Resource Industry Advisory Committee

Mineral and Energy Resources (Financial Provisioning) Bill 2018

This bill establishes a Financial Provisioning Scheme to protect Queensland from the cost of cleaning up mine sites when resource companies fail to rehabilitate the land. It replaces the old individual financial assurance system with a pooled fund model, where companies pay annual contributions based on their risk level, and introduces enforceable Progressive Rehabilitation and Closure Plans to ensure mined land is progressively restored throughout the life of a mine.