BC First Nations Energy and Mining Council – released “Reducing the Risks of Mining Disasters in BC: How Financial Assurance can Help”. Based on the analysis presented in this report, we make one overarching recommendation to British Columbia policy-makers and two supporting ones.
6.1 Main recommendation
Require hard financial assurance against the risk of mining disasters in British Columbia
6.2 Supporting recommendations
- Pursue a “tiered” financial assurance scheme for mining disaster risk in British Columbia
- British Columbia should implement firm-level bonding requirements, insurance requirements or an industry fund, then later combine this assurance with coverage from an additional instrument,
- Broaden pooled risks in a tiered scheme’s highest tier
- governance bodies for publicly-run risk pools should leverage the knowledge and expertise of First Nations by including Indigenous representation