132CAmount of mining security

132C Amount of mining security (1) The Minister must determine and publish the methodology for calculating the amount or value of the mining security to be provided. (2) In determining the methodology for calculating an amount or value of a mining security, the Minister may consider all or any of the (a) the environmental risks and impacts of the mining activity to be carried out under the environmental (mining) licence and any environmental approval applying to the activity; (b) the level of uncertainty in assessing those risks and impacts and the management measures to deal with them; (c) the level of environmental disturbance that has been caused, is caused or is likely to be caused by the mining activities that have been or are to be carried out under the environmental (mining) licence and any environmental approval applying to the activity; (d) the level of environmental disturbance that has been caused by mining activities carried out on a mining site by: (i) the mining operator or a previous mining operator appointed by the title holder for the mining site; or (ii) an operator of the mining site under an authorisation under the Mining Management Act 2001 under which a mining security was paid before the repeal of that Act; (e) any proposed phase of the mining activity (including the development of the mining site) to be carried out under the environmental (mining) licence; (f) any matter prescribed by regulation.

Environment Protection Act 2019 137 (3) If the regulations prescribe a minimum amount of mining security in relation to a mining activity or class of mining activities or in a circumstance or class of circumstances, the Minister may determine that the amount of the mining security is or includes the prescribed minimum amount. (4) The Minister may determine the nature of the mining security to be provided, which may include: (a) cash; or (b) a bank guarantee; or (c) any other form of financial accommodation acceptable to the (5) The amount of mining security required for an environmental (mining) licence may be recalculated: (a) in accordance with the environmental (mining) licence; or (b) if the environmental (mining) licence or any applicable environmental approval is amended; or (c) if the Minister is satisfied that there is a substantial change in the circumstances on the basis of which the mining security was calculated; or (d) at the request of the mining operator. (6) The Minister may consider all or any of the matters in subsection (2) in recalculating an amount of mining security under subsection (5). (7) The regulations may prescribe a minimum amount of mining security in relation to a mining activity or class of mining activities or in a circumstance or class of circumstances.