On June 25, 2020, Exempt Resolution No. 1042, of June 23, 2020, of the National Service of Geology and Mining (“SERNAGEOMIN”) was published, approving the General Conditions of the Guarantee Insurance Policy POL120200104, for the purpose of being considered as a financial instrument A.1 ), to ensure the state’s compliance with closure plans, in accordance with Article 52 of Law No. 20,551, on the closure of mining operations and facilities, as amended by Law No. 21.169, which recently came into force.
This resolution was issued in accordance with the amendment to the Regulations of the Mining Facilities and Closure Law, published on June 23, 2020, which, among the amendments made (section 8.- c), was that referred to “Guarantee Insurance Policies at First Request for the Closure of Mining Sites”, which required, on the part of the Service, an Exempt Resolution approving the General Conditions that have been incorporated into the Policy Deposit, which for this purpose is maintained by the Financial Market Commission (“CMF”).