KORELLA NORTH’S ENVIRONMENTAL REHABILITATION SURETY TO BE CONFIRMED
The Queensland Department of Environment, Tourism, Science and Innovation has made its decision on the level of environmental rehabilitation surety for Chatham Rock Phosphate Ltd.’s Korella North mine.
The surety as determined by its estimated rehabilitation cost decision is $419,304.88 (Australian) (excluding goods and services tax). The application to the department for establishing the level of surety could only take place once the Korella North mine’s ML100379 was granted. The grant date was Sept. 28, 2024, with official notification not taking place until Oct. 4, 2024.
The Queensland Treasury will now undertake the risk category assessment of the estimated rehabilitation cost decision. Based on the risk category allocation, the final relevant surety or contribution invoice, along with the assessment fee will be issued by way of invoice to Avenir Makatea Pty. Ltd. (Chatham Rock’s wholly owned Australian subsidiary) and the holder of Korella North mining lease ML100379.
Once Queensland Treasury receives the acceptable surety or contribution and the assessment fee, the Queensland Treasury system will automatically notify the Department of Natural Resources and Mines, Manufacturing, and Regional and Rural Development and the Department of the Environment, Tourism, Science and Innovation that the environmental authority is provisioned and on-site activities can commence.
Without notification of the posting of the surety, no on-site activities can take place.
While Queensland Treasury can take up to three months to confirm the level of the bond, due to the scale of the Korella North mine, the time frame for the approval is expected to be much shorter.
Chatham Rock will keep shareholders informed when on-site activities can commence.
