Shanxi canceled mine environmental restoration and recovery deposit system

According to Economic Information Daily, Shanxi Provincial People's Government recently issued a notice to cancel the mine environmental restoration and recovery deposit system in Shanxi Province, establishing a mine environmental governance restoration fund, and formulate fund management measures in accordance with the principle of “enterprise ownership, government supervision, special account storage and use of funds as ear-marked”.
 
The environmental restoration and recovery deposit system has been implemented in Shanxi Province since October 2007 and was applicable to all types of enterprises engaged in coal mining in Shanxi Province. The extraction standard was 10 yuan per ton of raw coal. And it was extracted monthly. Due to the downturn in the coal market, Shanxi Province allowed coal enterprises to suspend the withdrawal of deposits in August of 2013. As the coal market has improved, Shanxi Province has allowed coal enterprises to decide whether to resume extraction since August of 2017.
 
The “Measures for the Management of Mine Environmental Restoration and Recovery Funds in Shanxi Province”, which was newly issued and implemented, canceled the above-mentioned deposit system, requiring the transfer and retreat of the funds of the original margin account, cancelling the original established deposit account, and establish a mine environmental governance restoration fund. And the scope of application is extended to the mining right holders engaged in mineral resources exploration and mining within the territory of the whole province.
 
According to the system, the exploration right holders or the geological exploration department entrusted by the exploration right holders shall withdraw the fund in full amount at one time, and the withdrawal standard shall be 5% of the i income from the transfer of exploration right or the commission contract fee. The mining right holder shall withdraw funds on a quarterly basis, and the withdrawal standard shall be determined comprehensively according to factors such as ore type coefficient and influence coefficient.