Site rehabilitation and post-closure
Before any work can commence, a detailed work plan outlining WHSP Stockman's plans to operate the mine from commencement to rehabilitation and closure must be submitted for approval by the department.
If the work plan is approved, we will require WHSP Stockman to provide a rehabilitation bond as financial security for 100 per cent of the estimated costs of rehabilitation, in the form of a bank guarantee.
Funding the cost of post-closure monitoring and maintenance
In December 2017, the Victorian Government and CopperChem Limited (the parent company of WHSP Stockman) finalised an agreement to ensure the successful rehabilitation and monitoring of the Stockman Project site upon the completion of mining operations.
The agreement requires WHSP Stockman to fund the total cost of monitoring and maintaining the Tailings Storage Facility (TSF) in perpetuity by making a payment to the State immediately prior to the closure of the site, following the cessation of mining and completion of site rehabilitation. This post-closure bond is in addition to the rehabilitation bond.
To protect the State of Victoria against the company defaulting on its obligation, the agreement requires WHSP Stockman to provide the State with a bank guarantee in the amount of $5.77 million for monitoring and maintaining the TSF in perpetuity (adjusted every five years for consumer price index). WHSP Stockman will also be required to contribute up to $1 million towards insurance for residual property and environmental risks.
You can view the full post-closure deed between the Victorian Government and WHSP Stockman below:
Page last updated: 21 Apr 2020