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APPROVAL PROCEDURES
General Application
Procedure
General aspects of the law 20.551
Closure plan content requirements for mine categories
Big and medium-sized mines Small-sized mines
Risk assessment
Cost estimation
Financial guarantee
TEMPORARY CESSATION
FINANTIAL GUARANTEE
CLOSURE CERTIFICATE
POST-CLOSURE FUND
Financial guarantee amount
Definition: The guarantee amount is based on the net present value (NPV) of
the yearly cost estimation for all closure work, requirements, and activities
associated with the mine site since the beginning of the mining operation
through to the end of the life of the mine (LOM). This amount also includes
the NPV of postclosure costs.
SUITABILITY SUFFICIENCY
Requirement of
NVP of the guarantee
guarantee
match with the
liquidation
guarantee given
Terms and patterns to establish financial
guarantee
LOM <20 years 100% of the NPV during the first 2/3 of the LOM
LOM ≥20 years 100% of the NPV during the first 15 year of the LOM
Terms and patterns to establish
financial guarantee
A.1.
A.2.
A.3.
450,000
400,000
350,000
300,000
A.1.
NPV Closure Costs
250,000
A.2.
200,000
150,000
A.3.
100,000
50,000
-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year
Guarantee releases
Previous Sernageomin verification
Start of closure
implementation 30%
Contribution to
Postclosure fund 40%
Deliver final
closure certificate
Guarantee adjustment and review
periods
Guarantee adjustments Changes of
closure
plan costs
Lost of
Partial Guarantee suitability
closures adjustments and
sufficiency
Substantial
change of
the mining
project
Guarantee adjustment and review
periods
Guarantee review
At least Closure
once a year plan audits
Postclosure fund
OBJECTIVE COMPOSITION FUND ADMINISTRATION
•Mining companies
contribution