Last April, the Government presented to the UN Climate Change the update of the Nationally Determined Contributions (NDC) to comply with the Paris Agreement, where the main goal is to reduce emissions until achieving carbon neutrality by 2050. In this context, the World Bank prepared a study to analyze the macroeconomic effects of the implementation of the decarbonization plan, which concludes that meeting the goal will allow Chile to increase the level of potential Gross Domestic Product (GDP) by 4.4%, which would mean adding $31 billion to the economy.
Fitch Ratings has downgraded Chile's Long-Term Foreign-Currency Issuer Default Rating from 'A- to 'A-' and revised its Outlook to Stable from Negative. Fitch Ratings has also lowered Chile's LT Local Currency IDR from 'A+' to 'A-' and revised its Outlook to Stable from Negative.
In El Teniente Division, the Minister of Economy, the Executive President of Codelco and the CEO of Engie Chile debuted the first electric mining truck in the nation. The mining equipment, from the German brand Scharf, will operate within this operations center in a joint project with the Engie company. It is the first versatile electrical equipment to cover extensive stretches, both outside and inside El Teniente underground mine. The truck begins its industrial test stage this week.
Mirasol Resources Ltd has signed a definitive option agreement with Mine Discovery Fund Pty Ltd (MDF) for its Rubi Copper Porphyry Project in northern Chile. Mirasol has granted MDF the option to earn-in 80% of the project over eight years in exchange for funding the drill program at Rubi.
AquaChile has called an extraordinary shareholders meeting for 29 October to vote on a $245 million capital increase and to realign the financial structure to incorporate companies acquired in 2018. Chile’s salmon sector saw significant consolidation in 2018, with national food giant Agrosuper buying 67% of AquaChile in an $850 million deal. The same day that deal was announced, AquaChile acquired Salmones Magallanes and Pesquera Eden for $255 million.
Chile's central bank kept its benchmark interest rate steady at 0.5% as the country maintains its efforts to revive the economy following the coronavirus pandemic. A central bank poll of traders last week predicted Chile's rate, its lowest in a decade, would remain unchanged for the next year at least.
Supervisors at Chile’s Escondida mine said they were evaluating a new labor contract proposal from mine operator BHP amidst negotiations to head off a strike at the world’s largest copper deposit, according to the union. The union of supervisors at the sprawling Escondida mine last week rejected BHP’s final offer in contract negotiations, but both parties agreed to extend talks this week. The union said that talks would continue through Oct 16.