National Environmental Management Act, 1998 (Act No. 107 of 1998)
Financial Provisioning Regulations, 2015
|2.1||The beneficiary is or is to be, as at the date of this deed of trust, engaging in prospecting, exploration, mining or production operations on the site approved by the Minister responsible for mineral resources and once issued, updated in line with the right or permit or any amendment thereto.|
|2.2||The beneficiary is legally obliged, at the time of and after the discontinuation of the operations on a mine or part of a mine, to carry out rehabilitation and closure operations to prevent and control pollution at its mining operations in terms of the Acts and Regulations and to bring the area back to an agreed environmental state and to bear the cost of such rehabilitation, prevention and control. The costs to be covered are set out in the Regulations from time to time which, for the avoidance of doubt, exclude any costs which are required for implementing the annual rehabilitation plan as approved by the Minister of mineral resources to be incurred on an ongoing basis during the life of the operations or part of the operations.|
|2.3||For the purpose of making provision for the discharge of the beneficiary’s Statutory Obligations, the Founder wishes to establish the Trust to receive, hold and apply such amounts as may be contributed by the Founder and the beneficiary from time to time to provide for the cost of discharging the Statutory Obligations.|
|2.4||The Founder wishes to create a trust for the benefit of the beneficiary and for this purpose wishes to donate __________________________________________ to the Trustees of the Trust.|
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