One billion dollars worth of unconditional performance bonds have been returned to Western Australia’s resources industry since the introduction of the government’s Mining and Rehabilitation Fund (MRF).
WA’s mines minister Bill Marmion made the announcement at the AMEC Mining and the Environment Conference in Perth yesterday.
The Minister told the audience of mining and resources industry figures that the MRF was “one of the Department’s biggest environmental reforms”.
“Over $30 million has been paid into the fund to date,” the Minister said.
CEO of the Association of Mining and Exploration Companies (AMEC), Simon Bennison, said “this is an outstanding outcome from what was an AMEC recommendation supported by the Government.”
“The MRF has found wide acceptance across industry. It encourages companies to progressively rehabilitate which provides the best and most cost effective environmental outcomes, Mr Bennison said.
“Following the success of the MRF in Western Australia, AMEC has been advocating for New South Wales to introduce a similar mining rehabilitation fund model.
“This would free up much needed capital for further investment, and simplify and reduce the administrative burden.
“A collaborative approach between industry and Government is essential to achieve the best environmental outcomes, and policies that balance the needs of industry and the environment. The AMEC Mining and the Environment Conference provides a forum for this,” Mr Bennison said.