Supervisors at Chile’s Escondida copper mine evaluate new proposal

Supervisors at Chile’s Escondida mine said they were evaluating a new labor contract proposal from mine operator BHP amidst negotiations to head off a strike at the world’s largest copper deposit, according to the union. The union of supervisors at the sprawling Escondida mine last week rejected BHP’s final offer in contract negotiations, but both parties agreed to extend talks this week. The union said that talks would continue through Oct 16.

Government and ChileVamos evaluate proposal for new distribution of 6%

The Government worked hard to shape the guidelines for the pension reform project being discussed in the Senate's working committee. The design on which work is being done would originate from ChileVamos as a counter-proposal to the proposals presented by the opposition towards the end of July. The distribution of the 6% additional contribution is being considered: allocating 2% to individual accounts, 2% to savings and 2% to insurance. The latter would include longevity coverage, with the aim of ensuring the pension of those who survive the most in the mortality tables.

Freehill Mining produces high-grade iron concentrate at Yerbas Buenas

Freehill Mining says metallurgical testing results confirm that high quality of ore at its Yerbas Buenas magnetite project in Chile. The successful testing of the diamond core from the 2019-2020 drilling has been completed as part of a feasibility study on developing the YB6 target within Yerbas Buenas. A concentrate of more than 62% iron concentrate has been produced using a simple and dry process.

Chilean market analysts maintain 5.5% drop in GDP forecast for 2020

Chilean financial analysts are maintaining their forecast of a 5.5% drop in gross domestic product (GDP) for 2020, reported by the Central Bank of Chile. According to the bank's Economic Expectations Survey, analysts continue to expect the economy to recover with 4.5% growth in 2021 and 3% increase in 2022, as forecast in September's survey. Regarding the Monetary Policy Rate, the survey projected it will remain at 0.5% over the next 17 months, then rise to 0.75%.