The Andrews Labor Government is introducing a cash bond option to reduce costs for small-scale miners and quarry operators, strengthening the industry while supporting jobs and the environment.
Victoria’s small-scale miners and quarry operators can now pay cash bonds to cover the cost of mine sites’ environmental rehabilitation works up to $20,000.
Minister for Energy and Resources Lily D’Ambrosio today announced the new measure at a meeting in Bendigo with members of the region’s minerals industry.
The cash bond option provides an alternative to bank guarantees, which will continue to be accepted, for operations with an assessed rehabilitation liability of up to $20,000.
Approximately 800 operators in Victoria will be eligible to apply.
The option will relieve operators of small-scale exploration, prospecting, mining and quarrying sites from the complexities and costs of organising a bank guarantee, while ensuring sufficient financial security for operators to deliver site rehabilitation, benefiting the community and the environment.
Administered by Victoria’s mining regulator Earth Resources Regulation, the cash bond option will come into effect as of 2 December 2015.
This is part of the Labor Government’s commitment to a prosperous resources industry that supports jobs, maintains community confidence and ensures environmental protection.
Quotes attributable to Minister for Energy and Resources, Lily D’Ambrosio:
“The cash bonds option will make it easier for small mining operators to do business and support jobs in Victoria.”
“It ensures the cost of mining site rehabilitation is covered, benefiting industry, the community and the environment.”
“We are delivering on our commitment to ensure we have a strong resources industry, while safeguarding community confidence and the environment.”
Reviewed 10 February 2021