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The Queensland Government has taken the next step in its review of the State's Financial Provisioning Scheme, releasing the Terms of Reference that will guide an assessment of whether the framework is effectively supporting both environmental rehabilitation and future investment in the resources sector.
The review was announced in Mackay during the Queensland Mining & Engineering Expo on Wednesday, 22nd July, with the Government saying it aims to ensure Queensland remains competitive as global demand for critical minerals continues to grow.
The Financial Provisioning Scheme requires resource companies to provide financial security, pay annual contributions to a central fund, or both, to cover rehabilitation costs if mining operations are abandoned or environmental obligations are not met.
The review will examine whether the scheme strikes the right balance between managing financial risk while encouraging investment, particularly from smaller explorers, mid-tier companies and emerging operators.
Minister for Natural Resources and Mines Dale Last said the review was progressing in response to concerns raised by industry.
"The Financial Provisioning Scheme has been one of the top three issues raised with me by smaller explorers and operators. We listened to our miners, we committed to a review last month and we're getting on with delivering it," Mr Last said.
"The world is entering a new era of resources growth, and the Government recognises the need for Queensland to have the most appropriate policy settings to capitalise.
"Our vision is to build on Queensland's reputation as a global resources leader and this review will ensure we are promoting new investment while balancing environmental obligations.
"We will work closely with industry as the review progresses to make sure we deliver the right settings for future development."
The Terms of Reference outline a broad assessment of the scheme's performance, Queensland's competitiveness with other jurisdictions, the treatment of small and mid-tier operators, investment settings and risk classification rules.
Consultation on the review is expected to open in September, with stakeholders invited to provide feedback on potential improvements to the scheme.
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