GUIDELINE DOCUMENT FOR THE EVALUATION OF THE …

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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

Rehabilitation Plan and Closure Cost Estimate for the De ...

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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”

Assuring your compliance to the new mine closure ...

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Previous financial provision requirements under MPRDA Section 41 of the MPRDA, which has subsequently been repealed, required that an applicant for a prospecting right, mining right or mining permit make a prescribed financial provision for the rehabilitation or management of negative environmental impacts before the Minister would approve

mining financial provision mprda

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1014/16 CoM FAQs Financial provisions in NEMA .. in terms of the Minerals and Petroleum Resources Development Act (MPRDA), but ... The mining industry noted challenges with some of the provisions of the ... financial implications of the proposed NEMA Financial Provision regulations on...

New Financial Provision Regulations Under NEMA ...

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Feb 12, 2016· Exacting requirements for the mining industry and an alert for environmental guarantee insurers: the new financial provision regulations under the National Environmental Management Act (NEMA). South Africa Environment Clyde Co 12 Feb 2016

South Africa Mining Environmental Law Regulations ...

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The South African mining code (MPRDA) was constructed, amended, and will be further amended (if current proposals are adopted), with the object of increasing government control over, and increased economic returns from, the mining sector; the Section 11 "transfer of controlling interest" provisions ensure governmental control over the approval of new participants in the industry and infuses ...

Financial Provisioning Regulations, 2017 Werksmans

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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 ...

New financial provision regulations under NEMA : Clyde ...

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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 ClosureRelated Financial Provision Provided by a Mine, prepared by the Department of Minerals and Energy (as it then was) in 2005.

Financial Provisions for Rehabilitation and Closure in ...

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4 WWFSA 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

FINANCIAL PROVISION REGULATIONS Shangoni

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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.

mining financial provision mprda

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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.

Financial Provision Regulations NEMLA Bill

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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 ...

Proposed Regulations pertaining to the Financial ...

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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

Financial Provision Regulations 2019 Publications ...

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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 ...

Transition from MPRDA 2002 to NEMA Continues | Mining Law ...

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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.

Concerns remain around ‘much improved’ 2019 Financial ...

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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 ...

Proposed overhaul of the Financial Provisioning ...

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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).

Cliffe Dekker Hofmeyr “Crippling” 2015 Mining Financial ...

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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.

Financial Provisions for Rehabilitation and Closure in ...

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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 ... WWFSA Mining Financial Provisions | page 7

Mining in South Africa Lexology

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Jul 05, 2019· Is the government entitled to a carried interest, or a free carried interest in mining projects? The MPRDA contains no provision that entitles …

Mine closure, rehabilitation and retention of financial ...

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• The MPRDA prescribes circumstances whena mining company must apply for a closure certificate. Many ... Current situation MPRDA (6) (retention of financial provision) ... Retention of financial provision (and why 20 years is inappropriate ((6))

Financial Provision Regulations 20Nov2015

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• 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.

A discussion on the transitional provisions of the ...

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Jul 10, 2014· This is an important development as the definition of “financial provision” in the MPRDA, which only contained a general requirement for financial provision for holders of mining authorisations to undertake rehabilitation of the affected areas, has been deleted. The new provision …

Financial Provision Regulations 2019 Environment South ...

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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 ...

Mining 2020 | Laws and Regulations | South Africa | ICLG

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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

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financial provision. Officials in the DMR 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

Full Disclosure – The Truth About Mining Rehabilitation in ...

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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, 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 ...

Financial reporting in the mining industry International ...

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\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

Proposed overhaul of the Financial Provisioning ...

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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 ...

Krause, Centre for Applied Legal Studies, University ...

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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

Cliffe Dekker Hofmeyr Overhaul of financial provision ...

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The publication of the Financial Provision Regulations for Prospecting, Exploration, Mining or Production Operations by the Minister of Environmental Affairs on 20 November 2015 (2015 Regulations) was met with significant resistance, with the Chamber of Mines noting that it would have a “crippling effect” on the mining sector.

Evolving Financial Provision Requirements For Mines In ...

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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 ...

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