Authors: J. Janočko, M. Cehlár, Z. Šimková

Title of the article: "Brownfield" as a methodology for revitalizing the economy of mining areas

Year: 2017, Issue: 3, Pages: 32-45

Branch of knowledge: Economics and innovation management

Index UDK: 338.012

DOI: 10.26730/2587-5574-2017-3-32-45

Abstract: The operating life of a mining enterprise lasts from several years to several decades. Closure of the enterprise occurs when the minerals are fully extracted or mining is no longer profitable. Most regulatory bodies all around the world require the submission of mine and open pits closure plans before obtaining the permission for mining operations, as it is necessary to demonstrate that the site will not pose a threat to the environment or society in future. Depending on the location, the mine or the open pit can be used for other purposes by people or be restored to the state that had been before the operations started. Supervising authorities are increasingly demanding financial guarantees that the funds necessary for the closure of mining enterprises will also be available in emergency situations. The article describes whether a new tool – environmental insurance, as well as the methodology for evaluating "brownfield" – can contribute to the restructuring of urban facilities as a part of initiatives for the economic development of the mining area. Environmental insurance is an insurance intended to limit the liability associated with the purification of pollutants after mining activities in abandoned fields. This type of insurance has the potential as an incentive to increase investment in the reconstruction of abandoned land.

Key words: reclamation renovation revitalization brownfield methodology mining areas

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