The Chilean green power unit of Italian energy major Enel SpA has started construction of the 144-MW Renaico II wind power plant. Enel Green Power Chile expects to invest some $177 million (€157.15m) in the project, which consists of the 58.5-MW Las Vinas and the 85.5-MW Puelche wind farms.
Chile’s Central Bank held its benchmark interest rate steady at 0.5%, as expected by the market as the country suffers its most painful weeks so far of the coronavirus outbreak. Chile has kept its interest rate steady since successive cuts up until late March, when it warned of a “severe” economic contraction as a result of the virus spread.
Chile’s construction chamber (CChC) has proposed a $22.6bn investment plan to reactivate the country’s economy. The aim of its “Employment and Reactivation Plan” is to focus spending on infrastructure, housing and easing the water crisis afflicting the country. CChC president Patricio Donoso said the government could use $10bn of public money to attract the rest in private investments. Of the total, $13bn would go to the infrastructure sector and the rest to housing.
A Chilean regulator dismissed the concerns voiced by union workers that mining companies were failing to enforce sanitary measures to combat the spread of the coronavirus, calling mine adherence to the restrictions “adequate.” Chile´s Geology and Mining Service (Sernageomin) told Reuters in an emailed statement it had carried out 4,299 inspections at various mining sites throughout the world´s top copper producer since the outbreak began in mid-March with positive results.
Moody's said that despite the challenges amid the coronavirus outbreak, companies in Chile have taken advantage of market liquidity and appetite through March 2020. According to the risk rating agency, liquidity risk has improved slightly in 2019 for its 17 rated Chilean non-financial companies, utilities and infrastructure issuers, with low or medium liquidity risk overall. Marcos Schmidt, a Moody's Vice President, said that. "Chilean non-financial companies seem to have begun the coronavirus outbreak period with stronger liquidity and were prepared to navigate the difficult scenario."
Lithium Chile Inc. has signed a Letter of Intent with Summit Nanotech Corporation for the advancement of their green lithium extraction technology in Chile. Summit Nanotech has developed a patent pending extraction process that allows for the rapid production of lithium from natural brine sources. Its technology is state of the art and shows great promise for the economical production of lithium while significantly reducing the overall environmental impact of lithium mining.