sec.712Provision about financial assurance

### sec.712 Provision about financial assurance This section applies to financial assurance for an environmental authority ( EA financial assurance ) if— the financial assurance is held by the administering authority immediately before the commencement of the section; and the activity carried out under the environmental authority is a small scale mining activity; and the chief executive cancels the environmental authority under section 277A; and a prescribed condition requires the holder of a mining tenure for carrying out the small scale mining activity to give the administering authority financial assurance for the tenure. If the amount of the EA financial assurance is equal to the amount required under the prescribed condition (the required amount ), the amount of the EA financial assurance is taken to be the financial assurance for the mining tenure. If the amount of the EA financial assurance is more than the required amount— the amount of the EA financial assurance that is equal to the required amount is taken to be the financial assurance for the mining tenure; and the administering authority must return to the holder the amount that is more than the required amount. If the amount of the EA financial assurance is less than the required amount— the amount of the EA financial assurance is taken to be part of the financial assurance for the mining tenure; and the holder must, to comply with the prescribed condition, give the administering authority the amount that is the difference between the required amount and the EA financial assurance. s 712 ins 2013 No. 10 s 4 (sec.712-ssec.1) This section applies to financial assurance for an environmental authority ( EA financial assurance ) if— the financial assurance is held by the administering authority immediately before the commencement of the section; and the activity carried out under the environmental authority is a small scale mining activity; and the chief executive cancels the environmental authority under section 277A; and a prescribed condition requires the holder of a mining tenure for carrying out the small scale mining activity to give the administering authority financial assurance for the tenure. (sec.712-ssec.2) If the amount of the EA financial assurance is equal to the amount required under the prescribed condition (the required amount ), the amount of the EA financial assurance is taken to be the financial assurance for the mining tenure. (sec.712-ssec.3) If the amount of the EA financial assurance is more than the required amount— the amount of the EA financial assurance that is equal to the required amount is taken to be the financial assurance for the mining tenure; and the administering authority must return to the holder the amount that is more than the required amount. (sec.712-ssec.4) If the amount of the EA financial assurance is less than the required amount— the amount of the EA financial assurance is taken to be part of the financial assurance for the mining tenure; and the holder must, to comply with the prescribed condition, give the administering authority the amount that is the difference between the required amount and the EA financial assurance. - (a) the financial assurance is held by the administering authority immediately before the commencement of the section; and - (b) the activity carried out under the environmental authority is a small scale mining activity; and - (c) the chief executive cancels the environmental authority under section 277A; and - (d) a prescribed condition requires the holder of a mining tenure for carrying out the small scale mining activity to give the administering authority financial assurance for the tenure. - (a) the amount of the EA financial assurance that is equal to the required amount is taken to be the financial assurance for the mining tenure; and - (b) the administering authority must return to the holder the amount that is more than the required amount. - (a) the amount of the EA financial assurance is taken to be part of the financial assurance for the mining tenure; and - (b) the holder must, to comply with the prescribed condition, give the administering authority the amount that is the difference between the required amount and the EA financial assurance.