Sumitomo Chemical has successfully completed the acquisition of four South American subsidiaries in Brazil, Argentina, Chile, and Colombia, owned by group companies of Nufarm, a leading Australian agricultural chemical company, through Sumitomo Chemical's wholly-owned subsidiaries in the region (Sumitomo Chemical Brazil for the Brazilian subsidiary and Sumitomo Chemical Chile for the others).
Two agreements that would have been finalised by July for Chilean lithium projects have been delayed due to the COVID-19 pandemic. Before the pandemic, Chilean authorities projected an increase in production of lithium carbonate from the current 96,000t/y to 232,000t/y by 2027.
Chile’s wheat and corn production are expected to decrease due to limitations imposed by droughts. Chile’s marketing year 2020-21 wheat production is forecast to decrease 2.4%, to 1.28 million tonnes. Chile's corn is also expected to be affected negatively by the drought, sinking its 2020-21 marketing year production by 3% to 837,000 tonnes.
Chilean pension funds closed March with real losses of between 16.49% and 2.54% on their various asset classes. Funds A and B registered falls of 16.49% and 13.53% respectively. Fund C fell 10.20%, fund D lost 7.22% and fund E recorded a fall of 2.54%.
The Santiago Stock Exchange rose by 4.03% and climbed to 3,559 points, with this result the IPSA, which groups the 30 main companies in the country, reached its highest level since March 13.