Chile’s economic activity was down 10.7% in July from the same month a year ago, according to the Central Bank. This figure is an improvement on the 12.5% drop expected by the market. Economic activity rose 1.7% compared with the previous month, while the world’s top copper producer managed to keep its industrial engine on the road, with mining activity increasing by 1.4% from the same period the previous year. Non-mining economic activity fell by 12%.
The Central Bank of Chile kept the benchmark interest rate at its technical minimum of 0.5%, as the country suffers the impact of COVID-19. The decision to maintain the rate was unanimously adopted by the Bank's directors, which since March brought the Monetary Policy Rate (MPR) to its lowest level since mid-2009. Traders and analysts expect the MPR to remain at that level for at least one year.
Mainstream Renewable Power has reached a financial agreement for the second phase of its 1.3 GW Andes Renovables wind and solar power generation platform in Chile. The financial agreement is approximately $ 1.8 billion. The Company has successfully raised $620 million to finance the construction of the second phase of these projects. This brings the amount collected to date by the Andes Renovables platform to $1.25 billion dollars. The second phase of 630 MW of Andes Renovables is made up of three onshore wind power plants and two PV plants.
Engie Chile announced that the 175-MVA transformer has arrived at the site of the Calama wind project in the Chilean region of Antofagasta. The 200-tonne piece of equipment will soon be joined by the first batch of 4.5-MW turbines, which have been unloaded at the port of Angamos. Once all 36 wind turbines are installed, Calama will be able to generate 460 GWh annually. The park is expected to become operational in 2021.
A strike by Chilean truckers is hitting exports of salmon, fruit, meat and wine from the South American food producer to the United States, Europe and Asia, according to trade groups. The week-long standoff has created port backlogs, raising the risk of food price spikes and fuel shortages in some regions. A port official said almost no export shipments were leaving as scheduled.