Updated financial assurance guidance
In response to practical difficulties obtaining financial surety for mine closure and post closure as defined by the IRMA Standard, IRMA has modified 2.6.4.1 which is a critical requirement in the IRMA standard and must be substantially or fully met in order to achieve IRMA 50 or higher.
With this modification, the requirement for “financial surety instruments” — which by definition exclude corporate guarantees and self-bonding — is replaced with “financial assurance mechanisms.” This allows a broader range of acceptable means to guarantee the costs associated with third-part mine closure and post-closure.
The IRMA Secretariat made this change with the concurrence of the IRMA Board and external expert feedback. This is a temporary adaptation that will be reconsidered in the planned revision of the IRMA Standard expected in late 2023.
The background and challenges for this temporary modification and our plan going forward are presented in this guidance document, along with specific details on how this modification is to be interpreted by mine sites, independent auditors, and other interested stakeholders.