ANNOUNCEMENT 04 Mar 2011In March 2011, the government of Chile announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
CORFO (2011) Corfo y Ministerio de Miner?a lanzan el Fondo F?nix para la exploraci?n minera. http://www.corfo.cl/sala-de-prensa/noticias/2011/marzo-2011/corfo-y-ministerio-de-mineria-lanzan-el-fondo-fenix-para-la-exploracion-minera
On 4th March 2011, the Chilean Corporation for Production Development (CORFO) together with the Chilean Ministry of Mining established the Phoenix Fund for Mineral Exploration. The core scope of this fund is to boost the mineral exploration industry in Chile as well as encourage junior mining mineral exploration activities in other countries (by Chilean entities).
The establishment of the Fund was accompanied by a funding sum of USD 90,000,000.
According to official sources, this Fund is primarily aimed to exclusively supporting Chilean SMEs with current or prospective exploration projects. The credit line may cover up to 2/3 of the project volume with the remainder provided by the applicant through own funds. The core scope of the fund is to provide to SMEs lines of credit for exploration projects which take up to 10-12 years until their liquidation. The maximum sum of the provided credit lines is from UF 150,000 ( USD 5,436,336) to UF 400,000 (USD 14,496,897).
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.