Victoria Modernizes Mining Laws
The Brumby Labor Government has modernized Victoria’s mining laws to ensure that Regional Victoria benefits from more jobs and extra investment.
Minister for Energy and Resources Peter Batchelor said amendments to the Mineral Resources (Sustainable Development) Act 1990 passed today demonstrated the Brumby Labor Government’s commitment to a strong and productive mining industry in Victoria.
“These amendments ensure that Victoria’s mineral resources are managed sustainably while still contributing to the economy and providing employment opportunities in regional areas,” he said.
As part of the changes two new licences will be introduced:
- A retention licence can now be granted where a mineral resource has been identified but more work needs to be done before it can be mined. The retention licence will provide greater security of tenure and allows the mining company to further investigate the size and commerciality of the resource before they apply for a licence to mine it.
- A prospecting licence which will make it easier for small miners to explore a small area (up to 5 hectares) for up to five years by reducing the red tape associated with bigger more complicated projects.
“To ensure that licenses are held by those who will develop the resources these amendments also place a limit on the number of times exploration licences can be renewed,” Mr Batchelor said.
“This will improve competition, encourage new investment in the industry, stimulate exploration activity on existing licenses and promote future mineral development in Victoria.”
Mr Batchelor said prospectors have also welcomed changes to the Miners Right which will allow them to apply for a two-year licence or a new 10-year licence.
“The new 10-year Miner’s Rights will be a cost-effective option and will mean less administrative red tape for the Victorians who hold them,” Mr Batchelor said.
Other changes under the current package of amendments include:
- Changes to allow for private compensation arrangements between landowners and miners; and
- The option of informed consent to be expressed verbally between the landowner and the miner where exploration is low impact (using hand held tools) which will reduce time, paperwork and legal fees.
Further amendments to the MRSDA are proposed for 2011 and 2012 after consultation with industry, experts and other government agencies.
Please visit www.dpi.vic.gov.au/earth-resources for further information.
Topics: 2010, amendments, Australia, Brumby Labor Government, business, economic development, economic growth, economic recovery, Economy, employment, environment, exploration, Governance, government, infrastructure, investment, jobs, licenses, Mineral Resources Act 1990, mining, mining laws, mining states, monitor, MRSDA, natural resources, news, OECD, Peter Batchelor, profits, recession, Resource Super Profits Tax, savings, society, sustainabiltiy, tax reform, tax system, taxes, taxpayers, Victoria
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