Enhancing Sustainable Mining with Effective Design of Financial Assurance Programs : A Viewpoint on the Various Legal and Regulatory Frameworks of Zambia, South Africa and Chile
In this viewpoint, we offer a seeing perspective on the various legal and regulatory frameworks of three case study countries – Zambia, South Africa, and Chile. We used a straightforward yet rational procedure to compare key institutional design variables to consider in financial assurance programs across these high-mining states. The study highlights that key institutional design variables of financial assurance programs in Zambia, South Africa and Chile are almost interrelated. In Zambia, South Africa and Chile, different administrative units, laws and regulations are set up to ensure the operationalisation of financial assurance programs. Also, financial assurance instruments are chosen from numerous options in these countries. South Africa and Chile have more options compared to Zambia. Cash and bank guarantees are the heaviest instruments used. However, our findings established that problems associated with executing financial guarantees in place of mine closure in Zambia and South Africa include governments' deficiency of understanding of the practice of financial assurance. Also, adjournments and expensive authorised charges are associated with processing the financial assurance in South Africa and Chile. Our findings recommend that mining developers in Zambia, South Africa, and Chile work with governments to accept self-guarantees grounded on the mining developer's assets. Also, Zambia should use a combination of other instruments, as it is in South Africa and Chile
Year of publication: |
[2023]
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Authors: | Wambwa, Davies ; Mundike, Jhonnah ; Chirambo, Brian |
Publisher: |
[S.l.] : SSRN |
Subject: | Südafrika | South Africa | Chile | Sambia | Zambia | Bergbau | Mining |
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