President Piñera said his government would appeal to Chile's Constitutional Court to stop an opposition measure aimed at allowing citizens to withdraw a second installment from their privately held pensions. The president said the legislation was unconstitutional since it implies a cost to the public purse that can only be determined by the executive. It also poses a “grave risk” to the future pensions of Chileans, as well as offering another tax-free windfall to higher-income individuals who do not need it.
HIF announced that it presented to the Magallanes Environmental Assessment Service, the Environmental Impact Statement for the construction of the decarbonization pilot and production of carbon neutral fuels. The plan (which Enel, Enap, Siemens Energy & Porsche also participate in) is to invest $38 million in the construction of a chemical plant for the production of e-fuels, a 3.4 MW wind farm and a line 13 kV backup transmission.
A worker's union at Antofagasta Minerals' Centinela copper mine in Chile is preparing to vote next week on a contract offer. However, the union says it will likely reject the offer which could result in a strike at the deposit. Chilean law says that once a union approves a strike, the parties then attend five days of government-mediated talks (which can be extended for an additional five days).
One of the unions on strike (the Candelaria AOS Union) at Chile's Candelaria copper mine has accepted a 30-month collective agreement from Lundin Mining. The proposal includes increases in allocations and payments for closing the negotiations of $22,800. Meanwhile, the Candelaria Mine Workers Union continues its strike.
Banco Santander Chile (BSAC) was the recipient of a large increase in short interest during October. On October 30th, short interest totalled 1,800,000 shares. This is a 24.1% increase compared to October 15th. Currently, 0.4% of the shares of the company are sold short. Based on an average daily volume of 533,700 shares, the days-to-cover ratio is presently 3.4 days.