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  • Proposed Financial Provisioning Regulations for Mining

    20171110&ensp·&enspOn 10 November 2017 the Minister of Environmental Affairs published Proposed Regulations Pertaining to the Financial Provision for Prospecting, Exploration, Mining or

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  • THE FUTURE HOLD FOR COAL Cliffe Dekker Hofmeyr

    201825&ensp·&enspfinancial provision regime for the mineral and petroleum sectors has finally been proposed. Some of the criticism levelled against the financial provision framework has been considered. The publiion of the Financial Provision Regulations for Prospecting, Exploration, Mining or Production Operations by the Minister of Environmental Affairs on

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  • New financial provision regulations under NEMA Mining

    201629&ensp·&enspPrior to these Regulations, the required quantum for financial provision was determined through reference to Regulations 53 and 54 under the MPRDA, and

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  • 10 FINANCIAL PROVISION ERM

    2016125&ensp·&enspThe 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.

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  • Provision (accounting) Wikipedia

    Chinese

    20181129&ensp·&enspIn financial accounting, a provision is an account which records a present liability of an entity. The recording of the liability in the entity's balance sheet is matched to an appropriate expense account in the entity's income statement. The preceding is correct in IFRS. In U.S. GAAP, a provision

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  • Financial Provision European Commission

    2017327&ensp·&enspwhen implementing financial provision. Preliminary conclusions are provided, addressing the scope of the problem, the acceptability and availability of suitable financial provision mechanisms, common approaches across Europe, and the role of regulators in ensuring financial provisions work in practice. Recommendations for a work

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  • National environmental management act 107 of 1998

    On 20 November 2015 in Government Gazette 39425 Notice Number GN R1147 the Minister of Environmental Affairs published the Regulations Pertaining to Financial Provision for Prospecting, Mining, Exploration and Production Operations (the Financial Provisioning Regulations, 2015) which came into effect on the date of publiion in the Gazette.

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  • New financial provision regulations under NEMA Polity.za

    201629&ensp·&enspThe inclusion of this provision in the regulations setting out how to calculate the financial provision is a clear indiion that the quantum of the provision will necessarily increase. The adequacy of the financial provision must be reviewed and assessed annually.

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  • FINANCIAL PROVISION REGULATIONS Shangoni

    CHAPTER 2 – FINANCIAL PROVISION. An applicant or holder of a permit or right must determine and make financial provision to guarantee the availability of sufficient funds for the rehabilitation and remediation of adverse environmental impacts to the satisfaction of

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  • PROVISION meaning in the Cambridge English Dictionary

    provision definition: 1. the act of providing something: 2. supplies of food and other necessary things: 3. a statement within an agreement or a law that a particular thing must happen or be done, especially before another can happen or be done: . Learn more.

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  • IFRS and the mining industry IAS Plus

    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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  • Overhaul of financial provision regime takes a step in the

    The publiion 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

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  • Mine closure, rehabilitation and retention of financial

    2015127&ensp·&ensp•Open access small mining –digging pits and washing ores •Clearing vegetation, siltation & severe erosion making the land unsuitable for agriculture •Disease, some fatal to young Retention of financial provision (and why 20 years is inappropriate (s.43(6))

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  • Financial Reporting in the Global Mining Industry IAS Plus

    in the case of mining enterprises and that, longer term, a joint industry group should develop a common set of reserve definitions. The committee did not develop a tentative view on the determination of the commodity price to be adopted for measuring reserve quantities. In the gold mining sector, we looked at six major companies.

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  • Financial Provisions for Rehabilitation and Closure in

    2012815&ensp·&enspfinancial provision for closure (uncertainty with regard to the adequacy of financial provisions appears to be the greatest challenge in relation to providing for adequate post closure water treatment and management).

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  • Energy, utilities & resources: Industries: PwC

    2017926&ensp·&enspEnergy, utilities & resources. We provide assurance, tax and advisory guidance to the oil and gas, power and utilities, mining and metals and chemicals companies. The 2018 financial year proved to be a challenging year for South African mining companies, read the

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  • Tabling of NEMA financial provision regulations imminent

    2017102&ensp·&enspThe next draft of the proposed changes to the NEMA Financial Provision Regulations are expected to be published by government for the last round of public comment. Over the last 15 months, government has engaged in consultations with various stakeholders on the

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  • Guidance on Financial Provision for Environmental Liabilities

    2018713&ensp·&enspGuidance 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 flowchart Figure 3.1. Upon approval of the costing of environmental

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  • Minister Edna Molewa publishes an amendment to the

    These Regulations regulate the arrangements related to making financial provision for costs associated with the remediation and rehabilitation of impacts to the environment associated with mining activities.

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  • MINE CLOSURE FROlVI A LEGAL PERSPECTIVE:

    20101010&ensp·&enspfinancial provision and/or the assumption of responsibility by a third party) have been made and agreed to in the EMP or closure plan to ensure acceptable postclosure management and maintenance of the rehabilitated mining area.

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  • FINANCIAL PROVISION AND CLOSURE APPLICATIONS

    2016425&ensp·&enspprovision to rehabilitate or manage the negative environmental impacts. GCS makes use of the Department of Mineral Resources (DMR) Guideline Document for the Evaluation of Financial Provisions made by the Mining Industry. The guideline document contains the methodology for the assessment of the quantum for financial provision.

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  • DMR clarifies its mine rehabilitation financial provision

    20161025&ensp·&enspThe DMR notes that when certain financial institutions terminated their relationship with the mining rights holder, it notified the department of its intention to transfer the rehabilitation funds which were held with Standard Bank, to another financial institution.

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  • Evolving Financial Provision Requirements For Mines In

    With the advent of the 2016 financial year, mining companies had more questions than answers as to how the more onerous legal regime imposed on mining companies in respect of financial provision for mine closure and environmental rehabilitation in the Financial Provisioning Regulations under the National Environmental Management Act 107 of 1998 (NEMA), promulgated on 20 November 2015 in

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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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  • Financial Provisions for Rehabilitation and Closure in

    2012815&ensp·&ensppage 6 WWFSA Mining Financial Provisions • Clarifiion 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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  • Cliffe Dekker Hofmeyr "Crippling" 2015 Mining Financial

    2018123&ensp·&enspThe Financial Provision Regulations (2015 Regulations) publiion 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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  • 2389. Provision for mining rehabilitation SAICA

    201822&ensp·&enspMINING 2389. Provision for mining rehabilitation FEBRUARY 2015 – ISSUE 185. Mining companies generally make financial provision for rehabilitation by way of rehabilitation trusts or financial guarantees through a financial institution or with insurance policies.

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  • DMR clarifies its mine rehabilitation financial provision

    20161025&ensp·&enspThe DMR notes that when certain financial institutions terminated their relationship with the mining rights holder, it notified the department of its intention to transfer the rehabilitation funds which were held with Standard Bank, to another financial institution.

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  • Financial Surety for Mine Closure final1 World Bank

    2009622&ensp·&enspinstruments, to cover the cost of closure at any stage in the mine life, including provision for early, or temporary closure. Funding should be by either a cash accrual system or a financial guarantee. The two acceptable cash accrual systems are fully funded escrow accounts (including government managed arrangements) or sinking funds.

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  • September 2016 PwC

    20161124&ensp·&ensprequirements for making financial provision for the management, rehabilitation and remediation of environmental impacts arising from mining operations. On 20 November 2015, the Minister of Environmental Affairs for South Africa promulgated the new Regulations for Financial Provision for Prospecting, Exploration, Mining and Production

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  • Proposed Regulations pertaining to the Financial

    201821&ensp·&enspprovision as well as the audit of the financial provision once submitted to the DMR must be made available on a publically accessible website of the mining company, at the site office of the prospecting or mining operations and must be made available to

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  • Pitfalls arising from the financial provision for mining

    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

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  • New Financial Provision Regulations Under NEMA

    2016212&ensp·&enspNew Financial Provision Regulations Under NEMA The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be

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  • Mining companies must be more transparent about

    2018620&ensp·&enspNeither the law nor the accounting standards governing company disclosures ensure that mining companies are transparent about financial provision set aside to

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  • Pitfalls Arising From The Financial Provision For Mining

    Mining companies generally make financial provision for rehabilitation by virtue of rehabilitation trusts or financial guarantees through a financial institution or lately, insurance policies.

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  • IFRS and the mining industry IAS Plus

    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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  • Pitfalls arising from the financial provision for mining

    Pitfalls arising from the financial provision for mining rehabilitation by the tax department Mining companies generally make financial provision for rehabilitation by virtue of rehabilitation trusts or financial guarantees through a financial institution or lately, insurance policies.

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  • New financial provision regulations under NEMA : Clyde

    2018125&ensp·&enspThe inclusion of this provision in the regulations setting out how to calculate the financial provision is a clear indiion that the quantum of the provision will necessarily increase. The adequacy of the financial provision must be reviewed and assessed annually.

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