Modification to Law 20,551 that regulates the closure of mining operations and installations
Legal Updates | July 19, 2019
Yesterday the Official Journal published an amendment to the Law 20,551 that “Regulates the closure of mining operations and facilities.”
This project seeks to alleviate the financial burden that the owners of mining projects must assume in order to comply with said regulations, given the difficulty that this generates, which in some cases has even meant not being able to carry out their mining project.
Among its main novelties is the incorporation of insurance policies as possible financial instruments that may be granted by mining developers to guarantee their respective closure plans. The foregoing will allow to free the capacity of the credit lines that these companies have in the banks, so that the bank debt can be made available to the activities of their operation.
To access an explanatory memorandum and a comparison of the Law click HERE (Spanish)