Queensland Numbered Acts

MINERAL AND ENERGY RESOURCES (FINANCIAL PROVISIONING) ACT 2018 - SECT 57

57 When holder must give increased surety

(1) This section applies if—

(a) a surety is given for an authority mentioned in section 53(a), (b) or (c); and

(b) within 12 months after the allocation decision for the authority mentioned in section 53(a), (b) or (c), the estimated rehabilitation cost for the authority increases.

(2) In addition to giving the surety under section 55, the holder of the authority must give a surety in the amount—

(a) for an authority mentioned in section 53(a) or (c)—that equals the amount of the increased estimated rehabilitation cost for the authority less the amount of the surety for the authority already given; or

(b) for an authority mentioned in section 53(b)—that equals the amount of the increased estimated rehabilitation cost for the authority less both the fund threshold and the amount of the surety for the authority already given.

(3) The surety must be in the form approved by the scheme manager under section 56.

(4) The surety must be given within 30 business days after the estimated rehabilitation cost for the authority increases.

(5) The scheme manager may extend the period mentioned in subsection (4) if the scheme manager is satisfied it is not reasonably practicable for the holder to obtain the surety within the period.