The Queensland Government has released the Terms of Reference for its targeted review of the Financial Provisioning Scheme, setting a clear direction for the next phase of work to unlock investment and responsible resources development.
Announced in Mackay at the Queensland Mining and Engineering Expo on 22 July, the Terms of Reference will set the tone of the review, examining whether the scheme strikes the right balance between managing financial risks associated with mine rehabilitation and supporting a competitive resources sector.
The review comes as Queensland’s resources sector continues to attract growing investment in critical minerals and increased participation from small- and mid-tier operators looking to meet the skyrocketing global demand for Queensland commodities.
Resource companies are required to provide financial security, pay annual contributions to the scheme fund, or both, to cover remediation and rehabilitation costs should resource operators abandon activities or fail to deliver on their environmental obligations.
Minister for Natural Resources and Mines Dale Last says the review was progressing to deliver policy settings that underpin a globally competitive resources sector.
“The Financial Provisioning Scheme has been one of the top three issues raised with me by smaller explorers and operators,” Last says.
“We will work closely with industry as the review progresses to make sure we deliver the right settings for future development.”
Consultation will be open in September for stakeholders to have their say on how the scheme can be improved.
Write to Aaliyah Rogan at Mining.com.au
Images: Queensland Government
