Financial provisioning scheme

The Mineral and Energy Resources (Financial Provisioning) Act 2018 (the Act) came into force on 1 April 2019. The Act replaced the prior financial assurance arrangements for resource activities under the Environmental Protection Act 1994 (EP Act) with the Financial Provisioning Scheme (the Scheme).

The Scheme is administered by the Scheme Manager, a statutory officer supported by Queensland Treasury. Mr Timothy Michael was appointed as the Scheme Manager on 29 June 2023 by the Governor in Council.

The purpose of the Scheme is to improve the State’s management of its financial risk in the event holders of a resource activity environmental authority (holders) or small scale mining tenure (SSMT) fail to comply with their environmental management and rehabilitation obligations.  Over time, the scheme will also provide funds to support rehabilitation of abandoned mines and expand research into mine rehabilitation.

See the Financial provisioning scheme for more information about the Act and the Scheme guidelines.