Repurposing closure cost estimation tools: a Gold Fields case study of the benefit of integration

Authors: Getty, R; Caporn, D; Kyan, D; Beltran, J

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DOI https://doi.org/10.36487/ACG_rep/1915_123_Getty

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Getty, R, Caporn, D, Kyan, D & Beltran, J 2019, 'Repurposing closure cost estimation tools: a Gold Fields case study of the benefit of integration', in AB Fourie & M Tibbett (eds), Mine Closure 2019: Proceedings of the 13th International Conference on Mine Closure, Australian Centre for Geomechanics, Perth, pp. 1577-1586, https://doi.org/10.36487/ACG_rep/1915_123_Getty

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Abstract:
Closure cost estimation tools such as the publicly available Standardized Reclamation Cost Estimator (SRCE) are widely used to determine closure cost estimates for a variety of purposes. The SRCE was developed to provide a robust, defensible calculator for mine closure financial assurance by the State of Nevada, USA, and has been used internationally for financial assurance (FA) cost estimates, life-of-mine (LOM) and provision for environmental rehabilitation (PER), and for internal closure cost estimates. Minimising the liability of closure costs is increasingly important for mine planners, as experience dealing with mature mine sites has led to a better understanding of the magnitude of actual closure costs, and as companies seek to reduce ongoing liabilities associated with unrehabilitated land. In this context, Gold Fields Ltd has been working with the added functionality of the revised SRCE (v2.0) in relation to its St Ives operations to repurpose the closure cost model to facilitate real-time planning and management of mine closure. Specifically, the flexibility of the SRCE has been used at St Ives to analyse closure options. This has provided the benefit of reducing long-term closure costs by adapting short-term mine plans to accommodate the extended view of the mine life.

Keywords: Standardized Reclamation Cost Estimator, cost estimate, repurpose, planning, budgeting tool

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