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Mine Financial Security Program Assessment of Implementation

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Summary

We completed our assessment of implementation of the recommendation from our July 2015 audit related to the systems to ensure sufficient financial security to cover land disturbances from mining.

The Department of Environment and Protected Areas (the department) has only partly implemented our recommendation.

  • NOT IMPLEMENTED Recommendation: Assess whether changes to the Mine Financial Security Program asset calculations are needed to prevent overestimating asset values
  • IMPLEMENTED Recommendation: Analyze and conclude on the impact of extended mine life on the Mine Financial Security Program security collection

We assess this recommendation as not implemented because the risk of overstatement remains high, and the department stated it will not make any further substantive changes to the calculation method.

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