LATAM Airlines reported that it had losses of $2.12 billion in the first quarter of 2020 due to restrictions to contain the Covid-19 pandemic.Through a statement, the company confirmed that the falls "are explained primarily by the lower book value of assets by $1,729 million due to the crisis of COVID-19, which does not affect the cash flow.
Chilean State Oil Company (Enap) closed the first quarter of 2020 with a loss of $34.2 million due to the "international collapse in refining margins, a significant decrease in local demand and the sharp drop in oil prices". This is in addition to the effects generated by the Covid-19 crisis. Enap's revenues declined 8% to CH$1,761 million in 2020. This is the result of a 20.2% decrease in the average price of the global Brent ICE marker compared to 2019.
A survey by the National Chamber of Commerce (CNC) of 508 companies in the sector revealed that firms are working under 30% of their capacity and a third of them are closed. It also said that almost 40% have had to lay off workers. The study also notes that a quarter of the companies surveyed say they are in critical financial state and half say they are in trouble.
The International Monetary Fund (IMF) approved a two-year $24 billion for Chile under the Flexible Credit Line (FCL) as the South American nation battles the growing impact of the coronavirus pandemic. The Flexible Credit Line is a renewable funding mechanism granted to countries with strong economic policy track records, and Chile is only the fifth country to receive one. Peru, Mexico and Colombia also currently have FCLs in place.
Chilean environmental evaluation service SEA has received an environmental impact declaration for a solar photovoltaic (PV) park with a planned capacity of 227.46 MWp, which is to be implemented in the Chilean region of Antofagasta. The plan is to invest $170 million (EUR 153m) to install the Planta Fotovoltaica Tocopilla in the community of Maria Elena, Tocopilla province.
South American mining giant Chile churned out more copper in April than the same month the previous year, according to government data, even as measures to tame the coronavirus outbreak continued to hammer its economy. The world's largest producer of the red metal boosted production by 2.8% in April to 474 880 t versus the same month a year ago.