Amendments proposed to Queensland's Resources Acts to promote new economy minerals

On 21 November 2022, the Coal Mining Safety and Health and Other Legislation Amendment Act 2022 (Amendment Act) received royal assent.  The majority of the Amendment Act commenced on that date, though Part 2 (which amended the Coal Mining Safety and Health Act 1999) commenced on 25 November 2022.

The key amendment will enable rent deferral for mining leases relating to new economy minerals.  The other amendments address operational issues and rectify clerical errors.  

The new amendments will provide the Minister with a discretionary power to defer rent for the grant of a mining lease for a "new economy mineral" (NEM) provided the deferred funds are redirected to the project's start-up and development costs.  Consequently, an amendment to the Mineral Resources Regulation 2013 would prescribe the types of NEMs that are eligible for rent deferral.  

However, there are several conditions that the rent deferral for NEM mining leases would be subject to, including:

• rent deferral would be available for the first years rent only;
• staged percentage payments would be required until the deferred amount is paid in full, with 20% of the deferred amount being added to the usual rent for years 4 to 8 of the mining lease; and
• the rent deferral arrangement would be a condition of the mining lease.