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Surety Bonds Oil Sands and Coal Mining Reclamation Security, AER Bulletin 2022-017

Link to Bulletin Summarized

Coal – Mine Financial Security Program

Starting with the 2022 Mine Financial Security Program (“MFSP”) annual report submissions, the AER will accept surety bonds as security under the MFSP program, along with cash and letters of credit, subject to the following conditions:

  • The only acceptable form of surety bond is the AER-approved demand forfeiture bond, available on the AER’s website. The AER will only accept demand forfeiture bonds without alterations.

  • The AER will only accept surety providers with active operations in Canada.

  • Only surety providers with at least an A− rating (or equivalent) from at least two public credit rating agencies of the AER’s choosing will be accepted.

Manual 024: Guide to the Mine Financial Security Program has been updated to reflect this change.

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