Increasing bonding costs at U.S. mines could force some mines to close prematurely and restrict others from opening, according to testimony before the House Subcommittee on Energy and Mineral Resources. Rep. Barbara Cubin (R-WY) is chairman of the committee. She called a hearing on the matter in an attempt to find a solution to the growing problem of underwriters and reinsurers leaving the surety market. "The crisis continues to worsen as existing surety bonds are being cancelled, rates are increasing as much as 500 percent and more collateral is required," she said.
展开▼
