PROPOSED FINANCIAL PROVISIONING REGULATIONS, 2019

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PROPOSED FINANCIAL PROVISIONING REGULATIONS, 2019

Title: Proposed regulations pertaining to financial provisioning for the rehabilitation and remediation of environmental damage caused by reconnaissance, prospecting, exploration, mining or production operations
Government Gazette Notice: GN 667 in GG 42464 of 17 May 2019
Commencing date: Not yet effective

The Minister of Environmental Affairs has given notice of her intention to make regulations pertaining to the financial provisioning for reconnaissance, prospecting, exploration, mining or production operations under the National Environmental Management Act 107 of 1998. The proposed Regulations will repeal and replace the current Financial Provisioning Regulations, 2015 (as amended) once promulgated. For a copy of the Government Notice click here.

Interested and affected parties are invited to submit written comments within 45 days of publication of this notice in the Gazette (1 July 2019) to the Department of Environmental Affairs at the following addresses:

By post to:
The Department of Environmental Affairs
The Director -General
Attention: Ms D Fischer
Private Bag X447
PRETORIA
0001

By hand at:
Reception Environment House
473 Steve Biko Road
Arcadia
PRETORIA
0083

By e-mail:   dfischer@environment.gov.za

Shangoni’s approach?
Shangoni is in the process of reviewing the proposed Regulations and will submit comments to the Department of Environmental Affairs to obtain clarity on certain issues within the proposed Regulations.

In terms of the transitional provisions of the proposed Regulations mining companies who applied for such right or permit prior to 20 November 2015 will have 3 months after its financial year end, that occurs after 20 February 2020, to comply with the Regulations.

Shangoni’s current approach is to align our clients’ financial provisioning with the proposed Financial Provisioning Regulations, 2019. Companies that have commenced with the process of reviewing and aligning its financial provisions in compliance with the Financial Provisioning Regulations, 2015 should not stop the process and leave the process until the proposed Regulations are published.

Please contact Emma Fourie at 012 807 7036 or emma@shangoni.co.za from our Closure and Rehabilitation department for assistance or queries.

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