MINISTER OF Land and the Environment Dean Peart announced on Tuesday that amendments to the mining regulations, aimed at ensuring the sustainability of the industry, are to be introduced shortly.
Making his contribution to the 2005/2006 Sectoral Debate in Parliament, Minister Peart said the amendments would result in increased royalty payable on non-bauxite materials as well as a requirement that mined out lands be restored at a faster pace.
"I am pleased to announce that the mining division of my ministry completed the amendments to the mining regulations," the Land and Environment Minister said.
AREAS TO BE AMENDED
Among the areas addressed in the amended regulations are the increase in royalty payable on non-bauxite minerals, from 3.5 per cent to five per cent, and the introduction of an interest charge of 15 per cent per annum for late payments.
The amended regulations would also introduce a provision that mined out lands be restored no later than three years after the completion of mining operations in any area.
There would also be an increase in the penalty of US$25,000 for failing to restore a pit within the stipulated time, up from US$4,500. An additional charge of US$2,500 for each year the land remains unrestored would also be put in place.
Minister Peart said the current value of bonds required for the restoration of mines was "unrealistic" and "inadequate" at up to $150,000.
He said that, as a result, he had given instructions that a more realistic bond be put in place with immediate effect.
READY FOR APPROVAL
During his presentation, Mr. Peart also indicated that amendments to the Registration (Strata Titles) Act would finally be ready for Cabinet approval, by the end of July, after years in the making.
Minister Peart also said he wanted to sit with colleagues in other relevant ministries and agencies to discuss the creation of parallel housing solutions alongside large new developments.
According to the Land and Environment Minister, the lack of housing solutions near developments has contributed to the chronic problem of squatting in the island.
