Essay on Theoretical Analysis of Restoration Liability Accounting

The process to mine the coal is quite complex. First, surveyors are called on site to document the layout of the land so that in can be restored to

2) Repair Theory – Damages should put things in the state that they were specified in the contract (IE fix the land as per the contract)

The tar creek mining site originally was owned by a Native American tribe, the Quapaw. The Quapaw wanted to keep these lands, but the Bureau of Indian Affairs deemed members opposing a transaction to mining companies “incompetent” (1). In such a case the business could continue and the Bureau of Indian Affairs sold the lands to mining companies. In essence these lands were stolen from the Quapaw because they were ripe for mining. These mines were then used from approximately 1891 to 1970. In the 79 years the mines were open 1.7 million metric tons (~3.75 billion pounds) of lead and 8.8 million metric tons (~19.4 billion pounds) of zinc were withdrawn from the mine (2). The entire area around Tar Creek is known as the tri-state mining

In accordance with the ASC 360-10-35-21, several changes should be evaluated in testing for the recoverability of long-lived assets: decline in market value, adverse changes in way asset is used or physical change in asset, adverse changes in legal factors or business climate, accumulated costs in excess of the original expected acquisition or construction price, current period losses with history of operating or cash flow losses associated with asset, and sales or disposal before the end of useful life.

economic, social and environmental responsibilities, while making a positive and lasting contribution to the environment and communities in which it operates. However there is also a large amount of informal alluvial diamond digging – which is not currently regulated and therefore neither is its impact on the environment. This document, as the majority of diamond mining is formal, focuses on the environmental impact on this sector.

Surface mining began to replace traditional underground mining around WWII (Bozzi 116). Rather than digging into the mountain to extract the coal, strip mining involves removing the overlying soil and rock that covers the coal deposits (Lutz 1). It seemed appealing at first because the previous known dangers of black-lung disease and cave-ins were now limited with the surface mining method (Bozzi 116). However, surface mining came with it’s own problems, a lot of them being more serious and irreversible than underground mining (Allen 182). This method of surface mining was the spark that created the trend of mountaintop removal (Bozzi 117). Mountaintop removal is the complete destruction of the mountain peak in order to reach coal

Hiring professionals, experienced staff, and obtaining all of the necessary equipment accumulates into an expensive cost that might ward off potential investors. This makes the job very risky in recovering the how much was paid for the whole ordeal. And because of this, the Capital must invest in these productions to ensure that they receive the necessary amount of resources that are equivalent to the amount of money that was previously paid. Hiring professionals is also a problem because they need to be paid generously to work, and more than a single individual is hired. The equipment required for this operation to function are outrageously expensive. Machines such as Earthmovers cost about 600,000 and that’s the cheapest one on the required tools list. The rest of the tools required are priced over 1 million dollars and more than one of each tool may be needed depending on the size of the site (Bundy 1). Mining operations use water for mineral processing and metal recovery, controlling dust, and meeting the needs of workers on site. The amount of water required by a mine varies depending on its size, the mineral being extracted, and the extraction process used. For instance, metal mines that process the ore to concentrate metals such as copper and gold use an abundant of water than non-metal mines such as

Snowdonia is the third largest of fifteen national parks in England and Wales with a resident population of 25,702 and enjoying millions of visitors annually (Authority, 2016) (National Parks UK, 2016). A unique aspect of the Snowdonia National Park is its shape which features a large exclusion zone in the center that was once home to functioning slate mines (Morris, 2010). This paper will focus on said exclusion zone and the debates surrounding the area’s exclusion from the National Park. I will argue that it has been a blessing in disguise for the area not to have been included in the National Park due to the fact they are exposed to the park’s millions of visitors each year, but are not restricted by regulations that the National Park Authority has enforced for areas under their control. This has allowed them to develop the mines as they see fit to best maximize their economic, historical and environmental value. Tourist attractions such as the Llechwedd Caverns and Bounce Below are examples of the developments that have been possible thanks to the area’s exclusion from the National Park. The purpose of this paper is to discover the advantages and disadvantages of the slate mines not being included in the National Park. Economic, Historic and Environmental factors will be considered in this assessment.

Of all the values plaguing Montana socially and environmentally, the issue of mining plays the greatest role in the state. Although recognized as being one of the largest pillars of Montana’s economy, mining poses a serious threat to the ecosystems surrounding it. The main problem within this industry is that after mining takes places, there are many toxic materials, like arsenic and zinc, that remain in the waste rock and tailings. These toxic substances are harmful to people as well as wildlife and once they enter the groundwater, rivers, or soil, they become a very serious health hazard. Currently, there are government regulations for all mining companies that assure none are participating in these harmful practices. Although many new companies

They have tried to resolve the issue over the years by digging up the resident’s yards and replacing it with uncontaminated soil. Instead, they put clay which doesn’t absorb water, which caused other issues. The damage has been done, no one was held responsible. The responsibility of the clean-up should have been put on the mining companies and at the cost of the mining companies. They forcibly came into the land, abused the land and the people in the area, then left. It will take decades for the land to ever recover from the damage they caused for a

I learned that mines were abandoned and in this case we have the responsible helping out. In other cases like the Gold King Mine in Colorado that it was used in the early 1900’s, the responsible that abandoned the mines were from Canada and are no were to be found. The problem with these mines is that when they extract all the uranium and there is no need for the mines, these mines need to be abandoned and closed. Unfortunately, there was no cleanup process when the mines were abandoned. Leaving the areas contaminated and the water from the rain transporting the contamination to other areas. 100 years ago, there was no standard on how to properly abandon a mine. Now days, the EPA and the state environmental departments are responsible to enforce the proper abandonment procedures and make sure the closure will not contaminate nearby areas or the water used for drinking, crops, and other human and animal uses. The runoff of the mine contamination can increase the total dissolve solids (TDS) in the nearby waters, making it non usable for human consumption and fish

Contingent Liability is a condition that refers to the possibility of a future event happening and addresses the responsibility of the party liable should the event take place. In today’s real estate market both sellers and buyers may have contingencies stated in the terms and conditions for selling and purchasing a home. The most common contingent liability are guarantees to debt.

The ownership of the petroleum and minerals resource are the Crown as in Victoria and South Australia all mineral are owned by the Crown, in Queensland, s 8(3) of the Mineral Resources Act 1989 (Qld) confers ownership of gold, coal and other minerals . Private property owners, grantees, lessees or licensees are titled to use any mineral

In our days, mining for resources is inevitable. The resources we need are valuable in everyday life. Such resources mined up are coal, copper, gold, silver, and sand. However, mining poses environmental risks that can degrade the quality of soil and water, which can end up effecting us humans if not taken care of and many of the damages are irreversible once they have occurred.

The mining industry has seen an explosive growth from the past few decades. It has played an important role in economic growth, infrastructure development and a raise in the living standard of the whole world. According to the Australian National Accounting System, the mining sector has made contributions of 9.8% GDP growth to the Australian economy between 2008 to 2009 (Australia Bureau of Statistics, 2012). However, the mining industry has caused many environmental issues such as adverse effect to air, land and water quality and continues to affect global environment as a whole. According to the World Health Organization, it evaluated that 25% of worldwide death are directly associated with environmental pollution (Blacksmith Institute, n.d). This essay will outline the environmental issue raised by the mining industry with pinpoint focus on the effects to air, water and land. It will also provide strategies for mining companies to improve the environmental conditions.