Mall Plaza utility plummets in Q4 due to social unrest

Chile's Mall Plaza recorded a 15% drop in revenues (CL$72.3 billion), and a 21% increase in sales costs (CL$25 billion) in Q4 2019. Administrative and sales expenses jumped up to 39%. Revenue decline in its 11 malls is explained “mainly by effects associated with events after October 18 in Chile,” said the company operated by Falabella, one of the largest retail companies in Latin America.

Losses from banking operational risk jumped 88% amid social crisis

Chile's banking reported net losses due to operational risk events in 2019 worth CL$82 billion ($101 million), which means an increase of 88% compared to the previous year and its highest level since there is registration, according to the Commission for the Financial Market (CMF). BancoEstado led the expenses of this item (CL$7bn), followed by Santander (CL$ 4bn), and Banco de Chile (CL$ 2bn).

Acciona to supply 100% renewable power to salt producer K+S Chile

Spain’s Acciona SA will supply 100% renewable power to salt producer K+S Chile SA on the basis of a recently signed long-term power purchase agreement (PPA), covering industrial operations and facilities, including a salt mine, milling, processing and packaging plants and shipping ports. Thanks to the agreement, K+S, a unit of German salt producer and potash supplier K+S AG, will be able to avoid emissions of around 6,400 tonnes of CO2 each year for an undisclosed period.

Finance minister sees economic impact of coronavirus as ‘limited’

“At this stage we don’t see a major impact on the Chilean economy; I think the effects of this coronavirus pandemic are still limited,” finance minister, Ignacio Briones told foreign journalists in Santiago. Chilean exporters to China - chief among them fruit growers, paper firms and miners - had reported delays and logistical problems but no interruption in orders, Briones said. Chile sends around 30% of its exports to China and 50% of its copper.

Chile moves back 11 places in mining investment attractiveness ranking

The "Annual Survey of Mining Companies 2019" by the Fraser Institute scores Chile in 17th place of attractive centres for investment, according to the 2,400 exploration, development and other mining activities companies that participated in the poll. This means a 11 step-setback in relation to the sixth position it held the previous year and its worst location since 2016. Despite, Chile retains the first position in Latin America, while Peru was displaced from second place by the Argentine jurisdiction of San Juan.