On 12 October 2015, Herbert Smith Freehills attended the Queensland Department of Natural Resources & Mines workshop on the Innovative Resources Tenures Framework in Brisbane.
The purpose of the workshop was to discuss the Policy Position Paper, which was released in August 2015. Submissions in response to the Policy Position Paper close on 30 October 2015.
The five key pieces of information we took away from the session were:
- The new tenure framework will decrease the types of tenure available to proponents from 20 to 5, being:
- Information Authorities,
- Exploration Authorities,
- Development Authorities,
- Production Authorities, and
- Infrastructure Authorities.
There will be further consultation and opportunities for feedback as the reforms progress through the following stages:
- a regulatory impact statement due to be released in early 2016,
- the consultation Bill which will be introduced to Parliament (no timing given), and
- the Parliamentary Committee process during the passage of the Bill.
The Department indicated that it is hopeful that the transitional arrangements for exploration authorities will be prepared in late 2015, with full implementation of the reforms to be completed by the end of 2017.