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FINANCIAL PROVISIONING FOR REHABILITATION AND MINE

This report analyses the financial provisions for environmental rehabilitation of mining sites reported by JSE-listed mining companies. In some cases, we attempt to contextualise these amounts by examining them relative to the volume of mining taking place, although there are significant limitations to the meaningfulness of these comparisons.

Financial reporting in the mining industry International

pwc\mining Financial reporting in the mining industry International Financial Reporting Standards 6th edition

mining rehabilitation a regulated activity

Financial assurance for prescribed activities; Progressive rehabilitation and certification for an environmental authority,(you can use the mining or petroleum and gas financial assurance,discount available where an EA holder can demonstrate they are not undertaking significant high risk storage activities (waste rock dumps, regulated.

Financial Provisions for Rehabilitation and Closure in

maintenance and rehabilitation in the mining sector. These concerns give rise to questions about the availability of funds to manage the impacts of mining and the adequacy of financial provisions made by mining companies for rehabilitation. With this in mind, this discussion document provides a critical

2389. Provision for mining rehabilitation SAICA

Mining companies in South Africa are required to make financial provision in terms of the Mineral and Petroleum Resources Development Act No. 28 of 2002 (the MPRDA), read with the National Environmental Management Act No. 107 of 1998 (NEMA), for the rehabilitation of the mining areas on which mining activities are conducted (this will in future

Mining rehabilitation reforms Environment Department

Mining rehabilitation reforms. The Queensland Government is working to improve rehabilitation and financial assurance outcomes in the resources sector through the delivery of a broad package of reforms. The reform package proposes to deliver: a higher level of environmental performance; rehabilitation investment in the State’s resources industry

Financial Provision Regulations 2019- Publications

Further engagement took place, which ultimately resulted in the publication of the “Proposed Regulations Pertaining to Financial Provision for the Rehabilitation and Remediation of Environmental Damage caused by Reconnaissance, Prospecting, Exploration, Mining or Production Operations”, on 17 May 2019 (“the Proposed Financial Provision

Financial reporting in the mining industry

Tools, practice aids and publications >> By industry >> Energy, utilities and mining >> Financial reporting in the mining industry

Good Mining (International) Limited

This publication contains an illustrative set of consolidated financial statements for Good Mining (International) Limited (Good Mining) and its subsidiaries (the Group) that is prepared in accordance with International Financial Reporting Standards (IFRS). The Group is a fictitious, large publicly listed mining

Australian mine rehabilitation: Projects leading the way

Mining is one of the biggest industries in Australia, with profits surging A$27.7bn in the second half of 2017, according to the Australian Financial Review. However, these profits often come at the cost of local environments, with topsoil removed, earth excavated and forests destroyed to make space for mining operations.

Financial Provisions for Rehabilitation and Closure in

Our mining law dictates that miners should pay to remediate the damage they cause. Section 41 of the Mineral and Petroleum Resource Development Act (MPRDA) incorporates the polluter pays principle, and requires applicants of prospecting or mining rights to make financial provisions for the rehabilitation

Financial reporting in the mining industry

Tools, practice aids and publications >> By industry >> Energy, utilities and mining >> Financial reporting in the mining industry

Financial Provisions for Rehabilitation and Closure in

maintenance and rehabilitation in the mining sector. These concerns give rise to questions about the availability of funds to manage the impacts of mining and the adequacy of financial provisions made by mining companies for rehabilitation. With this in mind, this discussion document provides a critical

Mining Rehabilitation Guarantees Guardrisk

/ Mining rehabilitation guarantees Legislation requires that all mining operations within South Africa must make financial provision to guarantee the availability of sufficient funds to undertake rehabilitation and remediation of the adverse environmental impacts of mining

Good Mining (International) Limited

Good Mining (International) Limited 4 Introduction continued Considering the purpose, activities and operations of Good Mining (International) Limited Illustrative consolidated financial statements for the year ended 31 December 2017, the notes have been organised according to

Rehabilitation Plan and Closure Cost Estimate for the De

Rehabilitation Plan and Closure Cost Estimate for the De Groote Boom Mining Area UAR2967 Digby Wells Environmental 2 Act, 2014 (Act No 25 of 2014) (NEMLA) provides that the holder of a mining right must make financial provision for rehabilitation of negative environmental impacts1.

The challenge of mining rehabilitation Old Mutual

Proposed regulations stipulate more stringent terms around financial provision for closure and rehabilitation, including mandatory capital guarantees for rehabilitation trust investments. It is vital that, despite the capital guarantee requirement, mining companies still look to maximise the returns on their rehabilitation trust investments.

Improving rehabilitation and financial assurance outcomes

Over time, abandoned mines will be rehabilitated and rehabilitation techniques will be improved through grants provided from the Scheme’s Financial Provisioning Fund. The Act also amended the Environmental Protection Act 1994 (EP Act) to require mining companies to develop Progressive Rehabilitation and Closure Plans. Those reforms commenced

Financial Provisioning Scheme Queensland Treasury

The Act replaces the prior financial assurance arrangements for resource activities under the Environmental Protection Act 1994 (EP Act) with the Financial Provisioning Scheme (the Scheme). The legislation also amended the EP Act to require mining companies to develop Progressive Rehabilitation and Closure Plans.

Minister Nomvula Mokonyane publishes amendments to

The Minister of Environmental Affairs, Ms Nomvula Mokonyane, has published further amendments to the Financial Provisioning Regulations for the rehabilitation and remediation of environmental damage caused by the prospecting, exploration, mining or production operations in Government Gazette No. 42464 (Notice 667) for public comment.

Financial Reporting in the Global Mining Industry

Accounting for site rehabilitation and environmental costs page eighteen Business combinations accounting for goodwill and mineral rights page twenty-one Accounting for joint ventures and related undertakings page twenty-four MINING FINANCIAL REPORTING. MINING.

New mine rehabilitation regulations Mining Review Africa

Jun 09, 2016· Rum below suggests the use of tailor made mining rehabilitation investment solutions that optimise current 37A trust structures. Smit iterates this, suggesting that mining houses now partner with specialists in mining rehabilitation who are able to off er structured finance solutions and investments in order to meet the open-ended financial

THE OBLIGATION TO REHABILITATE MINING AREAS: POST

3.1 Environmental rehabilitation measures 15 . 3.1.1 Rehabilitation of mining activities 15 . 3.1.2 Purpose of rehabilitation 17 . 3.1.3 Financial provision for rehabilitation 19 . 3.1.4 Removal of buildings, structures and other objects 24 . 3.1.5 Land rehabilitation 24 . 4.

STANDARD GUIDANCE (COP 40) Mine Rehabilitation and

o Financial provisions should as a minimum be in accordance with applicable law. In the absence of such laws, provisions may be in the form of bonds, letters of credit or other financial instruments, or by self-insurance or self-guarantee. COP 40.4: Good practice rehabilitation: Members in the Mining Sector shall adopt good practice

Mining Rehabilitation Guarantees Guardrisk

/ Mining rehabilitation guarantees Legislation requires that all mining operations within South Africa must make financial provision to guarantee the availability of sufficient funds to undertake rehabilitation and remediation of the adverse environmental impacts of mining

Green groups fight rehabilitation regulations Fin24

Mar 04, 2018· The 2015 regulations required that companies must allocate financial provisions that would cover 10 years of rehabilitation after mining has ceased. The new proposed draft regulations reduce financial provision to a period of three years.

The challenge of mining rehabilitation Old Mutual

Proposed regulations stipulate more stringent terms around financial provision for closure and rehabilitation, including mandatory capital guarantees for rehabilitation trust investments. It is vital that, despite the capital guarantee requirement, mining companies still look to maximise the returns on their rehabilitation trust investments.

New mine rehabilitation regulations Mining Review Africa

Jun 09, 2016· Rum below suggests the use of tailor made mining rehabilitation investment solutions that optimise current 37A trust structures. Smit iterates this, suggesting that mining houses now partner with specialists in mining rehabilitation who are able to off er structured finance solutions and investments in order to meet the open-ended financial

Progressive rehabilitation and closure plan for mined land

Financial assurance, provisioning and rehabilitation for environmental authorities. This is required in lieu of the final rehabilitation report that is required for other EAs that contain rehabilitation conditions. The post-mining management report must: be in the approved form;

Mining and Refining Rehabilitation

Most have made considerable financial provisions; devoting human resources, knowledge, material and equipment for the rehabilitation of land that was used for mining and associated infrastructure, final decommissioning and mine closure.

Financial Reporting in the Global Mining Industry

Accounting for site rehabilitation and environmental costs page eighteen Business combinations accounting for goodwill and mineral rights page twenty-one Accounting for joint ventures and related undertakings page twenty-four MINING FINANCIAL REPORTING. MINING.

Proposed Financial Provisioning Regulations For Mining

Nov 21, 2017· The removal of annual rehabilitation costs from the financial provision calculations; The introduction of specified methodologies for the calculation of financial provision for existing and new developments; A decrease of the period for which financial provision must be made from 10 years to 3 years, or 1 year in respect of mining permits

THE OBLIGATION TO REHABILITATE MINING AREAS: POST

3.1 Environmental rehabilitation measures 15 . 3.1.1 Rehabilitation of mining activities 15 . 3.1.2 Purpose of rehabilitation 17 . 3.1.3 Financial provision for rehabilitation 19 . 3.1.4 Removal of buildings, structures and other objects 24 . 3.1.5 Land rehabilitation 24 . 4.

National Environmental Management Act (107/1998

An applicant, holder or holder of a right or permit must make financial provision for-(a) rehabilitation and remediation; (b) rehabilitation, decommissioning and closure activities expected at the end of prospecting, exploration, mining or production operations; and

Overhaul of financial assurance and rehabilitation

Dec 13, 2018· During this transitional period, any financial assurance held for an existing EA holder will be treated as surety. Progressive rehabilitation and closure plans for mines. The FP Act amends the EPA by requiring all mining projects carried out on a mining lease that make a site-specific EA application to submit a PRC plan.

Mining Latest News & Analysis The Australian Financial

The latest Mining news, events, analysis and opinion from The Australian Financial Review

MINING REHABILITATION TRUSTS Old Mutual

details of the financial provision being made for environmental rehabilitation. These provisions are reflected in the financial statements of mining houses along with: • a summary of reserve trust assets, • amounts for ongoing rehabilitation, and • the costs for premature closure guarantees.

Mining Closure Lexology

Jun 29, 2020· Western Australia requires that mining companies are obliged not only to provide a bond but also to make an annual contribution of 1 per cent of the annual cost of mine rehabilitation to a mining

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