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Financial Surety : Guidelines for the Implementation of Financial Surety for Mine Closure

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dc.contributor.authorSassoon, Meredith
dc.date.accessioned2014-05-22T17:21:19Z
dc.date.available2014-05-22T17:21:19Z
dc.date.issued2009-06
dc.description.abstractIt 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2009/06/10956651/financial-surety-guidelines-implementation-financial-surety-mine-closure
dc.identifier.doi10.1596/18386
dc.identifier.urihttps://hdl.handle.net/10986/18386
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesExtractive industries and development series;no. 7
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectACID DRAINAGE
dc.subjectADEQUATE ASSURANCE
dc.subjectADMINISTRATIVE COSTS
dc.subjectAIR QUALITY
dc.subjectANNUAL PAYMENTS
dc.subjectAUTOMATIC TRIGGER
dc.subjectBALANCE SHEET
dc.subjectBANK GUARANTEE
dc.subjectBANK GUARANTEES
dc.subjectBANKRUPTCY
dc.subjectBOND
dc.subjectBOND ISSUER
dc.subjectBOND · INSURANCE
dc.subjectBONDS
dc.subjectCASH FLOWS
dc.subjectCASH OUTFLOW
dc.subjectCASH PAYMENT
dc.subjectCASM
dc.subjectCERTIFICATE OF DEPOSIT
dc.subjectCHECKS
dc.subjectCLAIM
dc.subjectCLOSURE COSTS
dc.subjectCLOSURE PLAN
dc.subjectCLOSURE PLANS
dc.subjectCOMMERCIAL BANKS
dc.subjectCONTRACTUAL ARRANGEMENT
dc.subjectCREDIT RATING
dc.subjectCREDIT · PERFORMANCE
dc.subjectCREDITWORTHINESS
dc.subjectDEPOSIT
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPMENT OF MINERAL RESOURCES
dc.subjectDISBURSEMENT
dc.subjectDISCOUNT RATES
dc.subjectDISPOSITION
dc.subjectDIVIDEND
dc.subjectECONOMIC FACTORS
dc.subjectECONOMIC GROWTH
dc.subjectEITI
dc.subjectEMISSIONS
dc.subjectENCUMBRANCES
dc.subjectENTITLEMENTS
dc.subjectENVIRONMENTAL
dc.subjectENVIRONMENTAL COMPLIANCE
dc.subjectENVIRONMENTAL COSTS
dc.subjectENVIRONMENTAL IMPACTS
dc.subjectENVIRONMENTAL ISSUES
dc.subjectENVIRONMENTAL MANAGEMENT
dc.subjectENVIRONMENTAL PERFORMANCE
dc.subjectENVIRONMENTAL PROTECTION
dc.subjectENVIRONMENTAL REHABILITATION
dc.subjectEQUIPMENT
dc.subjectESCROW
dc.subjectEVENT OF BANKRUPTCY
dc.subjectEXPENDITURE
dc.subjectEXPLOITATION
dc.subjectEXTRACTIVE INDUSTRIES
dc.subjectEXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE
dc.subjectFINANCE CORPORATION
dc.subjectFINANCIAL CAPACITY
dc.subjectFINANCIAL FAILURE
dc.subjectFINANCIAL HEALTH
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL RESOURCES
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STATEMENT
dc.subjectFINANCIAL STATEMENTS
dc.subjectFOREST MANAGEMENT
dc.subjectFRAUD
dc.subjectFUND MANAGEMENT
dc.subjectFUND MANAGER
dc.subjectGAS
dc.subjectGAS FLARING REDUCTION
dc.subjectGOOD GOVERNANCE
dc.subjectGROUND WATER MONITORING
dc.subjectHAZARDOUS MATERIALS
dc.subjectHEALTH AND SAFETY
dc.subjectHOLDING
dc.subjectIMMOVABLE ASSETS
dc.subjectINCOME
dc.subjectINCOME TAX
dc.subjectINDEPENDENT THIRD PARTY
dc.subjectINSTITUTIONAL ARRANGEMENTS
dc.subjectINSTRUMENT
dc.subjectINSUFFICIENT FUNDS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE POLICY
dc.subjectINSURANCE PRODUCTS
dc.subjectINTERESTED PARTIES
dc.subjectINTERNAL AUDIT
dc.subjectINTERNATIONAL FINANCE
dc.subjectINVESTMENT POLICY
dc.subjectISSUANCE
dc.subjectJUDICIAL PROCEEDINGS
dc.subjectJURISDICTION
dc.subjectJURISDICTIONS
dc.subjectLAND MANAGEMENT
dc.subjectLAND POLICY
dc.subjectLAND RECLAMATION
dc.subjectLAND USE
dc.subjectLANDOWNER
dc.subjectLARGE MINING
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL INSTRUMENTS
dc.subjectLEGAL REQUIREMENTS
dc.subjectLEGISLATION
dc.subjectLETTER OF CREDIT
dc.subjectLETTERS OF CREDIT
dc.subjectLEVEL OF PAYMENT
dc.subjectLEVY
dc.subjectLIABILITY
dc.subjectLIGNITE
dc.subjectLIQUID ASSET
dc.subjectLIQUIDITY
dc.subjectLONG-TERM INVESTMENT
dc.subjectLOSS OF VALUE
dc.subjectMARKET VALUE
dc.subjectMETALS
dc.subjectMINE CLOSURE
dc.subjectMINE CLOSURE PLAN
dc.subjectMINE DEVELOPMENT
dc.subjectMINE OPERATOR
dc.subjectMINE SITE
dc.subjectMINE SITE REHABILITATION
dc.subjectMINERAL DEVELOPMENT
dc.subjectMINERAL LANDS
dc.subjectMINERAL POLICY
dc.subjectMINERAL RESOURCES
dc.subjectMINERAL RESOURCES AUTHORITY
dc.subjectMINERALS
dc.subjectMINES
dc.subjectMINING ACTIVITIES
dc.subjectMINING ACTIVITY
dc.subjectMINING CLAIMS
dc.subjectMINING COMMUNITY
dc.subjectMINING COMPANIES
dc.subjectMINING COMPANY
dc.subjectMINING INDUSTRY
dc.subjectMINING INFRASTRUCTURE
dc.subjectMINING LEASES
dc.subjectMINING LICENSES
dc.subjectMINING OPERATION
dc.subjectMINING OPERATIONS
dc.subjectMINING OPERATORS
dc.subjectMINING PERMIT
dc.subjectMINING POLICY
dc.subjectMINING PROJECT
dc.subjectMINING PROJECTS
dc.subjectMINING RECLAMATION
dc.subjectMINING REGULATION
dc.subjectMINING TITLE
dc.subjectMINING TITLES
dc.subjectMINING WASTE
dc.subjectMPC
dc.subjectNATURAL RESOURCES
dc.subjectOIL
dc.subjectOIL COMPANIES
dc.subjectOUTSTANDING AMOUNT
dc.subjectPARENT COMPANY
dc.subjectPARENT COMPANY GUARANTEE
dc.subjectPENALTIES
dc.subjectPENSION
dc.subjectPENSION FUND
dc.subjectPERFORMANCE BOND
dc.subjectPERSONAL PROPERTY
dc.subjectPHYSICAL REHABILITATION
dc.subjectPOLICY MAKERS
dc.subjectPOLLUTION
dc.subjectPOLLUTION CONTROL
dc.subjectPOVERTY ALLEVIATION
dc.subjectPRICE DIFFERENCES
dc.subjectPRIOR TO BANKRUPTCY
dc.subjectPUBLIC LAND
dc.subjectPUBLIC LANDS
dc.subjectPUBLIC NOTICE
dc.subjectRECLAMATION
dc.subjectRECLAMATION BONDS
dc.subjectRECLAMATION COSTS
dc.subjectRECLAMATION REQUIREMENTS
dc.subjectREGULATORY AUTHORITIES
dc.subjectREGULATORY AUTHORITY
dc.subjectREHABILITATION CODE
dc.subjectREHABILITATION PLAN
dc.subjectREHABILITATION PLANS
dc.subjectREHABILITATION PROGRAM
dc.subjectREHABILITATION PROGRAMS
dc.subjectREMEDY
dc.subjectREMOVAL OF PLANT
dc.subjectRESERVE
dc.subjectRESIDUAL RISK
dc.subjectRESTORATION
dc.subjectRETURN
dc.subjectRISK ASSESSMENTS
dc.subjectRISKY ASSETS
dc.subjectSCHEDULE OF PAYMENTS
dc.subjectSECURITIES
dc.subjectSINKING FUND
dc.subjectSITE RECLAMATION
dc.subjectSMALL MINES
dc.subjectSMALL-SCALE
dc.subjectSMALL-SCALE MINERS
dc.subjectSMALL-SCALE MINING
dc.subjectSOCIAL ASPECTS OF MINE CLOSURE
dc.subjectSOCIAL SAFEGUARDS
dc.subjectSURETIES
dc.subjectSURETY
dc.subjectSUSTAINABLE DEVELOPMENT
dc.subjectTAILINGS
dc.subjectTAILINGS FACILITIES
dc.subjectTAX
dc.subjectTAX CONCESSIONS
dc.subjectTAX REDUCTION
dc.subjectTITLE
dc.subjectTITLES
dc.subjectTRANSFER OF LIABILITY
dc.subjectTRANSPARENCY
dc.subjectTREASURIES
dc.subjectTREASURY
dc.subjectTRUST FUND
dc.subjectTRUST FUNDS
dc.subjectTRUSTEE
dc.subjectTRUSTEES
dc.subjectUNDERGROUND MINES
dc.subjectWASTE MANAGEMENT
dc.subjectWASTE ROCK
dc.subjectWATER POLLUTION
dc.titleFinancial Surety : Guidelines for the Implementation of Financial Surety for Mine Closureen
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.date.doiregistration2025-05-05T12:28:00.458387Z
okr.doctypePublications & Research::Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2009/06/10956651/financial-surety-guidelines-implementation-financial-surety-mine-closure
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeEnvironment and Natural Resources
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid915061468163480537
okr.identifier.externaldocumentum000333037_20090817003221
okr.identifier.internaldocumentum10956651
okr.identifier.report49969
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2009/08/17/000333037_20090817003221/Rendered/PDF/499690NWP0Extr10Box341980B01PUBLIC1.pdfen
okr.sectorEnergy and mining :: Mining and other extractive
okr.themePublic sector governance :: Other public sector governance
okr.themeEnvironment and natural resources management :: Other environment and natural resources management
okr.themeEnvironment and natural resource management
okr.topicMining and Extractive Industry (Non-Energy)
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicEnvironmental Economics and Policies
okr.topicFinance and Financial Sector Development::Bankruptcy and Resolution of Financial Distress
okr.topicIndustry
okr.topicEnvironment
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