NSW Riverina based Young Mining, a subsidiary of Orind Australia, has had its licence suspended for failing to pay environmental rehabilitation security deposits.
These deposits are held as security by the government in case of environmental damage or should a company fold and is unable to pay the rehabilitation fees.
The company owes $500,000 in deposits, the State Government Department of Industry’s Resources Regulator says.
It was ordered to suspend operations today.
Lee Shearer, NSW Resources Regulator chief compliance officer said they had been warned of the outstanding funds since 2013 and were given enough time to pay the deposit, in a report by the ABC.
“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.”
If the fees are not paid, the company could face a licence cancellation.