Global miner Anglo-American said it would scale down operations at its Los Bronces copper mine in Chile to the minimum necessary to ensure “operational continuity” amid the spread of the coronavirus in the South American nation.
ENAP announced that there will be a drop by $6 in petrol prices. These prices are the result of applying the Import Parity Price rule, the Fuel Price Stabilisation Mechanism (Mepco), the Oil Price Stabilisation Fund (Feep), and the system established by the government.
Due to progress of the coronavirus, Banco Bci, Banco de Chile and Scotiabank announced on Wednesday a series of measures to "ease the financial burden" of their clients. Among the measures, for consumer credits there will be an extension of up to 3 instalments on preferential terms, grace periods for new credits and flexible instalments for existing credits.
The Santiago Stock Exchange recorded a sharp drop, exceeding 12% and its main indicator ended the session below 3,000 points, a level not traded since 2009. Among the biggest losers were Latam shares, which posted a 44.01% decline.
Copper prices plunged to $2.20 per pound due to the uncertainty generated by the Coronavirus and the economic impact on China. Mining Minister Baldo Prokurica said it is a hard blow to Chilean mining and to the state's coffers because for every penny the metal drops, the Chilean state loses $60 million.