Stronger Financial Safeguards for Mine Reclamation
This act introduces changes to enhance the financial security of reclaiming land after coal mining operations. It means mining companies will need to post higher bonds, ensuring funds are available to restore the environment, even if a company goes bankrupt. This provides citizens with greater assurance about the future of post-industrial sites and prevents reclamation costs from falling on public funds.
Key points
Higher Bonds for Mining Companies: Companies will be required to post larger financial guarantees for land reclamation after mining, reducing the risk of costs falling on taxpayers.
Frequent Bond Adjustments: Bond amounts will be regularly updated for inflation, water pollution costs, market conditions, and changes in reclamation plans, ensuring their real value.
Joint Liability: Owners and controllers of mining companies will share responsibility for reclamation costs, including post-mining water treatment.
Improved Oversight: Inspectors must report any changes that could increase reclamation costs, allowing for quicker adjustments to required bond amounts.
Expired
Citizen Poll