If announcements are anything to go by, the immediate
future for the mining industry at a regulatory level is looking brighter. The
Queensland Government has announced their intention to attempt to decrease the
inefficiencies that currently exist at a compliance level in the resources sector.
Accordingly, the Queensland Government has recently
enacted legislation to streamline and harmonise procedures for dealing with
different types of resource interests, including exploration permits and mining
leases.
The legislation reduces the initial terms of mining claims
from 10 years to 5 years, and creates a new class of ‘non-assessable transfers’
(change of name, transfers of mortgages and subleases), that are not required
to be assessed before being registered. The legislation also creates a new
online platform, which aims to deliver information contained in mining and
petroleum registers more efficiently.
The Queensland Government has also announced its intention
to minimise the red tape that exists in current legislation. The Office of Best
Practice Regulation released a report in October 2012 recommending an immediate
review of occupational health and safety legislation and workers’ compensation
legislation that “impose red tape, increase the cost of business and reduce
competition” with a view to reducing the burden of regulation by 20% over six
years.
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