Stronger Financial Bonds for Coal Mine Cleanup and Environmental Restoration.
This law aims to protect citizens from bearing the costs of cleaning up abandoned or bankrupt coal mines. It introduces stricter rules for calculating the financial bonds that mining companies must post to cover the full cost of land reclamation and water treatment, factoring in inflation and the risk of early closure. This ensures that companies, not taxpayers, are financially responsible for environmental restoration.
Key points
Mining companies must post higher financial bonds that account for inflation, costs of unplanned mine closure, and potential long-term water pollution discharge.
The minimum required bond is set at $52,593 (plus annual inflation adjustment) and must be regularly adjusted based on changing market and environmental conditions.
Owners and persons controlling 30% or more of the company are jointly liable for all reclamation and water treatment costs, even if the permit is sold or transferred.
Status:
Introduced
Civic Will
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.