Closure cost estimation
nounPronunciation: /ˈkloʊʒər kɔst ˌɛstɪˈmeɪʃən/
The financial analysis and projection of expenses required to reclaim, remediate, and monitor an abandoned mine site to regulatory standards over the reclamation timeline. This includes capital costs for earthwork, equipment, materials, labor, and long-term monitoring and maintenance.
Plain English
Calculating the total financial cost to clean up and close an abandoned mine site.
Etymology & History
Usage
"Closure cost estimation for the abandoned gold mine totaled $47 million when including 30 years of post-closure monitoring."
Style guide notes: Always specify timeline covered and include inflation adjustment methodology in closure cost estimates.
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Related Terms
Frequently Asked Questions
What costs are included in closure estimates?
Demolition, earthwork, water treatment equipment, vegetation, monitoring systems, and long-term maintenance.
Why is accurate closure cost estimation important?
Ensures adequate financial bonding, regulatory compliance, and prevents abandonment of incomplete reclamation.
Why Test Candidates on This?
Critical competency for senior mine engineers and project managers responsible for financial planning.
Required skill level: Senior