Barrick Gold Corporation has accepted the Antofagasta Environmental Court’s decision to uphold the closure order and sanctions Chile’s environmental regulator imposed on Compañía Minera Nevada, the Barrick subsidiary that holds the Chilean portion of the Pascua-Lama project. Barrick said the ruling drew a line under a legal process that started in 2013 and the company would not appeal it.
Latam Airlines Group SA announced that the modified financing proposal for DIP (Debtor in Possession) financing presented in the Southern District Court of New York was approved. This allows the company to access the $2.45 billion required to face the impact of COVID-19.
Copper reached its highest price in more than two years. The value of the red metal closed at $3.1 a pound, rising 1.07% on the day. That was the largest increase since last September, when it climbed 1.68%, but the most remarkable thing is that it touched the highest price since June 18, 2018, when it ended at $3.17 a pound. Thus, copper rose 1.12% in the week, the second in a row in positive territory. Thus, in 2020 it completes an increase of 11.01%, averaging a value of $2.64 per pound.
In Chile, according to the Undersecretariat of International Economic Relations (Subrei), pisco exports fell 21% during the first semester compared to the same period in 2019. Between January and June, a total of $921,983 of pisco was exported, compared to last year when shipments represented $1,161,129.
With the COVID-19 pandemic having greater impacted the Chinese fruit market this year, importers say they are cautious ahead of the key Chilean summer fruit season. According to Wenpo Lui, Chairman of Run Fu Yuan Trading Co. Ltd. and Cherry King of Beijing Xin Fa Di Market, the incomes of many Chinese consumers has declined, and as a result their purchasing power may decrease. Under this circumstance, it is difficult for Chilean cherries to sell at a higher price in the Chinese market and is highly probable that the sales volume will be lower.