The Chilean government is inviting bids for 165 projects as part of its plans to reactivate the economy and generate employment. The programme is the second call for tenders as part of the government’s ‘step by step' plan for economic recovery. The new batch of 165 public tenders involves a total investment of almost $400 million.
Chile's mined copper production fell in July for the second consecutive month as output from top miner Codelco also dropped. Chile produced 462,000t of mined copper in July, a 5.1% fall on the year. This was the second month in 2020 in which production has fallen, following output in June dipping by 0.7% year on year to 466,500t. July's fall in production was predominantly driven by lower output from state-run miner Codelco, along with lower production from a range of Chile's smaller mines.
Albemarle, the world’s largest lithium producer, is locked in a feud with Chilean regulators over how it calculates its reserves of the ultralight metal, a potential risk to its plans to ramp up production. Regulators are demanding extra information on reserves Albemarle holds in the lithium-rich Atacama salt flat, according to a non-public regulatory filing seen by Reuters. The U.S.-based miner said that the information it has provided already goes beyond Chilean requirements.
Algonquin Power & Utilities Corp. has entered into an agreement to acquire from Aguas Andinas S.A. its 53.51% direct and indirect participation in the water utility company Empresa de Servicios Sanitarios de Los Lagos S.A. (ESSAL). The estimated purchase price is $92.3 million. Due to local regulation, a tender offer process will also be launched for the total remaining shares of ESSAL.
Standard & Poor’s confirmed Santander-Chile’s issuer credit rating at A, maintaining a negative outlook. The report highlights Santander-Chile’s dominant market position in the Chilean commercial banking and retail sectors, and high systemic importance in the Chilean financial system. The Bank has also shown healthy profitability metrics and asset quality metrics, as well as capitalization metrics commensurate with its business strategy. The sound position and stability of Santander-Chile in the financial system should help weather the impact of these challenging economic conditions.