Today, we released revised editions of Specified Enactment Direction 005: Rock-Hosted Mine Liability Process (RMLP) and Manual 024: Guide to the Mine Financial Security Program (MFSP). The revisions allow the AER to accept surety bonds with a credit rating from only one public credit-rating agency, rather than two agencies as was previously required.
Consequently, the AER will accept surety bonds as security under the RMLP and MFSP, along with cash and letters of credit, subject to the following conditions:
- The only acceptable form of surety bond is the AER-approved demand forfeiture bond, available on our website under Liability Management Forms. It will only be accepted without alterations.
- Only surety providers with active operations in Canada will be accepted.
- Only surety providers with at least an A− rating (or equivalent) from a public credit-rating agency of the AER’s choosing will be accepted.
More information on the MFSP is available on our “Mine Financial Security Program” webpage, https://www.aer.ca/regulations-and-compliance-enforcement/liability-management-programs/mine-financial-security-program.
More information on the RMLP is available on our “Rock-Hosted Mine Liability Process” webpage, https://www.aer.ca/regulations-and-compliance-enforcement/liability-management-programs/licensee-management-program/rock-hosted-mine-liability-process
Questions can be directed to our Customer Contact Centre by phone at 1-855-297-8311 or by email at inquiries@aer.ca.
