AIG Environmental~R -- AIG Member Company Offers Creative Financial Solution

摘要

An old mine on the Federal Superfund National Priority List (NPL) was left with miles of tunnels and open pits after more than 100 years of mining. The acquiring company sought a release of any liabilities as part of the Superfund settlement. The property is perhaps the largest source of acidic rock drainage in the world, and the largest source of toxic metals in the country. The cleanup is expected to cost over 200 million dollars with the operation and maintenance of a water treatment plant estimated to be required for up to the next 3,000 years. In the summer of 2002, a mining company's surety providers was suspended from doing business. The company was left scrambling to find replacement bond coverage in several states within just 90 days or face suspension, as mandated by state law. Through litigation, they were given an extension to replace over 200 million dollars in mining reclamation bonds with other substantial financial assurances.