Geological Information

Bill 15,510-08 specifies the timing and manner in which the mining concession holder’s obligation to provide geological information to the National Geology and Mining Service (Sernageomin) shall be fulfilled.

Mining Code Regulation shall detail the deadlines and conditions for compliance with this obligation.

Regarding the geological information to be provided by mining concessionaires who have carried out advanced exploration activities, the submitted information shall be confidential for a period of 3 years, given its strategic and commercially sensitive nature for its owner.

In case of non-compliance, the amount of the fine shall be increased to 100 UTA.

This fine can even be doubled if the National Geology and Mining Service (Sernageomin) requires the geological information and it is not provided, along with disqualifying the mining concessionaire from accessing the benefit of the reduced mining license.

* UTA (“Unidad Tributaria Anual”) is a Chilean annual unit of account for tax and penalty purposes, updated according to inflation.

The obligation to submit the information obtained from basic geological exploration works established in Decree Law 3,525, and its procedure of submission, will be repealed in order to avoid duplication of procedures.