“Queensland’s miners are responsible managers of the land. The establishment of the new financial provisioning scheme in the Mineral and Energy Resources (Financial Provisioning) Act will further strengthen the reputation of the Queensland resources industry for using world-leading environmental practices,” QRC Chief Executive, Ian Macfarlane, said.
“The new scheme means taxpayers won’t have to foot the bill in the unlikely scenario where a company fails to meet its rehabilitation commitments. Resources companies will all contribute to the fund, and over time it will increase the amount available for rehabilitation commitments by about AUS$2 billion.
“This fund helps give peace of mind to taxpayers, but it’s more likely it won’t be required, given the world-leading rehabilitation standards of the Queensland resources industry.
“The Queensland resources industry is one of our state’s most innovative, and is always applying new techniques and technologies to deliver the best outcomes. This is true for rehabilitation also. Some recent examples across the industry have shown the highest standards of mine rehabilitation, including as a return to grazing land.
“I thank the Palaszczuk Government, Deputy Premier Jackie Trad, the LNP and Katter’s Australia Party for the willingness to consult industry on amendments to the bill, and to uphold the commitment there would be no retrospectivity.
“If the laws were applied retrospectively to existing mines, this would have had devastating consequences for existing jobs and future investment.
“The Queensland Resources Council welcomes the contribution of the LNP to the Parliamentary debate and its ongoing support for a strong resources sector.
“Every Queensland town and community has a vested interest in a keeping our resources sector firing on all cylinders.
“Our resources sector employs around 300 000 Queenslanders, both directly and in supporting industries, and it pays more than AUS$4 billion in royalty taxes each year.
“We develop our natural resources to the benefit of all Queenslanders and we are committed to sustainable land management both now and for the future.”
Read the article online at: https://www.globalminingreview.com/mining/14112018/qrc-endorses-mineral-and-energy-resources-act/