SB 095: NM MINING ACT FINANCIAL ASSURANCES

An Act Relating To Mining; Amending A Section Of The New Mexico Mining Act To Provide For Financial Assurances; Declaring An Emergency.

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MILD SB 095
NM MINING ACT FINANCIAL ASSURANCES

Legislative URL:

SB 095 on nmlegis.gov

Emergency Clause:

Yes

Germane:

Yes

Location:

null

Action:

SPREF [2] SCC/SCONC/SCORC-SCC-germane-SCONC [10] (Succeeding entries: S 80).

Issue(s):

Regulation & Enforcement

Related Legislators

Bill Sponsor:

Phil Griego

Related Documents

Downloads:

Introduced
SCC Committee Report
Fiscal Impact Report

Summary

The New Mexico Mining Act requires that the Mining Commission to adopt a ruling allowing permit holders to apply for the release of all or part of the permit holderfs’s financial assurance. The Act also states: “The permittee shall not file an application for release of financial assurance more than once per year for each mining operation.” This bill would remove the one-per-year limitation. The bill also requires that new rules be proposed to make the rules consistent with the amendment. SB 80 regarding humate mining makes the same change to the Mining Act regarding financial assurance, probably for purposes of consistency.

A possible outcome of this bill is that permit operators may file requests for releases more often creating additional work for the Mining and Minerals Division of the Energy, Minerals and Natural Resources Department or taking employees away from other tasks.

This bill is for the Interim Water and Natural Resources Committee.

Date of Summary:  1/20/2014

The SCONC Substitute Bill adopted on 2/12/14 combines SB 80 and SB 95 into the committee substitute for SB 80. SB 95 is effectively extinguished as a separate bill. For succeeding entries, see SB 80.

Date of Revised Summary:  2/16/14

Outcome: 

SB 095 died on the Senate Floor Calendar.

Updated 7/31/14