On Tuesday, February 19, 2018, the Wyoming Environmental Quality Council approved proposed rule revisions to the Land Quality Division (LQD) financial assurance regulations.
This rule package was developed to address changes in financial assurance instruments, corporate structuring, and financial markets that have occurred since the original LQD bonding rules and regulations were adopted in 1982.
According to Kyle Wendtland, DEQ LQD Administrator, the goals of the proposed rules are to modernize the financial assurance regulations, retain all financial instruments for use now and into the future, diversify the financial assurance portfolios, provide for immediate cash needs in the event of forfeiture, and ultimately reduce the reclamation liability risk to the state of Wyoming while providing industry with sound financial assurance instrument options.
“We are pleased that the council approved this rule package,” said Wendtland. “A lot of staff time and effort has gone into the drafting and development of these rules.”According to Wendtland, these updated rules do not end self-bonding. They modernize the requirements and ensure that self-bonding will be a viable bonding instrument into the future.
DEQ did extensive outreach and met with the Wyoming Mining Association and other interested parties prior to the final development of these proposed rules. The rule revisions have been in development since 2015, and the approved rule package since June of 2017.
These approved rules will now move forward to Governor Mark Gordon for his review and consideration.