Banco Santander Chile reported its second quarter (Q2) earnings. Santander Chile announced earnings per share of 0.24 on revenue of 649.18M. Santander Chile's shares are up 65% from the beginning of the year, still down 44.17% from its 52 week high of 30.47 set on October 22, 2019.
The base metals producer Lundin Mining has reported that copper production at all of its facilities was higher for Q2 2020 compared with Q2 2019. The company’s total copper output of 65,285 tonnes for the second quarter of 2020 represents a 37% increase on the same period last year. Lundin reported growth in its financial indicators as well, achieving net earnings of $48.3 mn for this quarter, compared with a loss of $8.6 million in the corresponding period of 2019.
Chile-focused explorer Tesoro Resources has expanded its flagship El Zorro gold project by 360% after applying for 156 new prospect concessions. The concessions cover about 285 square kilometres and host similar prospective geology to El Zorro. Once granted, Tesoro expects the El Zorro project will increase to 395sq km of concessions hosting 55km of strike. Tesoro managing director, Zeff Reeves, said "We have identified additional areas that we believe to be prospective for gold mineralisation similar to the style we are currently delineating at the Ternera prospect, where drilling is ongoing."
Engineering and construction firm, Fluor, has announced that it was given full notice by South African gold miner Gold Fields to move ahead with the Salares Norte open pit gold mine in Chile. The Salares Norte project is a blind epithermal gold and silver deposit in the Atacama region of northern Chile. Under the contract, Fluor is providing engineering, procurement and construction (EPC) management services for the northern Chile project.
Hot Chili has tabled some positive test work from its three copper deposits in in Chile, delivering a common processing route and potentially a high-value product. Metallurgical test work on sulphide samples from the Cortadera, Productora and San Antonio copper deposits confirm that the selected processing flowsheet should see over 89% of the contained copper mineralisation recovered. The preliminary metallurgical test work on samples from the Cortadera and San Antonio deposits show the sulphide ores from these discoveries share a common processing profile.
Chilean copper mine, Collahuasi, has entered into a long-term power purchasing agreement (PPA) with independent solar power producer Sonnedix for the delivery of 150 GWh/y. The PPA with Sonnedix constitutes about 12% of Collahuasi’s power requirements. The agreement, Sonnedix says, represents a further expansion of its presence in Chile, since it entered the electricity generating market in 2015.
Stem Inc. and Copec announced that their joint venture and strategic partnership will bring Stem’s technology to Chile and Colombia. The agreement follows the $30 million investment made in August 2019 in Stem by WIND Ventures, Copec’s corporate venture capital (CVC). Under this agreement, Copec will deploy Stem’s intelligent storage solutions as part of its development strategy, which aims to accelerate the energy transition focused on improving people’s quality of life, expanding Stem’s international presence into South America.
Sembcorp Industries has completed the divestment of its entire interests in its water business in Chile for CH$27.8 billion ($38.9 million) in cash. The water business was divested to Spanish construction and engineering service group Sacyr. The net asset value of the assets to be sold was previously reported to be $77.7 million. Hence, arising from the divestment, an impairment of $4.64 million was booked due to the difference between the sale value and the net asset value of the business. Following the divestment, Sembcorp has exited the Chilean market.
Enel Chile SA swung to a loss of CH$327.94 billion ($432.2 million) in attributable net profits for the first six months of 2020 compared to earning CH$49.05 billion ($64.7 million) in 2019, according to the latest financial report. Earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped by 26.6% to CH$397.64 billion ($524.99 million). Total revenues arrived at CH$1.287 trillion ($1699.3 billion), down by 9.7% year-on-year, due to lower gas sales but also lower by comparison as a result of the extraordinary income booked in March 2019.
The Chilean salmon industry is more than half way toward reaching its goal of reducing the use of antibiotics in farming by 50%, although much hard work lies ahead if producers are going to achieve their target by the 2025 deadline. From the beginning of 2017 to the end of 2019, the Chilean salmon farmers cut their use of antibiotics by 28%.