MINERAL AND ENERGY RESOURCES (FINANCIAL PROVISIONING) ACT 2018 - As at 1 March 2023 - Act 30 of 2018

Table of Provisions

• Long Title

PART 1 - PRELIMINARY

Division 1 - Introduction

• 1 Short title
• 2 Commencement

Division 2 - Purposes and application of Act

• 3 Main purposes
• 4 How main purposes to be achieved
• 5 Relationship with Environmental Protection Act 1994
• 6 Act does not affect other rights or remedies

Division 3 - Interpretation

• 7 Definitions
Subdivision 2 - Key definitions
• 8 What is the estimated rehabilitation cost
• 9 What is an entity’s total estimated rehabilitation cost
• 10 What is the State’s total estimated rehabilitation cost
• 11 What is the fund threshold

PART 2 - ESTABLISHMENT OF SCHEME AND RESIDUAL RISKS FUND

Division 1 - Scheme manager

• 12 Appointment
• 13 Term of appointment
• 14 Remuneration and conditions
• 15 Resignation
• 16 Acting scheme manager
• 17 Preservation of rights
• 18 Relationship with State
• 19 Finance
• 20 Not statutory body for particular Acts
• 21 Functions
• 22 Powers
• 23 Staff services from department

Division 2 - Scheme fund and cash surety account

• 24 Establishment of scheme fund
• 25 Cash surety account

Division 3 - Residual risks fund

• 25A Establishment of residual risks fund

PART 3 - OPERATION OF SCHEME

Division 1 - Risk category allocation

• 26 Application of subdivision
• 27 Scheme manager must make initial risk category allocation
• 28 Scheme manager must notify holder of indicative risk category allocation
• 29 When indicative risk category allocation becomes the initial risk category allocation
• 30 Period for making initial risk category allocation
• 31 Notice of initial risk category allocation
Subdivision 2 - Changed holder review allocation
• 31A Meaning of changed holder event
• 32 Scheme manager may review risk category allocation if changed holder
• 33 Application to scheme manager if proposed changed holder
• 34 Scheme manager must notify interested entity of indicative changed holder review allocation
• 35 When indicative changed holder allocation becomes the changed holder review allocation
• 36 Notice of changed holder review allocation
• 37 When changed holder review decision takes effect
Subdivision 3 - Annual review allocation
• 38 Annual review of risk category allocation
• 39 Scheme manager must notify holder of indicative annual review allocation
• 40 When indicative annual review allocation becomes the annual review allocation
• 41 Notice of annual review allocation
Subdivision 4 - Information disclosure
• 42 Holder must give scheme manager notice if changed holder
• 43 Holder must give scheme manager notice if cessation in production
• 44 Scheme manager may require further information from holder before allocation decision
• 45 Scheme manager may require further information from interested entity before changed holder review decision

Division 2 - Liability under scheme

• 46 Application of subdivision
• 47 Holder must pay contribution to scheme fund
• 48 Rate of contribution if holder not able to give surety
• 49 Holder must pay contribution and give surety if estimated rehabilitation cost more than fund threshold
• 50 Refund of contribution to previous holder
• 51 Recovery of unpaid contribution
• 52 Notification of administering authority
Subdivision 2 - Surety
• 53 Application of subdivision
• 54 Scheme manager’s decision about financial viability of scheme fund
• 55 Holder must give surety
• 56 Form of surety
• 57 When holder must give increased surety
• 58 Release of surety
• 59 Notification of administering authority
Subdivision 3 - Fees
• 60 Assessment fee
• 61 Administration fee for particular sureties
• 62 Recovery of unpaid fee

Division 3 - Claiming financial provision

• 63 Application of subdivision
• 64 Requesting entity may ask for payment from scheme fund
• 65 Decision of scheme manager
Subdivision 2 - Realising surety
• 66 Application of subdivision
• 67 Requesting entity may ask for realisation of surety
• 68 Realisation of surety
• 69 Replenishment of surety

Division 4 - Guidelines and investigations

• 70 Guidelines
• 73 Investigation of actuarial sustainability of scheme

Division 5 - (Repealed)

PART 3A - ADMINISTRATION OF RESIDUAL RISKS FUND

• 76A Application of part
• 76B Requesting entity may ask for payment from residual risks fund
• 76C Decision of scheme manager
• 76D Guidelines
• 76E Investigation of actuarial sustainability of residual risks fund

PART 3B - EFFECT OF DECISIONS OF SCHEME MANAGER

• 76F Application for judicial review of particular decisions
• 76G Decisions of scheme manager otherwise final
• 76H No stay of decisions

PART 4 - OFFENCES AND PROCEEDINGS

• 77 False or misleading statements
• 78 False or misleading documents

PART 5 - CONFIDENTIALITY

• 79 Definitions for part
• 80 Duty of confidentiality
• 81 Use or disclosure for authorised purpose
• 82 Disclosure to particular chief executives of departments to assist in performance of functions

PART 6 - MISCELLANEOUS

• 83 Advisory committee
• 83A Scheme manager to keep Minister informed
• 83B Annual report
• 84 Delegation
• 85 Protection from liability
• 86 Approved forms
• 87 Regulation-making power
• 88 (Expired)

PART 7 - TRANSITIONAL PROVISIONS

• 89 Application of part
• 90 Financial assurance taken to be surety given under this Act
• 91 Initial allocation decision not required until scheme manager gives transition notice
• 92 Scheme manager may require further information from holder before allocation decision
• SCHEDULE 1