- Crisafulli Government releases Terms of Reference to guide targeted review of Financial Provisioning Scheme.
- Review will examine whether the Scheme effectively manages financial rehabilitation risk while supporting investment and industry growth.
- The Crisafulli Government is open for business and delivering better services through a stronger economy by backing the resources industry, after a decade of decline under Labor.
The Crisafulli Government has released the Terms of Reference for its targeted review of the Financial Provisioning Scheme, setting a clear direction for the next phase of work to unlock investment and responsible resources development across the State.
Announced in Mackay at the Queensland Mining & Engineering Expo on 22 July, the Terms of Reference will set the tone of the review, examining whether the Scheme strikes the right balance between managing financial risks associated with mine rehabilitation and supporting a competitive resources sector.
The review comes as Queensland’s resources sector continues to see growing investment in critical minerals and increased participation from small and mid-tier operators looking to meet the skyrocketing global demand for Queensland commodities.
The Scheme requires resource companies to provide financial security, pay annual contributions to the Scheme fund, or both, to cover remediation and rehabilitation costs should resource operators abandon activities or fail to deliver on their environmental obligations.
The Crisafulli Government is backing Queensland’s resources sector with a stable operating environment, including streamlined approvals and faster decisions, after the former Labor Government’s anti-mining policies stymied new investment and development opportunities.
Minister for Natural Resources and Mines Dale Last said the review was progressing to deliver policy settings that underpin a globally competitive resources sector.
“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,” Minister Last said.
“The world is entering a new era of resources growth, and the Crisafulli 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.”
Consultation will be open in September for stakeholders to have their say on how the Scheme can be improved.
