Australia Decommissioning Press Release

QUATRE LTD PROVIDES NEW FUNDING SOLUTION FOR AUSTRALIA (QUEENSLAND’S) REHAB MINING PROBLEM

Press Release

QUATRE LTD PROVIDES NEW FUNDING SOLUTION FOR AUSTRALIA (QUEENSLAND’S) REHAB MINING PROBLEM

An open cut rock quarry on the Gold Coast, Queensland, Australia
An open cut rock quarry on the Gold Coast, Queensland, Australia

London, January 10, 2017:  London-based company Quatre Ltd, has produced a new solution designed to fund the decommissioning of oil and gas fields and rehabilitation of other extractive industrial locations including mines. Quatre Ltd was originally set up to meet the needs of the oil and gas industry operating in the Gulf of Mexico and the North Sea. “The flexibility of the Quatre model means that it can just as easily be applied to decommissioning of oil and gas E&P operations and other extractive industries including open cast mining in Australia, “says Paul Jardine, CEO Quatre Ltd.

Queensland’s mining companies and its government are facing the huge challenge of rehabilitating some 15,000 abandoned mines of which 300 are classified as medium size to mega-large.[i] The existing financial solutions available for paying towards rehabilitation of Queensland’s closed or abandoned mines are failing to meet expectations since the money paid by mine owners as a bond to fund rehabilitation, and held by the Queensland government, could prove to be almost $3.2 billion short[ii], leaving the industry and the state’s taxpayers with considerable financial exposure.

Quatre’s range of solutions protects the public purse and enables clients to put aside funds for future decommissioning and rehabilitation,” says Paul Jardine. It is crafted to meet the specific challenges facing both industry and government in funding the cost of decommissioning and rehabilitation, while also providing useful environmental and economic benefits.

Quatre Ltd provides its clients with the following solutions:

1.     The setting up of a Special Purpose Trust, designed to protect the public purse from decommissioning liabilities and ensure that economic recovery is maximized.

 

2.    Provide post-decommissioning liability insurance to address the risk of failure of any decommissioning work.

 

About

Quatre Ltd provides services and products that support the financial risk management associated with the decommissioning of oil, gas and other extractive industry assets. Quatre’s services and products allow industry to:

·       Manage decommissioning and post-decommissioning liability

·       Protect the public purse

Paul Jardine, an oil and gas industry veteran, founded Quatre Ltd in 2013. Quatre’s integrated team of professionals, covering insurance brokerage, investment management, legal, taxation, trust management and E&P operations, helps industry clients address the financial requirements associated with decommissioning liabilities. Quatre is an Appointed Representative of Property Insurance Initiatives, who are authorized and regulated by the UK Financial Conduct Authority, in respect of the negotiation and placement of post-decommissioning liability insurance policies.

For more Information

[i] http://www.abc.net.au/news/2016-10-23/rehabilitating-abandoned-mines-could-fill-mining-boom-job-void/7949778

[ii] http://m.qt.com.au/news/mines-are-32-billion-short-rehabilitation-cost/3072801/

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