Improvements to the quarry rehabilitation bond system

Resources Victoria is helping ensure ongoing investment in the state’s quarry sector through reforms to the state’s rehabilitation bond system.

Resources Victoria is helping ensure ongoing investment in the state’s quarry sector through reforms to the state’s rehabilitation bond system.

Quarry operators must lodge a last-resort rehabilitation bond with the government before extraction begins. This bond is a financial guarantee that funds will be available for rehabilitation.

Working with industry and insurance specialists, Resources Victoria has revised how bonds are calculated, resulting in lower standard rates for the rehabilitation bond calculator and a new simplified calculator for low-risk sites. The new calculator will reduce administrative requirements for simpler operations.

This better reflects the risks associated with quarries, striking the right balance between managing risk and attracting ongoing investment.

To encourage progressive site rehabilitation, Resources Victoria has introduced the Quarry Rehabilitation Performance Incentive Scheme. Under the scheme, quarries that progressively restore their site and have an up-to-date rehabilitation plan may be eligible for lower bond amounts.

These changes follow the recommendations of an independent review of Victoria’s quarry rehabilitation bond system.

Quarries do not last forever, and rehabilitation remains a crucial part of their lifecycle.  Resources Victoria will continue to work with the sector to improve how the industry is regulated.

Learn more

Register for a webinar on Tuesday 16 June at 11 am to learn more about these changes and their benefits.