Mining Rehabilitation Bonds
I have released a press statement regarding the need for Mining Rehabilitation Bonds after the Queensland Government adopted, in part, the Christian Democratic Party policy on Mining Rehabilitation Bonds. We are excited that a strong move forward is being made to protect our environment.
Press Release 16.11.2018 Mining Bonds
Too often we have found that a mining operation will distance a mine site works from the parent company as the mine reaches towards the end of its useful life and either sell the depleted mine to another company or isolate it from the parent company and then declare that there is no money left to pay for the rehabilitation of the site. While in operation a rehabilitation account is to be created and yet the common practice is that the money in this account is only a journal entry without any actual funds in the account that is separate from the mine operations. This journal entry has for years satisfied the various government departments during the mine’s operations and when closure is emanate the truth comes out that the money is not there at all and so little, if any effective rehabilitation can be done as the company has no resources to carry out the work.
We developed this policy of separating the bond from the company to be held in the same way as a rental bond is held for every housing rental property in all states of Australia. The level of the rehabilitation must also be raised to a higher standard as we are degrading far too much of Australia. Mining companies are concerned that the bond will hold back too much of their capital and we say then invest in another business. We do not have to remove all of the minable material now we can leave some for the future generations. In fact responsible citizens that care for the future will always do what we do with a strong and long view of the future of our children and their children and so on.
We can and must do better and so therefore I, and the Christian Democratic Party, and very excited that at least in part that the Queensland Government chose to adopt, in part,
our policy on the need to establish mining rehabilitation bonds. Thank you all in the Queensland government for this good move towards the right direction.
The failure of mines to fix the mess after extracting all they want means we need to have new rules and while the Queensland Government have gone part of the way there will be a lot more to be done. In NSW the miners place money in an account which is nothing more than a journal entry and at the closure of the mine there is no real money there to do an effective rehabilitation of the site.
We can and must do a lot better.
Only the Christian Democratic Party cares about the children of our future and so
only we care enough to fix the problem for the long term!