Despite COVID-19, pension funds perform positively in 2020 with returns on the range of 0.74% to 4.11%

Despite the impact of COVID-19, all Chilean pension funds managed to perform positively in 2020. So far in 2020 (until 27 December), positive results have been recorded for all the multifunds. The A and B funds recorded gains of 0.74% and 2.53% respectively, while the C fund showed a variation of 3.56%. On the other hand, D income 3.49% and E 4.11%.

STI will invest $44.3m to extend its concession in the port of San Antonio to 2030

San Antonio International Terminal (STI) concluded the negotiation process and agreed on a new investment plan with Puerto San Antonio that will enable it to extend the concession for five more years. The award will continue until 2030 and about $44.3 million will be invested in improvements. The agreement considers replacing the construction of an esplanade which will allow improvement of ITS conditions in three axes (quay, yard and gate), increasing capacity by nearly 30%. Investments are expected to start in 2021.

Chilean environmental court approves agreement plan between Codelco and the government

A Chilean environmental court approved an agreement between state-owned copper miner Codelco and the government to remedy sustained water overuse by its Salvador mine. The government said that Codelco had overdrawn water from the northern Pedernales salt flat without considering its regeneration capacity. Codelco will now be required to recharge the Pedernales aquifer, conduct water studies both in the salt flat & river basins around it, establish better dialogue with parties in the area and restore 60 hectares of high Andean plains.

Chile will buy 14.4 million doses of AstraZeneca’s COVID-19 vaccine

AstraZeneca has filed data with Chilean regulators for the emergency roll-out of its Covid-19 vaccine in the country and could get a green light “weeks or even days” after approval by European or American regulators. Chile has signed a deal to buy 14.4 million doses of the drug, an amount that would vaccinate nearly 40% of Chile's population.

Chile: Copper production to increase 22.6%

Copper output in Chile is anticipated to increase 22.6% towards the end of the 2020-2031 period, compared to the real manufacture of last year, according to the Chilean Copper Commission (Cochilco). A report published by Cochilco's Directorate of Studies and Public Policies, the country will attain a copper output of 7.095 million tons by 2031 at an average expansion rate of 1.7%, and the output will peak at 7.35 million tons in 2028.

Newcrest needs to invest at least $15mn in Gorbea gold project in Chile

Newcrest has exercised its option to enter the farm-in phase of its joint venture to develop the Gorbea gold project in Chile by making a $500,000 payment to Mirasol. To complete the first farm-in phase and vest an initial 51% in the Gorbea project, Newcrest is now required to complete at least $15 million in exploration expenditures over 4.5 years and drill a minimum of 8,000m.

Newcrest to complete initial $1.1 mn investment at Miocene gold-copper project in Chile

Cornerstone Capital Resources Inc. announced that Newcrest International Pty Limited has elected to exercise its option to advance to Stage One under the Farm-in Agreement between them (dated December 7, 2018). This decision is due to Newcrest completing its initial minimum work commitment of $1.1 million at the Miocene gold-copper project in Chile. Newcrest will be making a payment of $500,000 to Cornerstone.