In the last three months, Chile has approved 311,000 applications for employment subsidies, representing a fiscal expenditure of $500 million. At the end of September, the government launched an employment subsidy plan with a budget of $2.2 billion.
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.
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 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.
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.
The Chilean unit of U.S.-based AES closed a coal-fired power plant along Chile’s central Pacific coast last Tuesday ahead of schedule amid a drive by the South American nation to end carbon emissions from its grid. Chile in 2019 signed an agreement with major generators AES Gener, Colbun, Enel and Engie to gradually eliminate the country’s coal-fired power plants, which currently produce around 40% of the country’s electricity. Chile expects to have shut down 11 coal-fired plants by 2024.