Despite the negative effects of the pandemic, Chilean cherries achieved historical figures during the 2019-2020 season, where China was a key consumer. According to the president of the Federation of Fruit Producers of Chile (Fedefruta), Jorge Valenzuela, last season they exported about 230,000 tons of cherries, a "historical record." He pointed out that the figure left revenues of $1,400 million for Chile.
The Official Gazette published a series of modifications made by the Ministry of Finance to the regulations of the Guarantee Fund for Small Business Owners (Fogape), with the aim of improving the delivery of credits in the midst of COVID-19. The main changes introduced are the reduction of the deductible and the extension of guarantees for small businesses.
Latam Airlines and some of its subsidiaries formalised before a U.S. court the first tranche of the proposed DIP (Debtor in Possession) financing, as part of the reorganisation process that was prompted by the negative effects of the pandemic in the commercial aviation industry. It corresponds to US$900 million that shareholders Qatar Airways and the Cueto and Amaro families committed when they announced the request for Chapter 11.
Copper prices rose on Monday, trading close to a five-month high, due to disruptions in the supply of the metal in Chile solid demand in China and reduced inventories of the input. Three-month copper on the London Metal Exchange (LME) gained 0.2% at $5,969.50 a tonne, close to $6,006. The metal, used in the energy and construction industries, has soared 35% from its March floors, recovering almost all of the ground lost during the early stages of COVID-19.
Revelo Resources Corp. wholly-owns four gold-silver projects covering more than 38,000 hectares of ground along northern Chile's highly prospective and productive mineral belts. Revelo intends to focus its activities and exploration funds, subject to Revelo raising new capital, on a rolling program of exploration on these projects in order to advance towards potential discovery. Exploration on the projects has included proof-of-concept drilling at Victoria Sur, Las Pampas and Loro which has shown clear evidence for the styles of mineralisation sought.
According to a new report on renewables by the Chilean national energy commission (CNE), figures show that Chile’s renewable energy plants generated 1,136 GWh of electricity in May which is equal to 17.7% of the nation’s total power production. Production levels decreased by 3.5% month-on-month, causing the renewables share to drop from 19% recorded in April. Total installed renewable energy capacity in the Chilean system reached 5,675 MW by the end of May, growing from 5,606 MW registered the month before. Renewables now account for 23.3% of Chile’s total installed capacity.
According to iConstruye, a digital platform linked to the Chilean Chamber of Construction, the number of new projects barely reaches 10 per month, versus the industry average of 50 per month before COVID-19. The data also shows that the start of new projects fell 86% in April in relation to the same month in 2019. Meanwhile, in May, the drop was even lower at 92%.
According to a report by the Association of Banks and Financial Institutions (ABIF), the number of clients connecting to online banking sites or apps reached more than 11 million in March, while the number of visits totaled 277 million sessions in the same month. Regarding the number of transactions carried out, the report indicates that, as of May, 55% of sales by credit card are associated with operations carried out over the internet; while ATM withdrawals decreased 54%, after less than 18 million were finalized last month.
According to the president of the National Confederation of Small Industry and Crafts of Chile (Conupia), Roberto Rojas, a high percentage of SMEs could be forced to go into bankruptcy due to the economic effects caused by the pandemic. Rojas projects that "up to 150,000 or 180,000 SMEs could disappear". He predicts that commerce, tourism, gastronomy and live entertainment will be the most affected sectors.
Chile’s mining minister, Baldo Prokuric, projected a decline in Chile's copper output of 200,000 tonnes due to the economic effects of the pandemic. Prokurica said the Cochilco copper commission’s projection, representing around 3.5% of Chile’s total 2019 production, was a best guess since the combined impact of the virus and economic fallout made it “very difficult” to predict with certainty.