Financial Surety : Guidelines for the Implementation of Financial Surety for Mine Closure
It is now accepted practice that when a company relinquishes a mining title, whether for an exploration or mining site, it is responsible for carrying out the rehabilitation of that site prior to departure. To ensure this is the case, most jurisdic...
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2009/06/10956651/financial-surety-guidelines-implementation-financial-surety-mine-closure http://hdl.handle.net/10986/18386 |
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okr-10986-18386 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACID DRAINAGE ADEQUATE ASSURANCE ADMINISTRATIVE COSTS AIR QUALITY ANNUAL PAYMENTS AUTOMATIC TRIGGER BALANCE SHEET BANK GUARANTEE BANK GUARANTEES BANKRUPTCY BOND BOND ISSUER BOND · INSURANCE BONDS CASH FLOWS CASH OUTFLOW CASH PAYMENT CASM CERTIFICATE OF DEPOSIT CHECKS CLAIM CLOSURE COSTS CLOSURE PLAN CLOSURE PLANS COMMERCIAL BANKS CONTRACTUAL ARRANGEMENT CREDIT RATING CREDIT · PERFORMANCE CREDITWORTHINESS DEPOSIT DEVELOPING COUNTRY DEVELOPMENT OF MINERAL RESOURCES DISBURSEMENT DISCOUNT RATES DISPOSITION DIVIDEND ECONOMIC FACTORS ECONOMIC GROWTH EITI EMISSIONS ENCUMBRANCES ENTITLEMENTS ENVIRONMENTAL ENVIRONMENTAL COMPLIANCE ENVIRONMENTAL COSTS ENVIRONMENTAL IMPACTS ENVIRONMENTAL ISSUES ENVIRONMENTAL MANAGEMENT ENVIRONMENTAL PERFORMANCE ENVIRONMENTAL PROTECTION ENVIRONMENTAL REHABILITATION EQUIPMENT ESCROW EVENT OF BANKRUPTCY EXPENDITURE EXPLOITATION EXTRACTIVE INDUSTRIES EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE FINANCE CORPORATION FINANCIAL CAPACITY FINANCIAL FAILURE FINANCIAL HEALTH FINANCIAL INSTITUTION FINANCIAL INSTRUMENTS FINANCIAL RESOURCES FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREST MANAGEMENT FRAUD FUND MANAGEMENT FUND MANAGER GAS GAS FLARING REDUCTION GOOD GOVERNANCE GROUND WATER MONITORING HAZARDOUS MATERIALS HEALTH AND SAFETY HOLDING IMMOVABLE ASSETS INCOME INCOME TAX INDEPENDENT THIRD PARTY INSTITUTIONAL ARRANGEMENTS INSTRUMENT INSUFFICIENT FUNDS INSURANCE INSURANCE COMPANY INSURANCE POLICY INSURANCE PRODUCTS INTERESTED PARTIES INTERNAL AUDIT INTERNATIONAL FINANCE INVESTMENT POLICY ISSUANCE JUDICIAL PROCEEDINGS JURISDICTION JURISDICTIONS LAND MANAGEMENT LAND POLICY LAND RECLAMATION LAND USE LANDOWNER LARGE MINING LEGAL FRAMEWORK LEGAL INSTRUMENTS LEGAL REQUIREMENTS LEGISLATION LETTER OF CREDIT LETTERS OF CREDIT LEVEL OF PAYMENT LEVY LIABILITY LIGNITE LIQUID ASSET LIQUIDITY LONG-TERM INVESTMENT LOSS OF VALUE MARKET VALUE METALS MINE CLOSURE MINE CLOSURE PLAN MINE DEVELOPMENT MINE OPERATOR MINE SITE MINE SITE REHABILITATION MINERAL DEVELOPMENT MINERAL LANDS MINERAL POLICY MINERAL RESOURCES MINERAL RESOURCES AUTHORITY MINERALS MINES MINING ACTIVITIES MINING ACTIVITY MINING CLAIMS MINING COMMUNITY MINING COMPANIES MINING COMPANY MINING INDUSTRY MINING INFRASTRUCTURE MINING LEASES MINING LICENSES MINING OPERATION MINING OPERATIONS MINING OPERATORS MINING PERMIT MINING POLICY MINING PROJECT MINING PROJECTS MINING RECLAMATION MINING REGULATION MINING TITLE MINING TITLES MINING WASTE MPC NATURAL RESOURCES OIL OIL COMPANIES OUTSTANDING AMOUNT PARENT COMPANY PARENT COMPANY GUARANTEE PENALTIES PENSION PENSION FUND PERFORMANCE BOND PERSONAL PROPERTY PHYSICAL REHABILITATION POLICY MAKERS POLLUTION POLLUTION CONTROL POVERTY ALLEVIATION PRICE DIFFERENCES PRIOR TO BANKRUPTCY PUBLIC LAND PUBLIC LANDS PUBLIC NOTICE RECLAMATION RECLAMATION BONDS RECLAMATION COSTS RECLAMATION REQUIREMENTS REGULATORY AUTHORITIES REGULATORY AUTHORITY REHABILITATION CODE REHABILITATION PLAN REHABILITATION PLANS REHABILITATION PROGRAM REHABILITATION PROGRAMS REMEDY REMOVAL OF PLANT RESERVE RESIDUAL RISK RESTORATION RETURN RISK ASSESSMENTS RISKY ASSETS SCHEDULE OF PAYMENTS SECURITIES SINKING FUND SITE RECLAMATION SMALL MINES SMALL-SCALE SMALL-SCALE MINERS SMALL-SCALE MINING SOCIAL ASPECTS OF MINE CLOSURE SOCIAL SAFEGUARDS SURETIES SURETY SUSTAINABLE DEVELOPMENT TAILINGS TAILINGS FACILITIES TAX TAX CONCESSIONS TAX REDUCTION TITLE TITLES TRANSFER OF LIABILITY TRANSPARENCY TREASURIES TREASURY TRUST FUND TRUST FUNDS TRUSTEE TRUSTEES UNDERGROUND MINES WASTE MANAGEMENT WASTE ROCK WATER POLLUTION |
| spellingShingle |
ACCOUNTING ACID DRAINAGE ADEQUATE ASSURANCE ADMINISTRATIVE COSTS AIR QUALITY ANNUAL PAYMENTS AUTOMATIC TRIGGER BALANCE SHEET BANK GUARANTEE BANK GUARANTEES BANKRUPTCY BOND BOND ISSUER BOND · INSURANCE BONDS CASH FLOWS CASH OUTFLOW CASH PAYMENT CASM CERTIFICATE OF DEPOSIT CHECKS CLAIM CLOSURE COSTS CLOSURE PLAN CLOSURE PLANS COMMERCIAL BANKS CONTRACTUAL ARRANGEMENT CREDIT RATING CREDIT · PERFORMANCE CREDITWORTHINESS DEPOSIT DEVELOPING COUNTRY DEVELOPMENT OF MINERAL RESOURCES DISBURSEMENT DISCOUNT RATES DISPOSITION DIVIDEND ECONOMIC FACTORS ECONOMIC GROWTH EITI EMISSIONS ENCUMBRANCES ENTITLEMENTS ENVIRONMENTAL ENVIRONMENTAL COMPLIANCE ENVIRONMENTAL COSTS ENVIRONMENTAL IMPACTS ENVIRONMENTAL ISSUES ENVIRONMENTAL MANAGEMENT ENVIRONMENTAL PERFORMANCE ENVIRONMENTAL PROTECTION ENVIRONMENTAL REHABILITATION EQUIPMENT ESCROW EVENT OF BANKRUPTCY EXPENDITURE EXPLOITATION EXTRACTIVE INDUSTRIES EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE FINANCE CORPORATION FINANCIAL CAPACITY FINANCIAL FAILURE FINANCIAL HEALTH FINANCIAL INSTITUTION FINANCIAL INSTRUMENTS FINANCIAL RESOURCES FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREST MANAGEMENT FRAUD FUND MANAGEMENT FUND MANAGER GAS GAS FLARING REDUCTION GOOD GOVERNANCE GROUND WATER MONITORING HAZARDOUS MATERIALS HEALTH AND SAFETY HOLDING IMMOVABLE ASSETS INCOME INCOME TAX INDEPENDENT THIRD PARTY INSTITUTIONAL ARRANGEMENTS INSTRUMENT INSUFFICIENT FUNDS INSURANCE INSURANCE COMPANY INSURANCE POLICY INSURANCE PRODUCTS INTERESTED PARTIES INTERNAL AUDIT INTERNATIONAL FINANCE INVESTMENT POLICY ISSUANCE JUDICIAL PROCEEDINGS JURISDICTION JURISDICTIONS LAND MANAGEMENT LAND POLICY LAND RECLAMATION LAND USE LANDOWNER LARGE MINING LEGAL FRAMEWORK LEGAL INSTRUMENTS LEGAL REQUIREMENTS LEGISLATION LETTER OF CREDIT LETTERS OF CREDIT LEVEL OF PAYMENT LEVY LIABILITY LIGNITE LIQUID ASSET LIQUIDITY LONG-TERM INVESTMENT LOSS OF VALUE MARKET VALUE METALS MINE CLOSURE MINE CLOSURE PLAN MINE DEVELOPMENT MINE OPERATOR MINE SITE MINE SITE REHABILITATION MINERAL DEVELOPMENT MINERAL LANDS MINERAL POLICY MINERAL RESOURCES MINERAL RESOURCES AUTHORITY MINERALS MINES MINING ACTIVITIES MINING ACTIVITY MINING CLAIMS MINING COMMUNITY MINING COMPANIES MINING COMPANY MINING INDUSTRY MINING INFRASTRUCTURE MINING LEASES MINING LICENSES MINING OPERATION MINING OPERATIONS MINING OPERATORS MINING PERMIT MINING POLICY MINING PROJECT MINING PROJECTS MINING RECLAMATION MINING REGULATION MINING TITLE MINING TITLES MINING WASTE MPC NATURAL RESOURCES OIL OIL COMPANIES OUTSTANDING AMOUNT PARENT COMPANY PARENT COMPANY GUARANTEE PENALTIES PENSION PENSION FUND PERFORMANCE BOND PERSONAL PROPERTY PHYSICAL REHABILITATION POLICY MAKERS POLLUTION POLLUTION CONTROL POVERTY ALLEVIATION PRICE DIFFERENCES PRIOR TO BANKRUPTCY PUBLIC LAND PUBLIC LANDS PUBLIC NOTICE RECLAMATION RECLAMATION BONDS RECLAMATION COSTS RECLAMATION REQUIREMENTS REGULATORY AUTHORITIES REGULATORY AUTHORITY REHABILITATION CODE REHABILITATION PLAN REHABILITATION PLANS REHABILITATION PROGRAM REHABILITATION PROGRAMS REMEDY REMOVAL OF PLANT RESERVE RESIDUAL RISK RESTORATION RETURN RISK ASSESSMENTS RISKY ASSETS SCHEDULE OF PAYMENTS SECURITIES SINKING FUND SITE RECLAMATION SMALL MINES SMALL-SCALE SMALL-SCALE MINERS SMALL-SCALE MINING SOCIAL ASPECTS OF MINE CLOSURE SOCIAL SAFEGUARDS SURETIES SURETY SUSTAINABLE DEVELOPMENT TAILINGS TAILINGS FACILITIES TAX TAX CONCESSIONS TAX REDUCTION TITLE TITLES TRANSFER OF LIABILITY TRANSPARENCY TREASURIES TREASURY TRUST FUND TRUST FUNDS TRUSTEE TRUSTEES UNDERGROUND MINES WASTE MANAGEMENT WASTE ROCK WATER POLLUTION Sassoon, Meredith Financial Surety : Guidelines for the Implementation of Financial Surety for Mine Closure |
| relation |
Extractive industries and development series;no. 7 |
| description |
It is now accepted practice that when a
company relinquishes a mining title, whether for an
exploration or mining site, it is responsible for carrying
out the rehabilitation of that site prior to departure. To
ensure this is the case, most jurisdictions now require some
form of closure plan or rehabilitation program to be
submitted to the regulatory authority prior to the start of
any work on the site. It is an increasingly common
requirement for the closure plan to contain details of the
estimated cost of rehabilitation and for a financial surety
to be established at the same time. This report aims to
provide governments with the information they need to make
their own informed decisions. It is based on a review of
existing financial surety systems in a number of countries.
Questionnaires were sent out to a total of fourteen
regulatory authorities; of these, nine provided sufficient
detail about their existing financial surety systems to be
included as full case studies. These are presented in the
section case studies along with a summary of the latest
European Union (EU) waste directives. Except where otherwise
stated, the financial surety applies to all stages of a
mining project, regardless of size. The purpose of the
financial surety is to ensure that there will be sufficient
funds to pay for site rehabilitation and post closure
monitoring and maintenance at any stage in the life of the
project, including early or temporary closure. The main aim
of site rehabilitation is to reduce the risk of pollution,
restore the land and landscape for an appropriate use,
improve the aesthetics of the area, and prevent any
subsequent degradation. The extent and cost of final site
rehabilitation can be reduced if the site is rehabilitated
even as it is being mined, so that the rate of restoration
is similar to the rate of exploration or exploitation. This
ideal is not often achieved, however; the majority of
rehabilitation usually takes place once work on the lease
has ceased. |
| format |
Publications & Research :: Working Paper |
| author |
Sassoon, Meredith |
| author_facet |
Sassoon, Meredith |
| author_sort |
Sassoon, Meredith |
| title |
Financial Surety : Guidelines for the Implementation of Financial Surety for Mine Closure |
| title_short |
Financial Surety : Guidelines for the Implementation of Financial Surety for Mine Closure |
| title_full |
Financial Surety : Guidelines for the Implementation of Financial Surety for Mine Closure |
| title_fullStr |
Financial Surety : Guidelines for the Implementation of Financial Surety for Mine Closure |
| title_full_unstemmed |
Financial Surety : Guidelines for the Implementation of Financial Surety for Mine Closure |
| title_sort |
financial surety : guidelines for the implementation of financial surety for mine closure |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2009/06/10956651/financial-surety-guidelines-implementation-financial-surety-mine-closure http://hdl.handle.net/10986/18386 |
| _version_ |
1764435836168830976 |
| spelling |
okr-10986-183862021-04-23T14:03:34Z Financial Surety : Guidelines for the Implementation of Financial Surety for Mine Closure Sassoon, Meredith ACCOUNTING ACID DRAINAGE ADEQUATE ASSURANCE ADMINISTRATIVE COSTS AIR QUALITY ANNUAL PAYMENTS AUTOMATIC TRIGGER BALANCE SHEET BANK GUARANTEE BANK GUARANTEES BANKRUPTCY BOND BOND ISSUER BOND · INSURANCE BONDS CASH FLOWS CASH OUTFLOW CASH PAYMENT CASM CERTIFICATE OF DEPOSIT CHECKS CLAIM CLOSURE COSTS CLOSURE PLAN CLOSURE PLANS COMMERCIAL BANKS CONTRACTUAL ARRANGEMENT CREDIT RATING CREDIT · PERFORMANCE CREDITWORTHINESS DEPOSIT DEVELOPING COUNTRY DEVELOPMENT OF MINERAL RESOURCES DISBURSEMENT DISCOUNT RATES DISPOSITION DIVIDEND ECONOMIC FACTORS ECONOMIC GROWTH EITI EMISSIONS ENCUMBRANCES ENTITLEMENTS ENVIRONMENTAL ENVIRONMENTAL COMPLIANCE ENVIRONMENTAL COSTS ENVIRONMENTAL IMPACTS ENVIRONMENTAL ISSUES ENVIRONMENTAL MANAGEMENT ENVIRONMENTAL PERFORMANCE ENVIRONMENTAL PROTECTION ENVIRONMENTAL REHABILITATION EQUIPMENT ESCROW EVENT OF BANKRUPTCY EXPENDITURE EXPLOITATION EXTRACTIVE INDUSTRIES EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE FINANCE CORPORATION FINANCIAL CAPACITY FINANCIAL FAILURE FINANCIAL HEALTH FINANCIAL INSTITUTION FINANCIAL INSTRUMENTS FINANCIAL RESOURCES FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FOREST MANAGEMENT FRAUD FUND MANAGEMENT FUND MANAGER GAS GAS FLARING REDUCTION GOOD GOVERNANCE GROUND WATER MONITORING HAZARDOUS MATERIALS HEALTH AND SAFETY HOLDING IMMOVABLE ASSETS INCOME INCOME TAX INDEPENDENT THIRD PARTY INSTITUTIONAL ARRANGEMENTS INSTRUMENT INSUFFICIENT FUNDS INSURANCE INSURANCE COMPANY INSURANCE POLICY INSURANCE PRODUCTS INTERESTED PARTIES INTERNAL AUDIT INTERNATIONAL FINANCE INVESTMENT POLICY ISSUANCE JUDICIAL PROCEEDINGS JURISDICTION JURISDICTIONS LAND MANAGEMENT LAND POLICY LAND RECLAMATION LAND USE LANDOWNER LARGE MINING LEGAL FRAMEWORK LEGAL INSTRUMENTS LEGAL REQUIREMENTS LEGISLATION LETTER OF CREDIT LETTERS OF CREDIT LEVEL OF PAYMENT LEVY LIABILITY LIGNITE LIQUID ASSET LIQUIDITY LONG-TERM INVESTMENT LOSS OF VALUE MARKET VALUE METALS MINE CLOSURE MINE CLOSURE PLAN MINE DEVELOPMENT MINE OPERATOR MINE SITE MINE SITE REHABILITATION MINERAL DEVELOPMENT MINERAL LANDS MINERAL POLICY MINERAL RESOURCES MINERAL RESOURCES AUTHORITY MINERALS MINES MINING ACTIVITIES MINING ACTIVITY MINING CLAIMS MINING COMMUNITY MINING COMPANIES MINING COMPANY MINING INDUSTRY MINING INFRASTRUCTURE MINING LEASES MINING LICENSES MINING OPERATION MINING OPERATIONS MINING OPERATORS MINING PERMIT MINING POLICY MINING PROJECT MINING PROJECTS MINING RECLAMATION MINING REGULATION MINING TITLE MINING TITLES MINING WASTE MPC NATURAL RESOURCES OIL OIL COMPANIES OUTSTANDING AMOUNT PARENT COMPANY PARENT COMPANY GUARANTEE PENALTIES PENSION PENSION FUND PERFORMANCE BOND PERSONAL PROPERTY PHYSICAL REHABILITATION POLICY MAKERS POLLUTION POLLUTION CONTROL POVERTY ALLEVIATION PRICE DIFFERENCES PRIOR TO BANKRUPTCY PUBLIC LAND PUBLIC LANDS PUBLIC NOTICE RECLAMATION RECLAMATION BONDS RECLAMATION COSTS RECLAMATION REQUIREMENTS REGULATORY AUTHORITIES REGULATORY AUTHORITY REHABILITATION CODE REHABILITATION PLAN REHABILITATION PLANS REHABILITATION PROGRAM REHABILITATION PROGRAMS REMEDY REMOVAL OF PLANT RESERVE RESIDUAL RISK RESTORATION RETURN RISK ASSESSMENTS RISKY ASSETS SCHEDULE OF PAYMENTS SECURITIES SINKING FUND SITE RECLAMATION SMALL MINES SMALL-SCALE SMALL-SCALE MINERS SMALL-SCALE MINING SOCIAL ASPECTS OF MINE CLOSURE SOCIAL SAFEGUARDS SURETIES SURETY SUSTAINABLE DEVELOPMENT TAILINGS TAILINGS FACILITIES TAX TAX CONCESSIONS TAX REDUCTION TITLE TITLES TRANSFER OF LIABILITY TRANSPARENCY TREASURIES TREASURY TRUST FUND TRUST FUNDS TRUSTEE TRUSTEES UNDERGROUND MINES WASTE MANAGEMENT WASTE ROCK WATER POLLUTION It is now accepted practice that when a company relinquishes a mining title, whether for an exploration or mining site, it is responsible for carrying out the rehabilitation of that site prior to departure. To ensure this is the case, most jurisdictions now require some form of closure plan or rehabilitation program to be submitted to the regulatory authority prior to the start of any work on the site. It is an increasingly common requirement for the closure plan to contain details of the estimated cost of rehabilitation and for a financial surety to be established at the same time. This report aims to provide governments with the information they need to make their own informed decisions. It is based on a review of existing financial surety systems in a number of countries. Questionnaires were sent out to a total of fourteen regulatory authorities; of these, nine provided sufficient detail about their existing financial surety systems to be included as full case studies. These are presented in the section case studies along with a summary of the latest European Union (EU) waste directives. Except where otherwise stated, the financial surety applies to all stages of a mining project, regardless of size. The purpose of the financial surety is to ensure that there will be sufficient funds to pay for site rehabilitation and post closure monitoring and maintenance at any stage in the life of the project, including early or temporary closure. The main aim of site rehabilitation is to reduce the risk of pollution, restore the land and landscape for an appropriate use, improve the aesthetics of the area, and prevent any subsequent degradation. The extent and cost of final site rehabilitation can be reduced if the site is rehabilitated even as it is being mined, so that the rate of restoration is similar to the rate of exploration or exploitation. This ideal is not often achieved, however; the majority of rehabilitation usually takes place once work on the lease has ceased. 2014-05-22T17:21:19Z 2014-05-22T17:21:19Z 2009-06 http://documents.worldbank.org/curated/en/2009/06/10956651/financial-surety-guidelines-implementation-financial-surety-mine-closure http://hdl.handle.net/10986/18386 English en_US Extractive industries and development series;no. 7 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research |