Mining securities released
The Northern Territory Government has introduced a new policy to release the amount of security held against individual authorised mining activities.
The Northern Territory Government currently holds almost $1.4 billion of mining securities with nine major mines making up more than 90% of the total amount.
Under the Mining Management Act (MMA), before an approved mining activity may commence, a mine operator is required to provide a Mining Management Plan (MMP) for approval and an appropriate level of security.
This security is held to secure the operator's obligation to comply with the MMA or to prevent, minimise or rectify environmental harm caused by mining activities.
A mining operator must rectify any environmental harm caused by mining and progressively rehabilitate the affected area during operation and once mining has ceased.
The mechanisms for making the security available to the public will be via a web- based portal that displays the relevant information that is held in the mining register. This will take some time to develop. In the meantime, the nine major mine securities with current MMPs can be found on the department's website.
Until the web- based portal mechanism has been developed for the remaining securities held against individual mining activities projects, they will be provided by the Department of Primary Industry and Resources on written request.