 Improving the policy framework for financial assurance for mine closure in MongoliaBayanmunkh Zandariya Resources Policy, 2022, vol. 77, issue C Abstract: Mongolia is rich in mineral resources. Its economy is based on mining. As of 2020, mineral licenses for 1.65 million hectares have been issued in Mongolia, which represent 1% of the country's territory. Mining involves a great negative impact on the environment and society in mining areas not only during mining operations but also after mines are closed. To avoid such impacts on the environment and local communities, it is imperative to secure funds for appropriate mine closure. Therefore, adequate policy and regulatory frameworks for mine closure, including financial assurance for mine closure, are key to ensuring proper mine closure and minimizing negative environmental, health and safety impacts that may result from inadequate mine closure or abandoned mines. Our comparative study on financial assurance for mine closure, based on the internationally-applied guidelines, show that Mongolia's current legal framework regulating mining activities includes only a minimum level of requirements for mine closure and thus represents a policy and regulatory weakness that may lead to inadequate mine closure, or abandoning mines without proper closure. Keywords: Financial assurance; Mine closure cost estimation; Mining legal framework; Mongolia (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:77:y:2022:i:c:s0301420722000770 DOI: 10.1016/j.resourpol.2022.102628 Access Statistics for this article Resources Policy is currently edited by R. G. Eggert More articles in Resources Policy from Elsevier |
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