Section 28, 62 of the Environmental Protection Act, 2008, the Board hereby makes

(1) For Category A and B projects, the holder of a mineralright shall establish itemised costs for the restoration plan including all progressive restoration proposals and costs associated with the Mine Closure Plan prior to commencement of work in the manner specified in the Sixteenth Schedule relating to financial assurance. (2) Based on the outline costs, to be agreed with the Executive Chairman in consultation with the Board, the holder of a mineral right shall, prior to commencement of work, provide financial assurances to the full value of the restoration, rehabilitation and remedial works contained within the Mine Closure Plan to the satisfaction of the Board. (3) Estimates of costs in sub-regulation (1) shall be revised annually in the light of practical experience on the site and the level of financial assurance shall be adjusted accordingly in accordance with subsection (3) of section 136 of the Mines and Minerals Act 2009. (4) For Category C projects, the holder of a mineral right shall provide the Executive Chairman or Authorised Officer with a budget of costs relating to the mine closure.