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
FINANCIAL PROVISION AND CLOSURE APPLICATIONS Closure refers to the process leading to the issue of a closure certiﬁcate in terms of Section 43 of the Minerals and Petroleum Resources Development Act, 2002 (Act No 28 of 2002) (MPRDA). In terms of Section 41 (3) of the MPRDA, an applicant must make
mining financial provision mprda greenrevolution. Anglo American Kumba Iron Ore The Act. The nature of prospecting and mining rights under the MPRDA with the mining work programme, (ii) the applicant has access to financial resources, of any provision of the MPRDA and (ix) that the granting of the mining right will further the
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.
provision for residual environmental impacts that may become known in the future. On 20 November 2015, Bomo Edith Edna Molewa, Minister of Environmental Affairs for South Africa, promulgated the Regulations for ﬁnancial provision for prospecting, exploration and mining operations (the Financial Provisioning Regulations - Regulation 1147).
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 ...
Mining companies in South Africa are required to make financial provision in terms of the Mineral and Petroleum Resources Development Act No. 28 of 2002 (the MPRDA), read with the National Environmental Management Act No. 107 of 1998 (NEMA), for the rehabilitation of the mining areas on which mining activities are conducted (this will in future ...
Previous financial provision requirements under MPRDA Section 41 of the MPRDA, which has subsequently been repealed, required that an applicant for a prospecting right, mining right or mining permit make a prescribed financial provision for the rehabilitation or management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
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"
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
• The MPRDA prescribes circumstances whena mining company must apply for a closure certificate. Many ... Current situation MPRDA s.43(6) (retention of financial provision) ... Retention of financial provision (and why 20 years is inappropriate (s.43(6))
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 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.
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.
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
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 ...
Dec 06, 2017· 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 ...
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).
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 ...
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 ... WWF-SA Mining Financial Provisions | page 7
DEA CLARIFICATION NOTE ON FINANCIAL PROVISION REGULATIONS PUBLISHED. The Regulations Pertaining to the Financial Provision for Prospecting, Exploration, Mining or Production Operations (GN R1147 on 20 November 2015) ("the Regulations") were published on 20 November 2015 and the mining industry has raised its concerns regarding the implementation of these regulations.
The financial provision for the environmental rehabilitation and closure of any mine and its associated mining operations forms an integral part of the MPRDA, and is addressed in Sections 41(1), 41(2), 41(3) and 45 of the Act. The calculation of closure costs is based on Figure 10.1, project description (Chapter
MINERAL AND PETROLEUM RESOURCES DEVELOPMENT ACT 28 OF 2002 (Gazette No. 23922, Notice No. 1273 dated 10 October 2002. ... 53 Methods for financial provision 54 Quantum of financial provision ... "the Act" means the Mineral and Petroleum Resources Development Act…
Nov 28, 2011· Section 41 of the MPRDA prescribes financial provision for the remediation of environmental damage. Before the minister approves an EMPr or EMP, the applicant for a prospecting right, mining right or mining permit must make the prescribed financial provision for the rehabilitation or management of negative environmental impacts.
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
May 13, 2016· A mining right or permit application or prospecting right application will now not be granted prior to the acceptance of the specified plans and the financial provisions by the DMR. The plans must be included in the Environmental Management Programme (EMPr) which will be subject to stakeholder review during the environmental authorisation process.
Aug 13, 2015· A guide to developing mining projects. South Africa. Content. Content. ... which activity does not contravene the provisions of the MPRDA. ... The environmental liability of the mine must be assessed annually and the financial provision must be increased to the satisfaction of the Minister of Mineral Resources. Three alternative funding ...
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
4.1 Are there special regulatory provisions relating to processing, refining and further beneficiation of mined minerals? The MPRDA provides that before any person intends to beneficiate any mineral mined in the Republic of South Africa outside the Republic, the holder may only do so after written notice and in consultation with the Minister.