Chile’s Government drafted a law to enable the Central Bank to buy bonds issued by the country’s treasury in the secondary market. The finance minister said that the Central Bank would be allowed to buy the state-issued debt in “exceptional circumstances” under newly drafted legislation. Chilean law currently prohibits the Central Bank from acquiring debt issued by any state organisation, or from financing public spending through direct or indirect credit.
According to a survey carried out by the Central Bank, almost half of companies covered by the Employment Protection Law will not be able to reinstate their workers. The number of workers already covered by the Employment Protection Act reached 623,501, which is 12,000 more than it was a week ago. Of this total, 531,072 correspond to workers with a permanent contract (85.2%) and 92,429 with an indefinite contract (14.8%).
The Chilean Citrus Committee is forecasting an export volume of 347,000 tons across all categories, which represents a 4% increase compared to 2019. According to a press release, this growth will be driven mainly by mandarins and clementines, with volume slightly lower than last year and lemon volume about the same. Chile has been meeting strong market demand in regard to clementines, with exports through Week 23 depicting a 38% increase compared to 2019.
Sonnedix, a global solar independent power producer, announced the financing for an expected 100 MWp portfolio of approximately 20 solar photovoltaic plants in Chile (the Sonnedix PMGD Portfolio). The Sonnedix PMGD Portfolio consists of solar photovoltaic projects that operate under Chile’s Pequeños Medios de Generación Distribuida (PMGD), a special regime for distributed generation projects. The four initial solar PV plants in the Sonnedix PMGD Portfolio have total capacity of 25 MWp.
Revelo Resources Corp. (Revelo) reports that West Pacific Ventures Corp. (WPV) has signed a Binding Letter of Intent with Fireswirl Technologies Inc. (Fireswirl), by which Fireswirl is proposing to acquire 100% of the outstanding shares of WPV in a Reverse Take Over. WPV currently holds the right to acquire a 100% interest in eight copper focused projects in northern Chile from Revelo. Revelo will then receive new shares of WPV that, in turn, will be exchanged for shares of Fireswirl which is required to have raised a minimum of $4 million.