Miners must set up 'green' fund
HA NOI – Mining companies will have to deposit at least 15 per cent of their committed costs for environmental rehabilitation and restoration prior their mineral extraction.
This is part of a draft decision compiled by the Ministry of National Resources and Environment.
The decision is to replace Decision71/2008/QD-TTg which currently regulates that environmental rehabilitation and restoration be carried out after mineral extraction.
However, under the newly-complied draft, the rehabilitation and restoration would be made at the same time as extraction.
Thus, as soon as mineral exploiters asked for an exploitation licence, they have to outline a scheme to rehabilitate the environment together with an environmental assessment plan.
Miners with less than five-year licences will have to deposit their entire committed amount before receiving approval.
Those with longer licences can make deposits by instalments.
The deposits will be transferred into the Viet Nam Environmental Protection Fund or local ones aimed at rehabilitation. – VNS