financial provision mining

financial provision mining

September 2016 PwC

for Prospecting, Exploration, Mining or Production Operations September 2016 However, changes to environmental legislation related to mining prompted the ministers of the Department of Environmental Affairs (DEA) and the Department of Mineral Resources (DMR) to subsequently change the requirements for making financial provision for the management,

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Financial Provisions for Rehabilitation and Closure in

4 WWF SA 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

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Financial Provisioning Regulations, 2017 Werksmans

Dec 06, 20170183;32;The aforementioned consultation has now culminated in the publication, on 10 November 2017, of the new Proposed Regulations Pertaining to the Financial Provision for Prospecting, Exploration, Mining or Production Operations GNR 1228 GG 41236 of 10 November 2017 (Draft Regulations),which seek to repeal the 2015 Regulations. Comments

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Guidance on Financial Provision for Environmental Liabilities

Guidance on Financial Provision for Environmental Liabilities 4 Section 3 Overview of the financial provision process The process of putting financial provision in place is shown in the flow chart Figure 3.1. Upon approval of the costing of environmental liabilities, the licensee must promptly indicate the

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GUIDELINE DOCUMENT FOR THE EVALUATION OF THE

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

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National Environmental Management Act (107/1998

FINANCIAL PROVISION Determination of financial provision 4. An applicant, holder or holder of a right or permit must determine and make financial provision to guarantee the availability of sufficient funds to undertake rehabilitation and remediation of the adverse environmental impacts of prospecting, exploration, mining or production

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Assuring your compliance to the new mine closure

Assuring your compliance to the new mine closure provisioning regulations Regulations Pertaining to the Financial Provision for Prospecting, Exploration, Mining or Production

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New financial provision regulations promulgated for mining

As is the case in most if not all mining jurisdictions, to operate within the extractives sector in South Africa companies have been required to make financial provision for the closure and rehabilitation of mining operations. Recent changes to the applicable law impose stricter requirements relating to the calculation of the financial provision.

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STANDARD GUIDANCE (COP 40) Mine Rehabilitation and

COP 40.3 Financial Provisions Members in the Mining Sector shall estimate the cost for implementation of the mine rehabilitation and closure plan for each Mining Facility, and shall put in place financial provisions to ensure availability of adequate resources to

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Financial Provisions for Rehabilitation and Closure in

page 6 WWF SA Mining Financial Provisions Clarification of links between the EMP guidelines and the DMR financial provision calculation guidelines to ensure comprehensive, easily referenced and quantified rehabilitation plans in EMPs.

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Concepts for the Regulations Pertaining to the Financial

mining activities were regulated in terms of the MPRDA In 2008 agreement to align the environmental function of mining Related to financial provision the agreement entailed Environmental function of mining to be regulated under NEMA Changes were made to NEMA 24P Financial provision for remediation of environmental damage

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FINANCIAL PROVISIONING REGULATIONS, 2017

The 2015 Regulations were immediately applicable to applicants financial provision to be set aside double accounting; and for a prospecting right, mining permit, mining right, exploration right or production right (i.e. new applicants).

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Green groups fight rehabilitation regulations Fin24

The 2015 regulations required that companies must allocate financial provisions that would cover 10 years of rehabilitation after mining has ceased. The new proposed draft regulations reduce financial provision to a period of three years.

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IFRS and the mining industry iasplus

the extent of data needed to be obtained and maintained for financial reporting differences. For IFRS and the mining industry, here are our views on the top ten accounting issues for Canadian issuers to consider from a financial reporting standpoint.

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FINANCIAL PROVISIONING REGULATIONS, 2017

The 2015 Regulations were immediately applicable to applicants financial provision to be set aside double accounting; and for a prospecting right, mining permit, mining right, exploration right or production right (i.e. new applicants).

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FINANCIAL PROVISION REGULATIONS Shangoni

FINANCIAL PROVISION REGULATIONS. Title Regulations Pertaining to the Financial Provision for Prospecting, Exploration, Mining or Production Operations Government Notice GN R1147 in GG 39425 of 20 November 2015 Date of commencement 20 November 2015 Potentially affected controls Annual financial provision calculation amp; financial provision vehicle, financial provision rates, approval of

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Provisioning Regulations Update on the Nema Financial

Update on the Nema Financial Provisioning Regulations The Financial Provisioning Regulations, 2015 (the Regulations) published in terms , assessment and adjustment of the nancial provision was substantially clearer direction to stakeholders in the mining and petroleum

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Cliffe Dekker Hofmeyr Crippling 2015 Mining Financial

Aug 26, 20160183;32;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.

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Transition from MPRDA 2002 to NEMA Continues Mining Law

Jul 13, 20170183;32;The primary purpose of these amendments was to ensure that all environment related aspects of mining would be regulated through one environmental system contained in NEMA and repeal all environmental provisions in the MPRDA. This system is known as One Environmental System, which for the current purpose commenced on 8 December 2014.

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Proposed overhaul of the Financial Provisioning

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

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Cliffe Dekker Hofmeyr Overhaul of financial provision

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.

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Proposed overhaul of the Financial Provisioning

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

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Concerns remain around much improved 2019 Financial

The latest attempt to end this debate was the May publication of the second draft of the Proposed Regulations Pertaining to the Financial Provision for the Rehabilitation and Remediation of Environmental Damage caused by Reconnaissance, Prospecting, Exploration, Mining or Production Operations'(FP Regulations).

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Proposed Financial Provisioning Regulations For Mining

Nov 21, 20170183;32;On 10 November 2017 the Minister of Environmental Affairs published Proposed Regulations Pertaining to the Financial Provision for Prospecting, Exploration, Mining or Production Operations for public comment. South Africa Energy and Natural Resources Clyde amp; Co 21 Nov 2017

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Proposed Financial Provisioning Regulations For Mining

Nov 21, 20170183;32;On 10 November 2017 the Minister of Environmental Affairs published Proposed Regulations Pertaining to the Financial Provision for Prospecting, Exploration, Mining or Production Operations for public comment. South Africa Energy and Natural Resources Clyde amp; Co 21 Nov 2017

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Cliffe Dekker Hofmeyr Crippling 2015 Mining Financial

Aug 26, 20160183;32;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.

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New Financial Provision Regulations Under NEMA

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New financial provision regulations under NEMA Clyde

The Purpose of the Regulations. The purpose of the Regulations is described as follows quot;to regulate the determine [sic] and making of financial provision as contemplated in the Act for the costs associated with the undertaking of management, rehabilitation and remediation of environmental impacts from prospecting, exploration, mining or production operations through the lifespan of such

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New financial provision regulations under NEMA Mining

Prior to any exploration, prospecting or mining taking place, rights applicants or holders must make financial provision for three things i) rehabilitation and remediation (on an on going basis

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National Environmental Management Act Regulations

National Environmental Management Act Regulations Financial provision for prospecting, exploration, mining or production operations

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