Chile has carried out its first-ever citrus shipment to China, exporting a consignment of mandarins to the major market which officially opened to Chile a few days ago. This week, 23 metric tons of clementine-type mandarins are now on their way to Shanghai and will be among the first Chilean citrus to reach the market. This is due to the deal made in November 2019 between Chilean and Chinese authorities for market access for all citrus products.
After scoring a historic drop of more than 44% on Wednesday, Latam's shares rebounded 12.52% on the Santiago Stock Exchange. The company's shares closed with a value of CH$800 a unit in a day in which it reached over CH$900. In other news, IPSA posted a 2.95% drop, standing at 3,658.11 points. The greatest falls were registered by Falabella, which fell 6.82%, while Banco Santander and Repley fell more than 5%.
Power company Enel Chile SA and its electricity generation subsidiary Enel Generacion Chile SA have decided to close their last coal-fired plant in 2022 to exit coal earlier than previously agreed with the Chilean Government. Enel Generacion will file a request with Chile’s National Energy Commission (CNE) to authorise the closure of two units at the Bocamina plant. The 128-MW Bocamina I was to be taken offline by the end of 2023, but now Enel Chile want to take Bocamina I offline by December 31, 2020.
Mainstream Renewable Power provided an update on the 145-MW Rio Escondido solar project in Chile, saying that it is ready for the photovoltaic (PV) panels installation phase. Rio Escondido is the company's first solar park in Chile and will consist of 450,000 PV panels to be installed by Sterling and Wilson Pvt Ltd. Mainstream is also constructing 55.5 kilometres of transmission lines to complement the PV facility. This is part of the 571-MW Condor portfolio, which Mainstream is investing USD $1.7 billion.
Latam Airlines Group has received approval for all its motions filed on its first day of hearings in the framework of the financial reorganisation and voluntary debt process that it is carrying out under the protection of Chapter 11 of the United States Bankruptcy Law. This allows Latam to maintain the continuity of its business throughout the reorganisation and fulfill its obligations to employees, customers, suppliers, and business partners.
According to the latest Crop Report of the Chilean Kiwi Committee, until week 20 of 2020 total exports have experienced a 12% decrease compared to 2019, totalling 60,623 tons. Europe is positioned as the main market, with the reception of 25,148 tons and an increase of 43% compared to 2019. Growth in shipments to Italy (+91%), the Netherlands (+54%) and France (+63) stand out. However, exports to the Far East decreased by 37%, to Latin America by 24% and to Russia by 51%.
Aftermath Silver Ltd. has reached a purchase agreement to acquire from SSR Mining Inc. It will purchase 20% interest in the Cachinal silver-gold project for a total consideration of CH$700,000. On completion of the transaction, Aftermath Silver will own 99.9% of the shares of Minera Cachinal SA, which owns Cachinal. One share will remain held by a Chilean national as per Chilean business law requirements.
The Economic Development Agency of the Chilean Government (Corfo) and the Chilean Ministry of Science announced the launch of their startup science programme. Officials are looking for startups with a scientific component to help them grow. Through this initiative, early-stage startups can tap into mentorships and workshops. They can access up to CH$200 million (over US $272,000) in financing.
A report by the Ministry of Finance revealed that until May 25, a total of 47,306 state-guaranteed loans have been made for small and medium-sized companies since the benefit began operating on April 30. According to the report, the amount of financing that has been reached is 82.8 million UF, which is equivalent to about $2.9 million.
According to the survey for Greater Santiago at the Microdata Centre of the University of Chile, the unemployment rate reached 15.6% (469,000 unemployed), its highest level in 35 years and more than double of what it was a year ago (7.6%). In March, 524,000 jobs were lost, compared to December 2019. During this period, the unemployed increased by 173,000 people, while another 351,000 left the workforce.