Norton boosts cashflow with $22m refunds

Norton Gold Fields has cashed in on the state government's new mining rehabilitation fund scheme, securing $21.8 million in environmental bond refunds to date.

Norton said the returned funds had bolstered the company's cash position and would enable it to fund future growth opportunities, with a further $1.5 million in bonds still to be retired. 

The Department of Mines and Petroleum's mining rehabilitation fund scheme came into effect in July, enabling project-specific environmental bonds to be refunded to those miners which chose to opt-in to the scheme in exchange for paying an annual levy.

The levy is calculated based on the size of tenements held and the type of disturbance, with companies required to submit data for inspection.

The scheme will become mandatory from July next year.

Norton said it had paid around $700,000 as an annual premium for the company's participation in the scheme.

"We continually seek opportunities to reduce our environmental footprint and make our business sustainable for the long term," Norton managing director Dianmin Chen said.

"The retirement of these bonds is testament to Norton's work in this area."

Mines and Petroleum Minister Bill Marmion said more than $1 billion in environmental bonds would be returned to miners under the new scheme, providing valuable capital for cash-strapped junior and mid-tier miners. 

Mr Marmion said in July that almost 400 companies had registered for the scheme before it commenced.

Norton shares were unchanged at 11:30AM WST at 13 cents.