Chile’s senate passed a government-backed bill allowing people to tap their pension savings for a second time. The legislation, which caps withdrawals at $5,678 and will subject some of them to taxation. According to the text, Chile’s pension funds (AFPs) will have as many as 30 business days to provide the money after a contributor requests the cash. The bill is expected to lead to roughly $15 billion in fresh withdrawals. The legislation now moves on to the lower house for fresh debate and votes.
Mas Errázuriz has acquired two 10 t class LHDs of the model LT1051 from Komatsu Mining, to be used in a copper mine in Chile’s Region IV, and replacing competitive equipment. The order is a boost for Komatsu’s underground equipment business in Chile where it still has a relatively small market share. However, it does have a foothold in the future technology side as it already has large hybrid 18HD 18 t class LHD operating at Codelco’s El Teniente underground copper operations.
BHP plans to ramp up work at the ongoing $2.5 billion expansion of its Spence copper mine in Chile, as measures taken to stop the spread of COVID-19 this year set completion of the project back. The world’s biggest miner said it will speed up construction at Spence in December, with first production expected in the first half of 2021.
Teck Resources Limited announced that it's expanding its Copper and Health programme to Chile, partnering with leading national health professionals and academics on a pilot project at the Iquique Hospital. Researchers from Universidad del Desarrollo (UDD) and Núcleo Milenio MICROB-R, with funding from Teck, will conduct a study of copper surfaces and textiles to assess copper’s ability to decrease the incidence of in-hospital infections.
After the gradual opening of borders, a total of 3,983 passengers have entered to Chile through the Arturo Merino Benítez International Airport in Pudahuel, Santiago de Chile, of which 921 were tourists. JetSmart is betting on a similar strategy. JetSmart’s CEO, Estuardo Ortiz, commented that the carrier currently operates 15 destinations, 19 interregional routes and more than 30 domestic routes. By mid-December, new ones will be launched from its base of operations in Antofagasta, Chile-Bogotá, Cali-Colombia, and the resumption of operations from Santiago de Chile-Foz de Iguazú & Salvador de Bahía in Brazil.
Chilean power plants generated 1,807 GWh of electricity from renewable energy (excluding large hydro) in October, the Chilean national energy commission (CNE) said in the latest monthly report. This much output represents an increase of 22.6% month-on-month and 21.9% on the year. In October, the proportion of renewables in the total gross production was at 28.1%, and Chile’s net installed renewable energy capacity rose to 6,223 MW.
Sonnedix Power Holdings Ltd has acquired a 160-MWp solar photovoltaic (PV) project located in Chile from local renewable energy developer and builder Andes Solar. The project is currently in development, with the start of construction expected in the fourth quarter of 2023. Once operational, the project will be able to produce some 337 GWh of power annually, enough to avoid carbon emissions by around 140,000 metric tonnes.
A spike in copper prices saw Chile's peso outperforming Latin American currencies. The Chilean peso jumped 1.2% to the dollar and was set for its best day in more than one month. Prices of copper reached a seven-year peak on expectations of strong demand from major buyer China.
Chilean salmon farmer Nova Austral expects to harvest 13,000 metric tons of salmon in 2021, down 19% year-on-year due to a combination of early harvests prompted by an infectious salmon anemia (ISA) outbreak at Salmones Porvenir, its joint venture with Salmones Austral and delayed stockings. Before the outbreak, the company had expected to harvest 20,000t.
Mirasol Resources Ltd reported encouraging results from surface exploration at the Sandra prospect at its Inca gold project in Chile. The company also said a 1,500 metre drill programme was planned to start in the first quarter of 2021. The programme will target three of the most prospective zones along the principal Sandra trend and initially test to a depth of between 80 and 200m below the outcropping surface exposures.