ARTICLE · 12 FEBRUARY 2016

New Financial Provision Regulations Under NEMA

Clyde & Co

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Exacting requirements for the mining industry and an alert for environmental guarantee insurers: the new financial provision regulations under the National Environmental Management Act (NEMA).

South AfricaEnvironment

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Exacting requirements for the mining industry and an alert for environmental guarantee insurers: the new financial provision regulations under the National Environmental Management Act (NEMA)

The Purpose of the Regulations

The purpose of the Regulations is described as follows:

"...to regulate the determine [sic] and making of financial provision as contemplated in the Act for the costs associated with the undertaking of management, rehabilitation and remediation of environmental impacts from prospecting, exploration, mining or production operations through the lifespan of such operations and latent or residual environmental impacts that may become known in the future."

The publication of the Regulations in terms of NEMA is in line with a move towards 'One Environmental System', and the transfer of all environmental governance law out of the domain of the MPRDA.

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