129Amount of bond

129 Amount of bond (1) The Minister must determine the amount or value of the environment protection bond to be provided. (2) In determining the amount or value of an environment protection bond, the Minister may consider: (a) the environmental risks and impacts of the action; and (b) the level of uncertainty in assessing those risks and impacts and the management measures to deal with them. (2A) If the regulations prescribe a minimum amount of environment protection bond payable in relation to an action or class of actions or a circumstance or class of circumstances, the Minister may determine that the amount of the environment protection bond is or includes the prescribed minimum amount. (3) The Minister may determine the nature of the environment protection bond to be provided, which may include: (a) cash; or (b) a bank guarantee; or (c) any other form of financial accommodation acceptable to the (4) The conditions of an environmental approval may require the provision of an environment protection bond specifying: (a) the amount of the bond or a formula for calculating the amount of the bond; and (b) the form of the bond; and (c) the terms on which the bond must be provided. (5) The amount of an environment protection bond required for an environmental approval may be recalculated: (a) in accordance with the environmental approval; or (b) if the environmental approval is varied; or (c) if the Minister is satisfied that there is a substantial change in the circumstances on the basis of which the bond was calculated; or (d) at the request of the approval holder.

Environment Protection Act 2019 134 (6) The Minister may consider the matters in subsection (2) in recalculating an amount of environment protection bond under subsection (5). (6A) An environment protection bond must not be imposed on a person in relation to a mining activity. (7) The Minister may determine and publish the methodology for calculating the amount or value of an environment protection bond payable in respect of an action or class of actions or in a circumstance or class of circumstances. (7A) The regulations may prescribe a minimum amount of environment protection bond payable in respect of an action or class of actions or in a circumstance or class of circumstances. (8) An environment protection bond must not be imposed on a person for a purpose if a bond or security has been, or is required to be, provided by the person under another Act for the same, or substantially the same, environmental impacts.