By: Drew Yewchuk and Martin Olszynski
Documents Commented on: Mine Financial Security Program Standard [December 2025], AER Manual 024: Guide to the Mine Financial Security Program [February 25, 2025].
PDF Version: Beyond the Pale: The February 2025 Updates to the Mine Financial Security Program
AER Bulletin 2025-06 was posted on February 25, 2025, announcing an updated Manual 024: Guide to the Mine Financial Security Program (MFSP). The new Manual 024 was preceded by two rounds of updates to the MFSP Standard in October 2024 and December 2024. The MFSP Standard sets out the rules for the MFSP and is incorporated by reference into the Conservation and Reclamation Regulation, Alta Reg 115/1993 (s 16.1). The Manual is intended to assist mine owners in their understanding of its various requirements. The changes to the MFSP made by the updates to the Standard and the Manual are not entirely trivial, but they repair only the more blatant and marginal deficiencies with the MFSP; the overall financial unsoundness of the MFSP – and its counterproductive asset to liability approach in particular – has been left intact. The Guide also remains replete with out-dated references that betray a troubling lack of professionalism and due regard for the public and relevant stakeholders, including downstream Indigenous peoples.