By Susana Lima

As a measure of formation of small and medium enterprises, a fund of U.S. $ 150 million, was created by the Chilean government on Tuesday a year after starting competition, in which the six private resource managers were selected.

Government authorities presented the program Phoenix Mining Exploration Fund. Mining Minister Hernan de Solminihac, was optimistic noting that "Junior companies  that open and actively participate in the stock market of our country" "can achieve good results."

Chile is the world's largest copper supplier, very few small mining companies have market share influence compared to the raid that large global firms have such as Anglo American, Xstrata, BHP Billiton, Antofagasta Minerals and state-owned Codelco.

Officials hope that the resources are sufficient to finance around 50 projects for prospecting.

De Solminihac said that while Chile leads the industry, it has decreased, in terms of exploration spending, its relative position, with only 5% of global investment.