The bill S.F. No. 1383 aims to update and strengthen the financial assurance requirements for mining operations involving nonferrous (non-iron-based) metallic minerals in Minnesota. Key changes proposed include:

1. Permit Process: Miners must obtain a permit from the commissioner before they can engage in mining activities. Applications must include detailed plans for mining and restoring mined areas, proof of adequate insurance to handle potential damages, environmental liabilities, and an application fee which varies depending on the type of mining.

2. Financial Assurance: Mining operators must provide financial assurances, like bonds or cash deposits, which are reviewed annually by the commissioner. These assurances are meant to ensure operators can cover the costs of reclamation (restoration of mined areas) and any corrective actions if they fail to meet the permit's criteria.

3. Insurance Requirements: Operators need to show they have public liability insurance and an environmental impairment liability policy for potential damages or pollution caused by their mining activities.

These updates are aimed at ensuring that mining operations are conducted responsibly, with adequate financial safeguards to manage the environmental impacts and any potential damages arising from the operations.