Taxpayers are being put at serious financial risk by gaping holes in B.C.’s mining regulations that allow companies to underfund mine remediation or disaster costs, says a new report by economist Robyn Allan.
The report, funded by the Union of B.C. Indian Chiefs, describes financial assurance policies for mine site reclamation as “woefully inadequate” and estimates there is more than $1.5-billion in unfunded liability — meaning taxpayers are on the hook both for mine site reclamation, when a company leaves a contaminated site, and for catastrophic events when a company is unable to pay.
JUDITH LAVOIE – Desmog – May 18, 2016.
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