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Mineral and Energy Resources (Financial Provisioning) Act 2018
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Mineral and Energy Resources (Financial Provisioning) Act 2018
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This section applies if— an authority is allocated to a risk category; and the estimated rehabilitation cost for the authority is equal to or more than the prescribed ERC amount; and a changed holder event happens in relation to the authority. Also, this section applies if— the estimated rehabilitation cost for an authority is equal to or more than $100,000 but less than the prescribed ERC amount; and a changed holder event happens in relation to the authority; and the scheme manager gives the changed holder an election notice for the authority. If the authority is allocated to a risk category, the scheme manager may— review the risk category to which the authority is allocated; and decide to confirm or change the risk category to which the authority is allocated (the changed holder review allocation ). If the authority is not allocated to a risk category, the scheme manager must— decide to allocate the authority to a risk category (the changed holder initial allocation ); and decide the annual review allocation day for the authority. In making the changed holder allocation, the scheme manager— must consider— the scheme manager’s opinion of the probability mentioned in section 27 (2) (a) (i) having regard to the changed holder; and submissions made under section 34 ; and the scheme guidelines; and may consider any other matter the scheme manager considers relevant. In forming an opinion under subsection (5) (a) (i) , the scheme manager— must consider— the financial soundness of the changed holder; and the scheme guidelines; and may consider— the characteristics of a resource project to which the authority relates; and any other matter the scheme manager considers relevant to forming the opinion. In considering the financial soundness of the changed holder, the scheme manager may consider the financial soundness of a parent corporation of the changed holder. If there is more than 1 holder, or changed holder, of the authority, the scheme manager— may consider the financial soundness of any or all of the holders, or changed holders, of the authority; and in considering the financial soundness of any or all of the holders, or changed holders, of the authority, may consider the financial soundness of a parent corporation of any or all of the holders, or changed holders, of the authority; and must assign the authority to only 1 of the holders, or changed holders, of the authority (the relevant holder of the authority). In deciding the annual review allocation day, the scheme manager— must consider— the effect the day will have on the operation of the scheme; and any administrative efficiencies the day may achieve for the changed holder of the authority; and submissions made under section 34 ; and may consider any other matter the scheme manager considers relevant. s 32 amd 2020 No. 26 s 118 sch 1 ; 2020 No. 14 s 98 ; 2024 No. 33 s 102 (sec.32-ssec.1) This section applies if— an authority is allocated to a risk category; and the estimated rehabilitation cost for the authority is equal to or more than the prescribed ERC amount; and a changed holder event happens in relation to the authority. (sec.32-ssec.2) Also, this section applies if— the estimated rehabilitation cost for an authority is equal to or more than $100,000 but less than the prescribed ERC amount; and a changed holder event happens in relation to the authority; and the scheme manager gives the changed holder an election notice for the authority. (sec.32-ssec.3) If the authority is allocated to a risk category, the scheme manager may— review the risk category to which the authority is allocated; and decide to confirm or change the risk category to which the authority is allocated (the changed holder review allocation ). (sec.32-ssec.4) If the authority is not allocated to a risk category, the scheme manager must— decide to allocate the authority to a risk category (the changed holder initial allocation ); and decide the annual review allocation day for the authority. (sec.32-ssec.5) In making the changed holder allocation, the scheme manager— must consider— the scheme manager’s opinion of the probability mentioned in section 27 (2) (a) (i) having regard to the changed holder; and submissions made under section 34 ; and the scheme guidelines; and may consider any other matter the scheme manager considers relevant. (sec.32-ssec.6) In forming an opinion under subsection (5) (a) (i) , the scheme manager— must consider— the financial soundness of the changed holder; and the scheme guidelines; and may consider— the characteristics of a resource project to which the authority relates; and any other matter the scheme manager considers relevant to forming the opinion. (sec.32-ssec.7) In considering the financial soundness of the changed holder, the scheme manager may consider the financial soundness of a parent corporation of the changed holder. (sec.32-ssec.8) If there is more than 1 holder, or changed holder, of the authority, the scheme manager— may consider the financial soundness of any or all of the holders, or changed holders, of the authority; and in considering the financial soundness of any or all of the holders, or changed holders, of the authority, may consider the financial soundness of a parent corporation of any or all of the holders, or changed holders, of the authority; and must assign the authority to only 1 of the holders, or changed holders, of the authority (the relevant holder of the authority). (sec.32-ssec.9) In deciding the annual review allocation day, the scheme manager— must consider— the effect the day will have on the operation of the scheme; and any administrative efficiencies the day may achieve for the changed holder of the authority; and submissions made under section 34 ; and may consider any other matter the scheme manager considers relevant.