Young Mining has agreed to pay its rehabilitation security deposit in a move that will allow it to continue its South West Slopes Thuddungra operations.
The company has agreed to pay half the shortfall of the amended security deposit of over $342,000 to the NSW Department of Planning, Industry and Environment by 2 September, and the remaining half by 18 May next year.
The company has also agreed to pay half the Resources Regulator’s legal costs.
Resources Regulator Executive Director Anthony Keon said environmental rehabilitation security deposits were required on all mining lease authorisations and must cover the site’s rehabilitation costs.
“Mines are required to carry out progressive rehabilitation, and security deposits ensure that the State doesn’t get left with any financial liabilities if the holder of the mining lease authorisation defaults on their rehabilitation obligations,” Mr Keon said.
Young Mining had not paid the full security deposit required for mining lease CML15.
The Resources Regulator suspended operations at the company’s Thuddungra site but that decision was stayed following judicial review proceedings in the Supreme Court of NSW commenced by Young Mining Pty Ltd.
Young Mining has now committed to making the required payments.
Details about Mining Act cancellations and suspensions can be found here:
The original Young Mining CML15 suspension notice can be found here:
