The Minister of Environmental Affairs has, in terms of section 44(aE), (aF), (aG), (aH) read with sections 24(5)(b)(ix), 24(5)(d), 24N, 24P and 24R of the NEMA, amended the Financial Provisioning Regulations, 2015 (“Regulations”). (The Regulations are limited to exploration, prospecting, mining and production operations).
The amendments delete regulation 17(5) of the Regulations and replace same with alternative transitional arrangements which allow holders who had applied for rights or permits before the coming into effect of the Regulations, but which applications had been or will be approved after commencement of the Regulations, with 39 months from commencement of the Regulations to adjust their financial provision. This additional leeway is also afforded to existing holders through regulation 17(4) of the Regulations.
