Mineral and Energy Resources (Financial Provisioning) Bill - UPDATE...
The Mineral and Energy Resources (Financial Provisioning) Bill 2018 was not debated at the most recent Parliamentary sitting that took place in mid-May 2018.
We anticipate that the Bill will be debated at the next Parliamentary sitting, expected to occur in late August/September 2018. As a result, the Financial Provisioning Scheme will not commence 1 July 2018 as expected. It is unclear when the revised commencement date may be, perhaps 1 November 2018 might be earliest date of commencement.
The Progressive Rehabilitation and Closure Plan requirements are still expected to commence in late February-early March 2019.
This delay in the passing of the Bill means that the use of Plan of Operations to describe mining activities and defined Financial Assurance requirements is likely to continue until late 2018. It is possible with these delays the Queensland Government may take the opportunity introduce amendments to the bill.
We will endeavor to keep you updated as more information comes to hand.