Queensland Numbered Acts

MINERAL AND ENERGY RESOURCES (FINANCIAL PROVISIONING) ACT 2018 - SECT 47

47 Holder must pay contribution to scheme fund

(1) The holder of the authority must pay a contribution to the scheme fund within 30 business days after—

(a) for an initial allocation decision—the initial allocation day for the authority; or

(b) for a changed holder review decision—the day the decision takes effect under section 37; or

(c) for an annual review decision—the annual review day for the authority.

Note—

The holder of the authority must not carry out, or allow the carrying out of, a resource activity under the authority unless the holder has paid the contribution—see the Environmental Protection Act 1994 , section 297.

(2) The contribution payable must be worked out using the formula—
C = A x B
where—

"A"
"" is the estimated rehabilitation cost for the authority at the beginning of the day that is—

(a) for an initial allocation decision—the initial allocation day for the authority; or

(b) for a changed holder review decision—the day the decision takes effect under section 37; or

(c) for an annual review decision—the annual review day for the authority.

"B" is the prescribed percentage for the authority.

"C" is the amount of the contribution.

(3) For the Mineral and Energy Resources (Common Provisions) Act 2014 , section 20A, the holder mentioned in subsection (1) is the entity mentioned in section 20A(2) of that Act.