SANTIAGO, March 3 Santiago will host a new exchange designed to raise capital for early-stage businesses in the mining sector, joint venture partners the Santiago Stock Exchange and Canada exchange operator TMX Group Ltd said on Monday.
The new junior market will be called Santiago Stock Exchange, Venture and initially focus on capital formation for small and medium enterprises in mining, but may expand to other sectors at a later date.
"The agreement will help foster the growth of the junior market in Chile and will allow TSXV-listed companies to dual-list in Santiago and access capital from Latin American markets," said TMX chief executive Tom Kloet.
The TSXV, the junior market version of TMX's Toronto Stock Exchange, has been looking for growth avenues outside of Canada, while Santiago has been seeking to position itself as a regional financial center.
Mining is by far Chile's biggest industry, with copper alone making up over half of all exports. Companies operating inside the South American country include Canadian firms such as Barrick Gold and GoldCorp.
The venture partners said the project had received "strong support" from the Chilean mining ministry. After seeking regulatory approval, they said they expected the venture to start operations in early 2015.