The Newcastle Mines Grouting Fund program will continue to play an integral role in underpinning city revitalisation, with the NSW Liberal National Government today announcing the conversion of the pilot to a four-year program.
The $17 million fund was established in late 2015 as a pilot program to promote new investment in sites affected by underground mining in the city centre, by providing more financial certainty to investors and developers.
Parliamentary Secretary for the Hunter Scot MacDonald MLC was in Newcastle to make the announcement and said the pilot program has been integral to sustaining growth and city revitalisation.
“We’re pleased to continue to move forward with the Newcastle Mines Grouting Fund, and because it has been so successful, we’re excited to convert it into an ongoing program to be reviewed in late 2022,” Mr MacDonald said.
“This Government is playing a vital role and providing surety to developers that need to manage underground mining challenges as part of their works.
“The fund has directly supported developments in Newcastle and its continued existence will help remove the investment disincentive associated with mine subsidence risk.
“At the end of the day, we are currently leading unprecedented growth and change in the region, and the private market has an important role to play in this continued revitalisation,” Mr MacDonald said.
Historic undermining dating back to early European settlement affects the majority of Newcastle’s city centre.
As a result, remediation - involving pumping ‘grout’ underground - is often required to stabilise the site before buildings over three storeys can be built, guarding against potential future subsidence.
Under the Newcastle Mines Grouting Fund program, developers pay the full cost of grouting their site up to a capped value. If the actual cost of grouting exceeds the cap, the fund pays the remaining approved amount.
Prospective applicants need to meet key criteria, such as owning a site within the city centre subsidence zone, obtaining development approval and approval for a mine subsidence remediation plan.
Further information about the fund and applications can be found at www.hdc.nsw.gov.au.