The Sustainable Project Management Office (GPS) cadastre registers 234 projects for an investment of $72 billion for the next five years. 40 projects entered the cadastre in 2020 which entail an investment of $11,413 million. 40% of the projects corresponds to the mining sector, 26.2% to Energy, 21% to infrastructure, 10.4% to real estate and 2.3% to industry.
The state-run Chilean Copper Commission (Cochilco) has raised its projections for the price of copper in 2021 to $3.30 per pound. Cochilco expects a copper deficit in the global market of 70,000 tonnes, representing an almost balanced market, while by 2022 it saw a surplus of 116,000 tonnes. Cochilco also projected a production volume of about 6 million tonnes for Chile in 2021, representing a year-on-year increase of 3.6%.
Spanish developer Grupo Ibereolica Renovables is planning a 1,171-MW complex, combining a wind and a solar farm. The company filed an environmental impact study, describing the shape of size of a proposed 496-MW wind farm and a 675-MW/752.5-MWp solar farm it seeks to build in the region of Antofagasta. The project will be constructed for $874 million.
Blue Elephant Energy AG has teamed up with Chilean developer oEnergy Generacion Solar Distribuida SpA to develop, build and operate 119.5 MWp of small-scale solar farms in Chile. The partners expect to see these solar farms in operation in July 2021 and finalise the work on the entire portfolio by September 2022. Once online, the plants will operate under Chile’s framework for small-scale distributed generation, which entitles them to sell electricity at a regulated stabilised price.
According to a balance sheet published by the Financial Market Comission (CMF), Chile's banks reported profits of $182 million in December. Profits for the whole of 2020 accumulated to $1,747 million, which represents a 54.15% decrease compared to 2019.
Chile’s health regulator approved the AstraZeneca-Oxford COVID-19 vaccine for emergency use among its population by a unanimous vote of its advisory board. Chile originally had a pre-deal to purchase 14.4 million doses of the AstraZeneca vaccine but last week President Piñera said the country had eventually signed to buy 4 million doses. Chile’s health ministry declined to give further details on why Chile did not buy the original quantity agreed.
The Central Bank Council has decided to maintain the monetary policy interest rate at 0.50%. Regarding local activity, the Central Bank reports that the November Imacec registered an annual growth of 0.3% and 1.1% compared to the previous month in seasonally adjusted terms, thus continuing with the gradual recovery process of the economy.
Freehill Mining is poised to begin drilling for copper and gold at its recently acquired El Dorado project in Chile once requisite approvals have been received. Surface mapping and sampling at El Dorado returned up to 2.5% copper and 6.86 grams per tonne gold.
The Giumarra Companies announced a new partnership with Santiago, Chile-based CarSol Group, a large grower and distributor of blueberries from Chile and Peru. CarSol Group farms approximately 1,200 hectares of its own blueberry production throughout major growing regions in Chile, Peru, and Portugal.
BBVA has selected the Chilean bank Bci as its ally in Chile to provide payment and collection services, also known as cash management. Thanks to this alliance, BBVA’s global clients with a presence in Chile will be able to carry out this transaction with BCI through BBVA’s global channels.