Mining bond pool milestone
The bonding pool that guarantees reclamation of mining sites in Nevada now tops $1 billion, state and federal officials said.
The bonding program created in 1990 requires financial guarantees of reclamation for mining projects of five acres or more.
The guarantees in force include $613 million in letters of credit, $226 million in surety bonds, $180 million in corporate guarantees, $7.3 million in cash, $2.1 million in bonds administered by the Nevada Division of Minerals, and $2 million in certificates of deposit.
The agreements are designed to split the costs of improvements such as traffic signals between Carson City and developers whose projects generate the traffic increases that trigger the need for improvements.