Mining has long been the source of materials for modern society. It also has been critical in the establishment of associated secondary and tertiary economies. However, mines have a finite life, and mine closure poses a material risk to mining companies, other dependent industries and local economies.
To manage this risk, there appears to be a shared recognition of a need to better integrate closure into the overall mining life cycle; designing and operating with closure in mind. Unless mining companies think more strategically about closure, the long-lasting trail of liabilities will continue to mount.
Closing a mine poses a material financial and social risk that puts broader economic survival, future investment in mining and maintaining a license to operate in jeopardy
Managing the end of life process and closing down mines is far from a mining sector challenge alone. Businesses and communities that have been built up around the mine also need resiliency planning involving local governments and other industry to ensure long-term economic success.
Investors, regulators and mining companies are realizing that planning for and executing closure strategies is not just a financial accounting exercise and a mining engineering challenge. Closing a mine poses a material financial and social risk that puts broader economic survival, future investment in mining and maintaining a license to operate in jeopardy.