.vic.gov.au – where the bond calculator and key details are also available.
“We are taking action to ensure more accurate rehabilitation bonds are in place to ensure quarries and mines get rehabilitated properly to underpin community confidence in the resources sector,” said Earth Resources Regulation Executive Director Anthony Hurst.
Source: Earth Resources Regulation