Chilean Senate Approves Bill to Regulate Mine Closure

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Chilean Senate Approves Bill to Regulate Mine Closure

Source: Business News Americas��(3/10/10)

". . .the new law would be applied to all mining operations in the country."

The Chilean senate unanimously approved the first draft of a bill to regulate the closure of mining operations in order to reduce environmental impact.

The bill will be now analyzed by the senate's mining and finance committees, and modifications to the original text can be made until April 12, the senate reported in a release.

The legislation will allow companies to set up financial instruments to pay for eventual closure to guarantee they are carried out properly, the release said.

"With Chile being a mining power and having one of the most attractive laws for foreign mining investments, it is a fundamental need to have a law regulating mine closures to avoid the negative effects of mining activity," senator Baldo Prokurica said.

According to the bill, the new law would be applied to all mining operations in the country, with a gradual inclusion of current operations. In addition, companies will not be allowed to begin construction until the project's mine closure plan has been approved by geological and mining service Sernageomin.