Government seeks to inject $6 bn into COVID fund

The government submitted an initiative to Congress that would expand the COVID fund by $6 billion, taking it from $12 billion to $18 billion. The initiative seeks to create a new bonus for the middle class and a solidarity loan, among other projects. Finance Minister Rodrigo Cerda said the extra $6 billion would come from increased copper revenues and, if necessary, from the Economic and Social Stabilisation Fund (FEES).

Workers at Antofagasta’s Los Pelambres copper mine in Chile accept contract offer

Workers at Antofagasta’s Los Pelambres copper mine in Chile have accepted a contract offer and abandoned the threat of a strike. Members of the union voted 70.65% in favor and 29.35% against accepting the contract offer, union secretary Luis Silva said. Los Pelambres produced 372,100 tonnes of copper in 2020, equivalent to around 6% of top copper producer Chile’s total output.

CAP Group to increase Capex to $459 mn in 2021

Chilean mining and steelmaking holding company, CAP Group, plans to increase its investments in 2021. According to a media report by Diario Financiero, CAP Group should increase Capex spending from $288 million in 2020 to $459 million this year, a 59.3% year-over-year increase. Out of the $459 million, 77% or $353.4 million should go to the mining segment alone, which includes its iron ore business.