Camrova Resources Inc will acquire for $3.6 million the Las Vacas flotation plant located near Illapel, Chile from Compañía Minero Don Alberto SA. Camrova plans to use this 24kt/m plant to process smelter slag produced by the El Chagres Smelter of Anglo American Sur SA located near Catemu.
Spanish group Obrascon Huarte Lain SA has secured two contracts worth 80 million euros (USD 86.4m) to build 136 MW of renewable energy projects in Chile. The company was awarded the engineering, procurement, construction, operation and maintenance contract for an 86-MW solar photovoltaic project set in Atacama. The second contract covers the balance of plant for the 50 MW La Estrella wind project in Chile's O'Higgins region.
Russian health authorities banned the entry of salmon from most Chilean processing plants due to the alleged excess presence of oxytetracycline. The fishing companies deny the allegation and say they look forward to a soon reestablishment of their exports to Russia that in 2018 reached $447 million. Sebastián Piñera's government say two senior officials are scheduled to travel to Mosc0w next week to discuss the issue.
Global miner Anglo American’s (AAL.L) on Thursday reported a 9% increase in full-year profits as higher prices for iron ore and precious metals outweighed weakness in diamonds and coal. The London-listed miner, whose Chile division is the thrid largest miner in the country, has led rivals in a recovery from a 2015-16 commodities crash by narrowing its range of businesses, making its mines more efficient and investing modestly in high return projects.
Chile government and security forces are preparing for a potential revival of last October violent unrest initially triggered by a student protest which strongly hit the country economy. They are retraining 2,600 members of the security forces in protest-control methods and human rights, acquiring new armoured cars, drones and body cameras, as well as trying to improve their intelligence services.
Anglo American said they expect a discussion with the government of Sebastián Piñera about the possible impact of the new Constitution on foreign investment. The London-based mining company is particularly concerned about the environmental impact study (EIA) process for its new $3 billion mining project in Los Bronces. "The constitutional problems will be very clear and visible to us before making those commitments," the company said.
The coronavirus outbreak in China may be altering the 2020 investment outlook for Latin America, souring sentiment toward regional free market beacons Chile and Brazil, while turning heads and cash toward left-leaning Mexico, according to Goldman Sachs. Bank of America Merrill Lynch’s (BAML) latest monthly survey of 52 Latin American fund managers showed that 56% say slowing growth and commodities demand in China is the biggest risk to the region. On the other hand, 27% say the economic situation in Chile will deteriorate over the next six months.