Chilean authorities inaugurated the 9-MW Litre de Verano solar photovoltaic (PV) park located in the commune of Tiltil, Chacabuco province. With an investment of $15 million, the PV plant consists of 33,600 solar panels spread over an area of 23 hectares (56.8 acres). Litre de Verano is expected to generate enough power to meet the annual demand of 6,900 local homes during its 30 years of useful life.
Tesoro Resources has announced results of geophysical surveying at its El Zorro gold project, that extends known mineralised zones at the Ternera prospect and reveals new untested targets. According to Tesoro, IP anomaly extensions and new standalone anomalies provide significant new targets, extending Ternera’s strike by about 500m north and 250m south from existing drilling. This includes untested IP anomaly zones sitting below the Ternera gold mineralised corridor.
Chilean copper mines Escondida and Spence, controlled by BHP, will jointly pay $840 million for an early end to a contract signed in 2008 with a coal-fired thermoelectric plant in the north of the country. BHP has been migrating its energy contracts to renewable sources to reduce its carbon footprint. In a letter to the local securities regulator, power company AES Gener said that the end of the agreement signed with its Angamos plant was modified to August 2021. The coal-burning contracts had been scheduled to end in 2026 at Spence and 2029 at Escondida.
According to the latest Eclac reports, Chile may not escape the recession caused by COVID-19 in 2020 which could cause a 7.9% drop in GDP in the country. However, the impact could be lower in other large economies in the area where the bulk of Spanish investment is located. Spanish companies have continued to be active and increase their presence despite COVID-19. Chile has launched a campaign to attract foreign investment led by president Sebastian Piñera. At the end of July, in his message to Congress, he emphasized the advantages that Chile offers investors in mining and energy resources and encouraged them to trust in the country's ability to offer a reliable scenario in the midst of the crisis.
Despite the ongoing challenges due to COVID-19, the Philippines’ Energy Development Corporation (EDC) has indicated that it will continue with its planned investments into international geothermal development. The company plans to push forward in Peru, Chile and Indonesia. EDC has several geothermal licenses in Peru and Chile. With limited news on the progress of these projects in the past year, the company now seems to be pushing forward on the projects.