Review of Mine Financial Security Program for Oil Sands and Coal Reclamation
Official title: Mine Financial Security Program engagement
Why This Matters
When mines close, someone has to pay to restore the land. If companies don't set aside enough money, taxpayers could get stuck with the bill. This program determines whether industry or Albertans bear that risk.
What Could Change
The Mine Financial Security Program Standard has already been updated based on this consultation. New rules change how companies calculate their reclamation payments and when they must contribute. The Alberta Energy Regulator will update its guide by June 2025.
Key Issues
- How should the formula for calculating mine reclamation security payments be changed?
- When during a mine's life should companies be required to contribute security funds?
- How can asset and liability reporting be improved for better program monitoring?
How to Participate
- This consultation has closed. Feedback was gathered through virtual and in-person sessions from January to October 2022. You can review the updated Mine Financial Security Program Standard that resulted from this engagement.
What Happened
Feedback from stakeholders and Indigenous communities informed updates to the Mine Financial Security Program Standard. The Alberta Auditor General will assess whether the changes meet the intent of 2015 audit recommendations. The Alberta Energy Regulator will update the program guide with policy changes by June 30, 2025.