New legislation was enacted in the State of South Dakota relating to mining operations using chemical leaching. The new law, which is named SB 40, boosts the quantity of the additional financial assurance required for mining operations that utilize cyanide leaching or any other chemical/biological leaching procedure to extract raw materials from ore. The previous law stated that the amount must be at a minimum of $25,000 and no more than $500,000. SB 40 states that the assurance can not be above $1 million, while there is no instituted minimum.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.