ICMM has recently published a report on Financial Assurance for Mine Closure and Reclamation. The study underpins ICMM's sixth sustainable development principle, to "seek continual improvement of our environmental performance," which includes a commitment to the design and planning of all operations so that adequate resources are available to meet mine closure requirements. It is environmental financial assurance (EFA) measures which help provide a guarantee to governments and communities that these resources will be available.
The report is intended to aid governments and companies in their discussions on the application of efficient policies in this area. The background information and discussion in the report is structured as follows:
- Issues and Policies in the Use of Financial Assurance. This section clarifies the degree to which EFA practices are currently used by mining jurisdictions and considers the issues that arise in the application of these policies;
- Surveys of Current Practice. This section reveals the range and extent of actual policies in place;
- Conclusions and a Look to the Future. In this section, and throughout the report, the argument for financial assurance is clearly outlined along with the rationale behind the need to instigate policies that are effective in meeting environmental objectives and are compatible with a healthy investment climate.
The report was prepared by Dr C. George Miller, a mining industry expert who is a former president of the Mining Association of Canada and has worked for the Government of Canada in mining-related issues.