Increasing attention is being focused by regulators and industry on the residual environmental liabilities associated with mining projects following site relinquishment (termed surrender in Queensland). Even sites that have been rehabilitated to a high standard and to the satisfaction of the regulator are not completely risk free and may require some degree of ongoing management. As well as ongoing monitoring and maintenance costs, considerations should include how costs associated with potential risk event occurrence can be quantified and, if considered material, how provisioning should be undertaken to minimise the risk to the state and to taxpayers. In Queensland for example, once a resource site is fully rehabilitated and meets its environmental authority conditions or rehabilitation completion criteria, the tenure and environmental authority can be surrendered. During the surrender process any ‘residual risks’ resulting from the use of the site for the resource activity must be considered, and, if requested, a payment given to the government to cover any ongoing management and risk costs. Accent Environmental, in conjunction with Lane Associates, was engaged by the Queensland Government as part of the government’s financial assurance framework reforms to develop an innovative, ‘one-size fits most’ Residual Risk Calculator for the Queensland resources industry. The calculator is an Excel-based tool that uses detailed user inputs to estimate post-surrender management requirements and liability at resource sites. If residual environmental risks associated with rehabilitated mine sites can be identified, quantified and managed through pragmatic regulatory tools and effective provisioning, site relinquishment/surrender can be achieved without compromising environmental and social outcomes or exposing the state to unreasonable financial risk. The effective management of residual risk can also help facilitate operations as well as relinquishment/surrender of sites where a ‘walkaway’ solution may not be otherwise technically feasible.