National Environmental Management Act, 1998 (Act No. 107 of 1998)RegulationsFinancial Provisioning Regulations, 2015Chapter 2 : Financial Provision9. General requirements for financial provision |
| (1) | The determination, review and assessment contemplated in regulations 4, 5, 6, 7 10 and 11 must be undertaken by a specialist or specialists. |
| (2) | The financial provision liability associated with annual rehabilitation, final closure or latent or residual environmental impacts may not be deferred against assets at mine closure or mine infrastructure salvage value. |
| (3) | The proof of making or adjusting the financial provision provided by the applicant or holder of a right or permit must identify the manner in which the financial provision will be apportioned through the use of appropriate financial vehicles as provided for in regulation 8(1), as applicable. |
| (4) | Where regulation 8(1)(a) applies, the proof of making or adjusting the financial provision contemplated in regulations 10(b), 11(3) or 11(4)(a), as the case may be, must be accompanied by a verification of registration of the financial institution contemplated in those sub-regulations. |
| (5) | Where an applicant or holder a right or permit makes use of the financial vehicle contemplated in regulation 8(1)(b), any interest earned on the deposit shall first be used to defray bank charges in respect of that account and thereafter accumulate and form part of the financial provision. |
| (6) | Where financial provision is made for remediation of latent or residual environmental impacts which may become known in the future, including the pumping and treatment of polluted or extraneous water, as contemplated in regulation 5(c) and 6(c), the financial vehicle used for that purpose must, on issuance of a closure certificate in terms of the Mineral and Petroleum Resources Development Act, 2002, be ceded to the Minister responsible for mineral resources, or, if the financial vehicle contemplated in regulation 8(1)(c) is used, the trustees must authorise payment to the Minister responsible for mineral resources. |