Mining operations have a finite life, and their social, economic and environmental impacts—positive and negative—continue long after the mine closes. As a Company, our ambition is to leave a positive and lasting legacy for the local communities around our mines, and to restore and rehabilitate the local environment, leaving behind minimal environmental impact. Planning for mine closure is an integral part of this.
Each of our mines have closure plans in place aligned local regulatory requirements and encompass a wide range of environmental, social and economic concerns, including;
- Reclamation and remediation
- Public Safety
- Social management
- Post-closure monitoring
- Transfer of Assets
These plans are regularly reviewed and continually updated throughout the mine life.
During 2019, we also began developing social closure plans for all operating sites to further deliver on our commitments to our host communities. These will be reviewed and updated to include the Çöpler Mine in 2021.
Our closure plans
At Seabee, the Company also has an approved closure plan and financial assurance held by the Province of Saskatchewan. The closure plan addresses all final reclamation requirements as well as the longer-term post-reclamation monitoring and maintenance phase. As required by the Company’s environmental permits, the closure plan is periodically updated. As at December 31, 2020, Seabee had reclamation requirements totaling approximately $5.7 million.
At Marigold, the Company engages in concurrent reclamation practices and provides bonds for all permitted features, as part of the State of Nevada permitting process. As at December 31, 2020, Marigold, including the Trenton Canyon and Buffalo Valley properties, had reclamation requirements totaling approximately $54.6 million.
At Puna Operations, including the Chinchillas operation, the present value of the current closure and reclamation cost estimate, to be spent over a number of years, is approximately $20.7 million
At Çöpler, the present value of the current closure and reclamation cost estimate as at December 31, 2020, to be spent over a number of years, is approximately $36.5 million.