Mining countries include in their regulations the obligation of having a mine closure plan and financial guarantees to ensure that adequate funds are available in the event that companies are unable or unwilling to perform. While large scale mining is a relatively recent development in Argentina, the emerging regulation regarding mine closure and financial assurance requires further development. Analysing the issue from an international perspective, this article captures the experience of Queensland, Australia and highlights the technical and political complexity of the matter. Arising from this complexity and the Argentine factual and legal context, are relevant criteria to be considered when designing regulation related to mine closure and financial guarantees. The main findings of this research include; the need for a technical approach to the issue of mine closure; the participation of stakeholders, including companies, in designing the guidelines; and assigning roles to third parties in underpinning independence and transparency of regulation, among others. This article suggests an adequate balance between the satisfactory level of assurance and the national interest in developing mineral resources needs to be achieved. In this respect, the cost of financially assuring mine closure should be measured and analysed in relation to the general tax burden to encourage much-needed mining investment and also allowing rational and efficient exploitation of mineral resources.