Chile launches US$150M exploration fund

Production and Markets

Publishing Date: 25 Jan 2012 12:57pm GMT
Author: Mining Journal

The government of Chile has announced the creation of a US$150 million public-private fund to aid exploration by small- and medium-sized enterprises in the South American state.

The so called ‘Phoenix Fund’ was launched in a ceremony at the Santiago Stock Exchange on Tuesday, attended by mining minister Mr Pablo Hernán Solminihac Longueira. Speaking to reporters at the launch, Mr Solminihac said that he hoped the fund would provide stability for the development of medium-sized exploration companies, and potentially lead to more firms listing on the Santiago Exchange.

The fund itself is overseen by Chile’s Production Development Corporation, a governmental organisation aimed at promoting local development. Six firms have been tasked with managing the fund, which comprises a US$92 million contribution from the state and a remaining US$58 million supplied by private capital.