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section 41(2) of the MPRDA may be problematic. In addition, it seemed that the standard trust documentation prescribed by the DMR purports to impose obligations on the mining entity in its capacity as beneficiary, which is problematic in law. The wording of the trust deed and the ... WWF-SA Mining Financial Provisions | page 7
With the advent of the 2016 financial year, mining companies had more questions than answers as to how the more onerous legal regime imposed on mining companies in respect of financial provision for mine closure and environmental rehabilitation in the Financial Provisioning Regulations under the National Environmental Management Act 107 of 1998 (NEMA), promulgated on 20 November 2015 in ...
Jul 13, 2017· The existing transitional provisions do not cover all the scenarios that require transitional regulation. For example, there is some debate as to whether a pending application to amend a mining EMP in terms of section 102 of the MPRDA is a pending application for the purposes of the National Environmental Management Act 62 of 2008.
Aug 26, 2016· The Financial Provision Regulations (2015 Regulations) publication under the National Environmental Management Act 107 of 1998 (NEMA) in November 2015 was widely criticised in the media. The Chamber of Mines has stated that it could have a crippling effect on the mining industry.
Nov 16, 2017· The Minister of Environmental Affairs published the 'Proposed Regulations Pertaining to the Financial Provision for Prospecting, Exploration, Mining or Production Operations' (Draft FP Regulations) for comment, which seeks to replace the NEMA Financial Provisioning Regulations, published on 20 November 2015 (Financial Provisioning Regulations, 2015).
4 WWF-SA Mining Financial Provisions Summary the eStIMAtIoN AND ADeqUACy oF FINANCIAL PRovISIoNS Mining companies are required under section 39 of the MPRDA to draw up an Environmental Management Plan (EMP) for approval by the Department
Last Friday, 10 November 2017, the Minister of Environmental Affairs published the 'Proposed Regulations Pertaining to the Financial Provision for Prospecting, Exploration, Mining or Production Operations' (Draft FP Regulations) for comment. The Draft FP Regulations seek to entirely replace the NEMA Financial Provisioning Regulations, published on 20 November 2015 (Financial Provisioning ...
financial provision has remained and will have significant cost implications for mining companies. Whereas under the MPRDA financial guarantees related to closure were for the most part calculated internally and reviewed by external specialists, reviewed by auditing firms and included in audited financial statements, GN R1228 stipulates
mining financial provision mprda. RTF format - Saflii. h) The Department shall not release any amount of financial provision if the, that the Applicant has to make financial provision for the future of the mine as though, [17] Respondent's counsel referred the court to section 43(1) of the MPRDA.
Development Act (MPRDA) requires rights holders to set aside a financial guarantee for rehabilitation. All mining right holders are required to set aside this financial provision for the discharge of their rehabilitation obligations, which can be returned to them on the issuing of a
Financial Provision Regulations 2019. Africa; South Africa; ... Prior to the publication of the Financial Provision Regulations 2015, holders of mining rights were required to comply with Section 41 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 ("MPRDA") read with MPRDA Regulation 53 and 54. Section 41 of the ...
mining consultants •Comments document was prepared ... NEMA and the EIA regulations in preference to using MPRDA terms as the definition of "mining" in the MPRD amendment of 2012 referred to a mining area, ... "financial provision" means the insurance, financial guarantee, rehabilitation company or ...
Unlike the MPRDA and the MPRDA Regulations, the FP Regulations require that financial provision must be made for "annual rehabilitation, as reflected in the annual rehabilitation plan.final rehabilitation, decommissioning and closure of the.mining operations at the end of the life of operations, as reflected in the final rehabilitation ...
• Financial provision that was approved in terms of the MPRDA Regulations must be regarded as approved in terms of these regulations and the holder must review and align such financial provision with the provisions of these regulations CHAPTER 5 – GENERAL MATTERS • Certain offences are identified in regulation 18.
On 20 November 2015, the National Environmental Management Act No. 107 of 1998 ("NEMA") "Financial Provisioning Regulations, 2015″ GNR1147 GG 39425 ("2015 Regulations") were promulgated, resulting in a significant shift of thinking from the longstanding 'simple' Regulation 53 and 54 process, contained in the Mineral and Petroleum Resources Development Act ("MPRDA ...
2002) states that, "an applicant for a prospecting right, mining right or mining permit must, before the Minister approves the environmental management plan or environmental management programme in terms of section 39(4), make the prescribed "financial provision"
mining Financial reporting in the mining industry International Financial Reporting Standards 6th edition. International Financial Reporting Standards (IFRS) provide the basis for financial reporting to the capital markets in an increasing number of countries around the
• The MPRDA prescribes circumstances whena mining company must apply for a closure certificate. Many ... Current situation MPRDA s.43(6) (retention of financial provision) ... Retention of financial provision (and why 20 years is inappropriate (s.43(6))
FINANCIAL PROVISION REGULATIONS. Title: ... This financial instrument may also not be used by an applicant/ holder for a mining permit in terms of the Mineral and Petroleum Resources Development Act 2002 (MPRDA). ... upon the issuance of the Closure Certificate in terms of the MPRDA, such financial provision must be ceded to the Minister.
sufficient financial provision. Officials in the DME Regional Offices are required to assess, review and approve the quantum of financial provision submitted (that is, the monetary value of the financial provision that has been computed by the holder of a prospecting right, mining right or mining permit during the annual
Prior to these Regulations, the required quantum for financial provision was determined through reference to Regulations 53 and 54 under the MPRDA, and the Guideline Document for the Evaluation of the Quantum of Closure-Related Financial Provision Provided by a Mine, prepared by the Department of Minerals and Energy (as it then was) in 2005.
The Centre for Environmental Rights' (CER's) latest Full Disclosure report analyses disclosures by eleven listed mining companies about their financial provision for environmental rehabilitation, i.e. the money that mining companies must set aside to rehabilitate the environmental damage they cause.. Most of the information about financial provision for environmental rehabilitation is ...
Oct 03, 2019· Further engagement took place, which ultimately resulted in the publication of the "Proposed Regulations Pertaining to Financial Provision for the Rehabilitation and Remediation of Environmental Damage caused by Reconnaissance, Prospecting, Exploration, Mining or Production Operations", on 17 May 2019 ("the Proposed Financial Provision ...
Section 41 – since repealed – required the right holder to make financial provisions, in accordance with MPRDA Regulations 53 and 54, the former setting out the vehicles for provision and the ...
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