Gold Fields has formally started construction of the mining infrastructure for the Salares Norte gold and silver mining project. Construction of the $860 million project is projected to be completed by the end of 2022, with first gold production in early 2023. The project will create around 2,700 jobs during the construction period, while around 900 employees and contractors will be employed once operational.
New home sales in Santiago fell 48.4% in units and 47.1% in thousands of financial units (MUF), due to the COVID-19 pandemic in 2020, according to a GfK Adimark Real Estate Supply report. According to the study, this is the lowest figure in 20 years, comparable only to the impact of the Asian crisis.
S&P Dow Jones Indices and the Santiago Stock Exchange, announced the launch of a new indicator based on sustainability factors of local market share issuers. This is the "S&P IPSA ESG Tilte", a new family index that encompasses the ESG principles (environmental, social and governance) and includes some of the most relevant papers of the Chilean stock exchange, such as Copec, Falabella, Cencosud and SQM.
The National Consumer Service (Sernac) revealed that nearly 4 million people were compensated with more than CH$40 billion ($55.39 million) in 2020. According to Sernac, nearly CH$30 billion ($41.55 million) was obtained as a result of collective voluntary procedures that seek to achieve compensation without having to wait for long trials. On the other hand, the institution made three compromises in 2020, achieving the historic figure of more than CH$11.39 billion ($15.77 million) in compensation.
The Chilean government unveiled a plan to encourage transition from fossil-fuel taxis to electric-powered ones, with the participation of Chinese company BYD. The program will offer subsidies to transition from conventional to electric taxis, as well as sell and install residential electric chargers, and provide a one-year follow-up of the electric vehicles. Chile's transportation sector accounts for 36% of the country's energy consumption.
A 25.9 MW hybrid solar-diesel system is to be delivered by Aggreko to power a new Gold Fields gold mine high in the Chilean Andes. The system is Aggreko’s largest solar PV installation in Latin America. Once complete, the solution is expected to achieve $7.4 million in cost of energy savings over the next decade and a further $1.1 million in carbon tax offset in addition to 104,000 tonnes of carbon emissions savings.
A shortage of Chilean avocados has caused prices to spike on the domestic market and brought the export campaign to an early end. Production is down by 40-50% this season, mainly due the ongoing drought that has affected fruit production in the country for more than a decade.
Consumer confidence fell by 12 points from a very pessimistic level to an extraordinarily pessimistic one, reaching 67 points, its lowest level since July. According to the Consumer Perception Index (Ipeco) developed by the Centro de Estudios de la Universidad del Desarrollo (UDD), what most influenced this result was the confidence in the future (expectation index), which registered a marked decline of 15.2 points.
New cases of COVID-19 in Chile have increased 58% in the last two weeks, according to the Ministry of Health. It added that 4,340 new cases of coronavirus were reported in the last day, for a total of 669,832 cases. The Chilean government announced this week that it will tighten quarantines in various parts of the country and step up restrictions due to the large increase in cases in recent months.
Clínica las Condes pointed out that due to the COVID-19 and the government measures adopted during 2020, it was forced to contract extraordinary liabilities for an amount exceeding CH$20 billion ($27.2 million). In addition, the entity states that it had to use the available cash for an amount exceeding CH$8 billion ($10.9 million) between March 31st and July 31st, 2020.