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Financial reporting in the mining industry International ...

International Financial Reporting Standards (IFRS) provide the basis for financial reporting to the capital markets in an increasing number of countries around the world. Over 100 countries either use or are adopting IFRS. Those companies already on IFRS have their own challenges as the pace of standard-setting from the International

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Mining rehabilitation reforms Environment Department ...

Nov 14, 2018  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

2389. Provision for mining rehabilitation - SAICA

2389. Provision for mining rehabilitation FEBRUARY 2015 – ISSUE 185. Mining companies generally make financial provision for rehabilitation by way of rehabilitation trusts or financial guarantees through a financial institution or with insurance policies. Although a deduction can be claimed for contributions to a rehabilitation trust and the ...

FINANCIAL PROVISIONING FOR REHABILITATION AND MINE

• The company should have a five-year history of financial provisioning for rehabilitation. These criteria eliminated most large multinationals and suspended mining companies. All gold mining companies were also eliminated because most have substantial operations outside of

Good Mining (International) Limited - EY

3 Good Mining (International) Limited Introduction 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

Minister Nomvula Mokonyane publishes amendments to ...

May 21, 2019  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.

Mine Rehabilitation and Closure Cost

Mine Rehabilitation and Closure Cost: A Hidden Business Risk 7 7 The relinquishment of these large liabilities cannot be assumed The ability of mining companies to fully relinquish these liabilities remains doubtful as State Governments are increasing reluctant to

The challenge of mining rehabilitation - Old Mutual

in A NutshellNot So Much New, Just TighterWater, Land and PeopleInformal Mining and Labour IssuesIntended LegislationAssessing The ProblemMaking Financial ProvisionHow Asset Managers Can HelpManaging The CapitalHow Customised Solutions Can Help1. Remaining economically competitive while meeting social and environmental obligations is a challenge for mining houses. 2. Proposed regulations stipulate more stringent terms around financial provision for closure and rehabilitation, including mandatory capital guarantees for rehabilitation trust investments. 3. It is vital that, despite the capital guarantee requirement, mining companies still look to maximise the returns on their rehabilitation trust investments. 4. Mining houses should...

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

Mine Rehabilitation and Closure Cost

Mine Rehabilitation and Closure Cost: A Hidden Business Risk 7 7 The relinquishment of these large liabilities cannot be assumed The ability of mining companies to fully relinquish these liabilities remains doubtful as State Governments are increasing reluctant to

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

STANDARD GUIDANCE (COP 40) Mine Rehabilitation and

(COP 40) Mine Rehabilitation and Closure A. Definition and applicability Mine closure is a process undertaken when the operational stage of a mine is ending or has ended, and the final decommissioning and mine rehabilitation is being underway. Mine rehabilitation is the restoration of the post-mined landscape to the intended post-mining land use.

Financial Provisioning Scheme for resource activity ...

From 1 April 2019, financial assurance requirements for resource activities under the Environmental Protection Act 1994 were replaced with the Financial Provisioning Scheme (FPS) under the Mineral and Energy Resource (Financial Provisioning) Act 2018.. The financial assurance changes affect small scale mining tenure holders and all resource activity environmental authority holders.

KWM Queensland’s mining rehabilitation reforms all but ...

Oct 26, 2017  On 25 October 2017, the Queensland government tabled in parliament the Mineral and Energy Resources (Financial Provisioning) Bill 2017 (the Bill) as part of its ongoing push to introduce reformed financial provisioning requirements for resource activities and new requirements for mining rehabilitation in Queensland.

KWM Risky business – mine rehabilitation and financial ...

[1] Environmental regulation of the resources and waste industries, report of the Queensland Audit Office, Report 15, April 2014. [2] Resource sector must provide for mine site rehabilitation, Media Statement, Minister for Environment and Heritage Protection and Minister for National Parks and the Great Barrier Reef, 22 July 2016. [3] Financial assurance framework reform, Discussion Paper ...

Financial Provisioning Bill for financial assurance and ...

21 Feb 2018. Financial Provisioning Bill for financial assurance and rehabilitation in Queensland reintroduced, open for submissions . Submissions are being sought on the Mineral and Energy Resources (Financial Provisioning) Bill 2018, reintroduced to Parliament on 15 February 2018, which seeks to establish a new financial assurance system for resources projects in Queensland.

Green groups fight rehabilitation regulations Fin24

The Centre for Environmental Rights (CER) is worried about the department’s draft regulations proposal that seeks to reduce the amount of money mining companies have to allocate for rehabilitation. The 2015 regulations required that companies must allocate financial provisions that would cover 10 years of rehabilitation after mining has ceased.

Financial Provisions for Rehabilitation and Closure in ...

4 WWF-SA Mining Financial Provisions Summary the eStIMAtIoN AND ADeqUACy oF FINANCIAL PRovISIoNS Mining companies are required under section 39 of the MPRDA to draw up an Environmental Management Plan (EMP) for approval by the Department of Mineral Resources (DMR). The EMP must include a rehabilitation

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

Financial assurance for prescribed activities Business ...

Financial assurance for prescribed activities. ... (you can use the mining or petroleum and gas financial assurance calculator) ... an EA holder submits certified documentation to demonstrate sound financial health and a declaration that the costs of rehabilitation have been adequately budgeted for.

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 ...

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.

Cliffe Dekker Hofmeyr - Overhaul of financial provision ...

The publication of the Financial Provision Regulations for Prospecting, Exploration, Mining or Production Operations by the Minister of Environmental Affairs on 20 November 2015 (2015 Regulations) was met with significant resistance, with the Chamber of Mines noting that it would have a “crippling effect” on the mining

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

Financial assurance for prescribed activities Business ...

Financial assurance for prescribed activities. ... (you can use the mining or petroleum and gas financial assurance calculator) ... an EA holder submits certified documentation to demonstrate sound financial health and a declaration that the costs of rehabilitation have been adequately budgeted for.

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 ...

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.

Cliffe Dekker Hofmeyr - Overhaul of financial provision ...

The publication of the Financial Provision Regulations for Prospecting, Exploration, Mining or Production Operations by the Minister of Environmental Affairs on 20 November 2015 (2015 Regulations) was met with significant resistance, with the Chamber of Mines noting that it would have a “crippling effect” on the mining

Financial Reporting in the Global Mining Industry

Managing Risk in the Global Mining Industry Mining for the Best Report IASC Extractive Industries Issues Paper ... MINING FINANCIAL REPORTING CONTENTS Introduction page one ... Accounting for impairment page sixteen Accounting for site rehabilitation and environmental costs page eighteen

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.

Tackling the transparency of mine rehabilitation in South ...

Jun 29, 2018  CER’s report ranks 11 mining companies according to the usefulness and clarity of their public disclosures of finances covering environmental rehabilitation, with Lonmin, MC Mining and Wesizwe Platinum said to have the least clear financial plans, and

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.

Better Mine Rehabilitation for ... - Queensland Treasury

The Queensland Government is proposing a new policy for mine rehabilitation outlined in a discussion paper, Better Mine Rehabilitation for Queensland (PDF 4,425 K). The paper was developed in response to the recent review of Queensland’s financial assurance framework (PDF 1,570 K) conducted by Queensland Treasury Corporation. This review found evidence consistent with community

Pitfalls Arising From The Financial Provision For Mining ...

Oct 22, 2014  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 ...

Mine assessment and rehabilitation - NSW Resources and ...

Furthermore, rehabilitation requirements and environmental performance conditions are also attached to all mining leases issued under the Mining Act and financial securities are imposed that guarantee the rehabilitation is completed for ensuring productive use of the land following mine closure.

Mining 2020 Laws and Regulations South Africa ICLG

Prior to 2 September 2014, financial provisioning was regulated by section 41 of the MPRDA read with regulations 53 and 54 of the MPRDA Regulations. These sections and regulations required that a mining right applicant make financial provision for rehabilitation of negative environmental impacts arising from their mining activities.

Queensland explores mining rehabilitation and financial ...

At a glance. The Queensland Government has proposed broad policy and legislative reform in relation to financial assurance and mine rehabilitation with a view to improving rehabilitation performance, reducing reliance on the financial assurance system and clarifying mine rehabilitation requirements.