The life cycle of mines lasts from several years to several decades. The closure of the mine occurs when its recourses are completely extracted, or mining is no longer profitable within its leasehold. Most regulatory authorities all around the world require the plan of mines and open-pits closure even before the mining begins, as it must be determined that the site would not pose a threat to the environment or society in future. Depending on the location, the site of mine or open-pit may be used in alternative way after closure or restored to the pre-operational condition. Local authorities increasingly require financial assurance that the funds needed to close mining enterprises will also be available in emergency situations. Special attention is paid to the environmental insurance intended to limit liability related to pollution elimination after mining activities at abandoned fields are over. In close connection with environmental insurance is post-mining – the development of alternative use of mining sites after the closure of mines and open-pits.
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