The major objective of a tailings impoundment closure is to satisfy the requirements of the regulatory agencies, while minimizing the future liabilities of the mining company with an effective and cost efficient design. Several design concept alternatives with various design component options are generally evaluated during the early planning phases to select a preferred closure design alternative to be implemented. This paper presents a risk-based alternatives evaluation methodology as a decision-making tool that could be applied to planning for tailing impoundment closures.