Representative Shin Jeong-hoon's Proposed Amendment to the Special Act on Waste Successfully Passed

Extension of Mining Area Support Fund for 20 Years, Significant Revision of Fund Calculation Criteria

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] The amendment to the "Special Act on Support for Development of Closed Mine Areas," proposed by Representative Shin Jeong-hoon (The Democratic Party, Jeonnam Naju·Hwasun), passed the full meeting of the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee held on the 23rd.

This amendment extends the current expiration date, which is until 2025, by 20 years and mandates a new decision on whether to continue the act after the deadline.

The payment standard for the closed mine fund by Kangwon Land was also changed from 25% of profits to 13% of sales. Accordingly, the support funds for closed mine areas, including Hwasun, are expected to increase dramatically.

Representative Shin Jeong-hoon, as a member of the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee, proposed this amendment in July.

In particular, while serving as a member of the bill subcommittee, he is reported to have focused on discussing the issue where the payment standards for the closed mine fund and the tourism fund differed, resulting in the tourism fund paying more during the subcommittee review process.

Representative Shin Jeong-hoon said, "I expect this amendment to serve as a stepping stone to alleviate the anxiety of Hwasun residents that arose every time the sunset clause approached and to establish a foundation for economic revitalization in closed mine areas struggling with population decline and other difficulties." He added, "I hope this will be an opportunity to embrace the pain of closed mine areas damaged by the inevitable era of coal industry decline and mine closures and reductions, and to create new hope."