On 14 November 2018, the Queensland Parliament passed the Mineral and Energy Resources (Financial Provisioning) Bill 2018. The bill acts as an important step towards implementing Queensland’s Mined Land Rehabilitation Policy and will feature a pooled financial provision fund and scheme manager.
The Act introduces two major reforms for the Queensland resource industry. It will:
- Replace the current financial assurance regime with a new financial provisioning scheme for all resource authorities to better deal with the environmental impacts of resource activities; and
- Introduce new progressive rehabilitation requirements for mining leases, through progressive rehabilitation and closure plans (PRC plans) for site specific application.