The NSW Department of Industry’s Resources Regulator has lifted its suspension notice on Young Mining.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Young Mining’s mining operations were suspended by the Regulator due to a breach under the Mining Act related to the company’s failure to pay a $540,000 environmental rehabilitation security deposit.
Young Mining has now provided the required security in accordance with the Department's policy by way of a deed of security deposit bond issued by an Australian Prudential Regulation Authority (APRA) supervised financial institution.
Initially the effective date of the suspension notice was extended from July 18 to August 18, before the Land and Environment Court granted an interim variation to the suspension notice allowing Young Mining to continue mining operations until 4pm, Tuesday August 23.
Operations were suspended from August 23 until Wednesday, August 31.
The suspension notice had been the subject of action in the Land and Environment Court and the Supreme Court.
“The NSW Resources Regulator’s actions to suspend Young Mining’s mining operations have been appropriate and reasonable,” Chief Compliance Officer, Ms Lee Shearer said.
“The Government’s position on this issue is very clear – environmental rehabilitation costs must be met by the mining licence holder.”
Environmental rehabilitation security deposits and requirements for progressive rehabilitation during the life of a mine are part of the regulatory framework which ensures a viable and sustainable mining industry in NSW.
A security bond is required prior to the commencement of any activity on title and is continually reviewed and adjusted to reflect the actual rehabilitation liability throughout the life of a project.
Security bonds are only released when the Department is satisfied that the titleholder has met designated rehabilitation objectives and final land use completion criteria.
DRE currently holds $2.15 billion in security deposits relating to environment and rehabilitation from title holders across the state.