Victoria unveils plan to cut red tape, boost investment in mining
PERTH (miningweekly.com) – The Association of Mining and Exploration Companies (Amec) has welcomed the Victorian government’s announcement that it would introduce an overhaul of the state’s approval processes and that it would reduce environmental bonding.
Acting Premier Peter Ryan this week announced a number of reforms aimed at cutting red tape and boosting productivity and investment in the mining sector.
Under the new reforms, miners could develop rehabilitation programmes on public land, instead of crown land, making it cheaper and easier for companies to meet rehabilitation standards.
The reform would also reduce the current rehabilitation bonds by about 50% during the start-up phase of mining projects, while Ryan said the government would introduce a cash bond for individual bonds up to A$100 000 as an alternative to bank guarantees.
The process for returning the rehabilitation bonds would also be streamlined to ensure a timely repayment.
Furthermore, the state government would introduce an online system for the award of mining exploration licences.
“The Victorian government has evidently understood the needs of the mining and exploration sector. Victoria needs to compete with every other jurisdiction worldwide to attract exploration investment and remove costs,” said Amec CEO Simon Bennison.
“The reduction of environmental bonds and the determination to reduce assessment timeframes are a good start; however more needs to be done to reduce costs and delays to industry.”
Bennison noted that the initiatives would not reduce environmental standards or company responsibilities. It would ensure that explorers had a better chance of being successful in spending capital that benefits all Victorians.
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