145 (1) The financial assurance required as part of a closure plan shall be in one of the following forms and shall be in the amount specified in the closure plan or amendment to a closure plan submitted to the Director, as the case may be: 1. Cash. 2. A letter of credit from a bank named in Schedule I or II to the Bank Act (Canada). 3. A bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance. 4. A mining reclamation trust as defined in the Income Tax Act (Canada). 5. Compliance with a corporate financial test in the prescribed manner. 6. Any other form of security or any other guarantee or protection, including a pledge of assets, a sinking fund or royalties per tonne, that is acceptable to the Director.  1996, c. 1, Sched. O, s. 26; 1997, c. 19, s. 36; 2017, c. 6, Sched. 2, s. 68; 2019, c. 14, Sched. 7, s. 8 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, paragraph 6 of subsection 145 (1) of the Act is repealed and the following substituted: (See: 2023, c. 6, s. 13 (1)) 6. Any other form of security or any other guarantee or protection, including a pledge of assets, a sinking fund, royalties per tonne or any type of phased financial assurance, that meets any prescribed requirements and that is acceptable to the Minister. Director’s order (2) If the Director has reasonable and probable grounds for believing that a rehabilitation measure required by a filed closure plan in respect of which financial assurance was given has not been or will not be carried out in accordance with the plan, he or she may, by order, provide for the performance of the rehabilitation measure in the manner set out in subsection (5). 2019, c. 14, Sched. 7, s. 8 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 145 (2) of the Act is repealed. (See: 2023, c. 6, s. 13 (2)) Notice (3)  The Director shall give the proponent written notice of his or her intention to issue the order referred to in subsection (2) at least 15 days prior to the date the order is to be issued.  1996, c. 1, Sched. O, s. 26. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 145 (3) of the Act is repealed. (See: 2023, c. 6, s. 13 (2)) Parties affected (4)  Both the notice and the order referred to in this section shall be directed, (a) to the proponent who submitted the closure plan or to their successor; and (b) to any person who, to the Director’s knowledge, provided the financial assurance for or on behalf of the proponent or to that person’s successor or assignee.  1996, c. 1, Sched. O, s. 26; 2019, c. 14, Sched. 7, s. 8 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 145 (4) of the Act is repealed. (See: 2023, c. 6, s. 13 (2)) Realization of security (5)  Upon the issuance of an order by the Director under subsection (2), the Crown may use any cash, realize any letter of credit or bond or enforce any other security, guarantee or protection provided or obtained as financial assurance for the performance of the rehabilitation measures and may carry out those measures, or appoint an agent to do so, as the Director considers necessary.  1996, c. 1, Sched. O, s. 26. Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 145 (5) of the Act is repealed. (See: 2023, c. 6, s. 13 (2)) Change of financial assurance (6)  If the financial assurance provided under subsection (1) is in a form other than cash, a letter of credit, a bond or a mining reclamation trust or if the proponent fails to comply in the prescribed manner with a corporate financial test, the Director may require, in the prescribed manner, that the proponent promptly provide cash, a letter of credit, a bond or other security, guarantee or protection acceptable to the Director or that the proponent make provision for a mining reclamation trust.  1996, c. 1, Sched. O, s. 26; 2023, c. 6, s. 13 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, section 145 of the Act is amended by adding the following subsections: (See: 2023, c. 6, s. 13 (4)) Change in phased financial assurance (6.1) If the financial assurance provided under this section is any type of phased financial assurance and the proponent fails to comply with the required phasing, the Minister may require, in the prescribed manner, that the proponent promptly provide cash, a letter of credit, a bond or other security, guarantee or protection acceptable to the Minister for any or all of the outstanding amount. 2023, c. 6, s. 13 (4). Change of financial assurance on application (6.2) A proponent may apply to the Minister for a change in the form of financial assurance specified in the filed closure plan to another form permitted under subsection (1). 2023, c. 6, s. 13 (4). Deemed amendment (6.3) If the Minister approves a change under subsection (6), (6.1) or (6.2), an amendment to the proponent’s closure plan indicating the change shall be deemed to have been filed. 2023, c. 6, s. 13 (4). Application for reduction in financial assurance (7)  A proponent may apply to the Director for a reduction of the required financial assurance to an amount consistent with the financial requirements of the rehabilitation measures left to be completed if, (a) rehabilitation work has been performed in accordance with a filed closure plan; or (b) a reduction in the required financial assurance is justified in a notice submitted under subsection 144 (2).  1996, c. 1, Sched. O, s. 26. Special purpose account (8)  The amount of any cash provided as financial assurance under subsection (1) shall be paid into a special purpose account.  1996, c. 1, Sched. O, s. 26. Payments out of account (9)  The cost of any rehabilitation measures performed by the Crown or an agent of the Crown under this Part with respect to a filed closure plan and the amount of any reduction paid in cash under subsection (7) shall be paid by the Minister of Finance out of the special purpose account.  1996, c. 1, Sched. O, s. 26. Confidentiality (10)  The Director or any person who works for the Director’s office shall preserve confidentiality with respect to all financial and commercial information relating to the establishment of a proponent’s financial assurance.  1996, c. 1, Sched. O, s. 26. F.O.I. Act (11)  Subsection (10) prevails over the Freedom of Information and Protection of Privacy Act.  1996, c. 1, Sched. O, s. 26. Section Amendments with date in force (d/m/y) 1996, c. 1, Sched. O, s. 26 - 30/06/2000; 1997, c. 19, s. 36 - 10/10/1997 2017, c. 6, Sched. 2, s. 68 - 09/01/2018 2019, c. 14, Sched. 7, s. 8 (1-3) - 01/04/2021 2023, c. 6, s. 13 (1, 2, 4), 28 (1) - not in force; 2023, c. 6, s. 13 (3)
- 21/07/2023 146 Repealed:  2009, c. 21, s. 59. Note: On a day to be named by proclamation of the Lieutenant Governor, the Act is amended by adding the following section: (See: 2023, c. 6, s. 14) Order for rehabilitation 146 (1) If the Minister has reasonable and probable grounds for believing that a rehabilitation measure required by a filed closure plan in respect of which financial assurance was given has not been or will not be carried out in accordance with the plan, the Minister may, by order, provide for the performance of the rehabilitation measure. 2023, c. 6, s. 14. Notice (2) At least 15 days before an order is issued under subsection (1), the Minister shall give the proponent written notice of an intention to issue the order. 2023, c. 6, s. 14. Parties affected (3) Both the notice and the order shall be directed to, (a) the proponent who submitted the closure plan or to their successor; and (b) any person who, to the Minister’s knowledge, provided the financial assurance for or on behalf of the proponent or to that person’s successor or assignee. 2023, c. 6, s. 14. Realization of security (4) On the issuance of the order, the Crown may use any cash, realize any letter of credit or bond or enforce any other security, guarantee or protection provided or obtained as financial assurance for the performance of rehabilitation measures in respect of the site or mine hazard in order to carry out the rehabilitation measure specified in the order. 2023, c. 6, s. 14. Performance by agent (5) The Minister may appoint an agent to carry out a rehabilitation measure on behalf of the Crown, if the Minister considers it necessary. 2023, c. 6, s. 14. Section Amendments with date in force (d/m/y) 1996, c. 1, Sched. O, s. 26 - 30/06/2000 2006, c. 35, Sched. C, s. 67 (2) - 20/08/2007 2009, c. 21, s. 59
- 28/10/2009 2023, c. 6, s. 14
- not in force Mine Hazards