I. Effective date.
The provisions of the Bill 15,510-08 would enter into force upon publication in the Official Gazette.
The following amendments would enter into force on January 1, 2024:
- The provisions of article 10 of Law 21,420.
- The repeal of the current procedure for the submission of general information obtained from basic geological exploration work established in Decree Law 3,525; and
- The amendment of the Constitutional Organic Law on Mining Concessions regarding the extension of exploration mining concessions’ duration.
In case of a change of datum, such modification will enter into force on the date on which the corresponding regulations are issued.
A deadline is set for issuing the relevant regulations mandated by Law 21,420: January 1, 2024.
Regarding the payment of the mining licenses corresponding to the first year of validity of Law 21,420, mining concessionaires would pay, as an exception, the amount applicable to the reduced mining license, that is, for the year 2025 mining concessionaires would pay 1/10 UTM per hectare.
* UTM (“Unidad Tributaria Mensual”) is a Chilean monthly unit of account for tax and penalty purposes, updated according to inflation.
Regarding exploration concessions whose validity expires during 2024, holders wishing to extend them for a further period of up to 4 years may exercise this right by submitting the necessary background information to meet the requirements within the first 6 months of the year 2024. To this end, exploration concessions whose validity expires during 2024 shall be extended until 31 December 2024, so that holders may have the opportunity to exercise their right of extension.
Regarding the procedures for the award of mining concessions that are in process at the date of entry into force of Law No. 21,420, they shall continue to be processed under the provisions in force at the time of their initiation.