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Mining company's licence suspended over unpaid deposits

Thursday, 18 Aug 2016 05:41:56

Young Mining owes $500,000 in environmental rehabilitation security deposits. (ABC News)

Young Mining, based in the New South Wales Riverina, has had its licence suspended over unpaid environmental rehabilitation security deposits.

Young Mining has been ordered to suspend all operations from this morning.

The State Government's Department of Industry's Resources Regulator says the company, a subsidiary of Orind Australia Pty Ltd, owes $500,000 dollars in deposits.

The deposits are held by the Government as security, in the event of environmental damage and in case the company has collapsed and cannot pay for the clean-up.

The NSW Resources Regulator chief compliance officer, Lee Shearer, said the company had been warned about the outstanding money since 2013.

"Young Mining has been given more than sufficient time to pay the additional security deposit," Mr Shearer said.

"The regulator has provided reasonable extensions to the suspension notice to allow the company to meet its obligations.

"Despite repeated assurances from the company, the timelines have not been met and the required security deposit remains outstanding."

The licence suspension means all mining operations must be stopped from today.

A manager at the local Young Mining office told the ABC when contacted yesterday afternoon that he was unaware of the licence suspension.

The department said if the company failed to pay the money, the licence could be cancelled.

AustraliaPlus


 

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