Equus Mining is poised to begin phase 2 greenfields diamond drilling at its flagship Cerro Bayo project in Chile. The programme will focus on high grade gold and silver targets within a district that has so far produced 45 million ounces of silver. Phase 2 will involve 1,500m of drilling to target beneath and along strike from previously reported silver-gold intercepts at the Droughtmaster prospect. One of those previous holes returned 3.81m at 20.4 grams per tonne gold and 55.5g/t silver from 109m, including a section of 1.06m at 62.58g/t gold and 129.3g/t silver.
Codelco said it would restart operations and projects it had previously suspended due to COVID-19. They will begin to implement this next week. The company said that workers will soon return to the new underground portion of its sprawling Chuquicamata mine, and that the company’s smelter and refinery will soon resume operation. Chile's El Teniente mine is also set to resume operation shortly. The state-run miner included a long list of safety measures it planned to implement to stave off further outbreaks at its operations.
The state-run Chilean Copper Commission (Cochilco) raised its forecast for the price of copper for this year to $2.62 a pound, amidst a gradual recovery after the impact of COVID-19. In April, Cochilco had projected a price of $2.40 for 2020. Due to the uncertainty, Cochilco does not rule out that the price may finally be higher than projected, but it does not expect the price to be above $3.00. By 2021, Cochilco expects the metal to average about $2.85 per pound, down from the $2.90 forecast in April.
According to the balance delivered by the Superintendency of Pensions (SP) in Chile, a total of 7.9 million affiliates and beneficiaries entered their requests for withdrawal of funds. The figure is equivalent to 72.3% of the total number of affiliates registered by the administrators. The AFP Association reported that the transactions already total a total amount of $13,000 million. The figure is projected to reach $20 billion.
Gasoline prices have been sustained. This downward trajectory began on March 12 and has now lasted for 22 weeks. Behind this trend is the collapse of international oil and gasoline prices. Since March 5 the 93 octane gasoline accumulated a drop of $151, currently registering a retail price of $706 on average in the Metropolitan Region.