financial assurance; reclamation; escrow; trusts

HB 2278 updates Arizona's requirements for mining companies to provide financial assurance to cover future land reclamation costs after operations end. It specifies that mining operators must use approved mechanisms like surety bonds, trust funds, or cash deposits held in third-party escrow accounts. The bill clarifies that mining companies retain all interest earned on cash deposits in escrow accounts (minus fees), and allows partial release of funds as reclamation work progresses. It also standardizes procedures for inspectors to release financial assurance once reclamation is completed, retaining 10% for monitoring and potential reseeding over a three-year period.