To assure the State of Chile thorough and expedient compliance of mine site and facilities closure, the Law 20.551 that regulates these processes provides that the companies of the sector shall create guarantees that ensure performance of their obligations. 

Within that regulatory framework, as of this month of July the Superintendencia de Valores y Seguros (SVS) (Superintendence of Securities and Insurance) has authorized Depósito Central de Valores to maintain these guarantees with the security and infrastructure characteristic of the entity that safeguards securities in Chile.

About the service

The service allows mining companies to hold the instruments defined by this law in physical form with DCV, generating the custody certificates mining companies are required by Sernageomin to fulfil their guarantee obligations as established in the law upon termination of the useful life of a mine site.

Benefits

This authorization by the controlling entity is important to DCV, because it allows broadening the range of securities held in custody. Among the benefits for the companies using the service are:

To receive the authorization of the SVS, DCV has complied with the necessary requirements aiming to ratify the business model for custody and work with Sernageomin to determine the way, modalities and mechanisms under which the guarantees will be constituted.

 DCV News July 2016