Developments in relation to the Financial Provisioning
Regulations, 2015 published in terms of the National Environmental
Management Act.
The Financial Provisioning Regulations which were published
under the National Environmental Management Act ("NEMA")
in November 2015 sent shock waves through the mining industry,
as they drastically changed the approach to the calculation of the
financial provision which companies are required to set aside for
the rehabilitation of ground disturbed through mining activities,
as well as the purpose for which financial vehicles could be used
in making this financial provision.
We have previously summarised the major changes brought about by
these Regulations, which can be accessed
here. All persons affected by the Regulations were initially
due to have brought the financial provision made by them into line
with the new Regulations before February 2017.
