Minister of Mining projects price of copper to reach over $2.5 a pound

Despite the fact that the global economic scenario is rather uncertain, the Minister of Mining, Baldo Prokurica, assured that the price of copper has a high probability of reaching over US $2.5 a pound in the second half of the year. In June, the aggregate increase reached 8.8%, closing this Wednesday at US $2,631 a pound, a price that had not been seen since February 17.

Mainstream achieves 30% progress in construction of Andes Renovables project

Mainstream reported that it reached 30% progress in the first phase of the Andes Renovables project, which consists of the construction of four renewable energy parks in three regions of the country and that will generate a total of 571 MW of clean energy, equivalent to the consumption of 680 thousand homes. In total, the investment reaches US $830 million and the parks will start operating in 2021.

UC survey: 57% of households report a reduction in their income

According to the survey conducted by the UC Survey Centre, 57% of households reported a reduction in their income compared to 12 months ago. 37% said they had remained the same and 5.7% said they had an increase. The survey also reported that 12.1% of employees indicated that they were covered by the Employment Protection Law, which represents a total of 620,000 people. Furthermore, 13% of households claimed to have received a box with food and supplies in May, which is equivalent to around 740,000 families.

Latam’s shares drop by 36% in Santiago Stock Exchange

A sharp drop in the shares of Latam Airlines on the Santiago Stock Exchange were recorded on Wednesday. Latam's shares were trading down 36%, reaching CH$1,520 per unit and falling CH$825 from its opening price (CH$2,375). In total, Latam's share price has fallen 68% so far this year. According to preliminary statistics published yesterday, passenger traffic decreased by 96.5% in May, while capacity decreased by 93.3%. Regarding travel in Chile, the airline reported a 96.2% drop in traffic, while internationally it reached -97.8%.

Chamber of Deputies approves suspending cut-off of basic services

The Chamber of Deputies approved the report issued by the mixed commission, which prohibits the cut-off basic services for non-payment while the pandemic continues. The initiative was endorsed by 138 in favor, zero against and 13 abstentions, and must now be voted on in the Senate Chamber. If approved, the bill will become law. This proposal prevents companies that provide drinking water, sewage, electricity, gas and telephone services from suspending supplies due to non-payment.