An Act to Amend the Mining Act
Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:
1 The Mining Act, chapter M-14.1 of the Acts of New Brunswick, 1985, is amended by adding after section 111.1 the following:
111.2(1) There is established a fund to be known as the Mine Reclamation Fund into which security shall be credited that is
(a) submitted by the holder of a mining lease or the operator of a mine, or anyone acting on behalf of such person,
(b) in the form of money, and
(c) conditioned for the payment of costs with respect to the protection, reclamation and rehabilitation of the environment.
111.2(2) The Minister of Finance shall be the custodian of the Mine Reclamation Fund and the Mine Reclamation Fund shall be held in trust by the Minister of Finance.
111.2(3) The Mine Reclamation Fund shall be held for the purposes of this section in a separate account in the Consolidated Fund.
111.2(4) Money received under subsection (1) shall be credited to the Mine Reclamation Fund in the name of the holder of the mining lease or the operator of the mine and shall earn interest at such rate as is determined by the Minister of Finance.
111.2(5) The Minister of Finance, on the recommendation of the Minister, may make payments from the Mine Reclamation Fund for the purpose of
(a) performing such work as is considered necessary by the Minister and required by the relevant program for the protection, reclamation and rehabilitation of the environment approved by the Minister, and
(b) refunding any residual money, including interest, to the holder of the mining lease or the operator of the mine, or anyone acting on behalf of such person, when the Minister has determined that the money is no longer required as security.