The IMF stated that the project for a third withdrawal of 10% of pension funds that is advancing in Chile's Congress is unnecessary, inappropriate and deteriorates the country's pension system. According to the director of the Western Hemisphere in the IMF, the organisation estimates "that a third withdrawal from the pension fund is not necessary and is not the appropriate vehicle to continue deteriorating a structural factor in the pension system."
In the last 6 years, Chile quintupled the capacity generated with solar, wind and hydraulic energy. The Ministry of Energy reports that as of January 2021, there are 6,335MW of power plants under construction. 94% of these plants will generate renewable energy. The vast majority are solar and wind, which according to projections, will be able to cover all the fossil generation that Chile has today in 2040.
The CAP group of companies will have a new president and a new board of directors, of which will be made up of three women. CAP announced an investment plan for $459 million for this year. 77% of this investment will go to mining, where the company is developing the Phase V North project in Minas El Romeral.
The Republic of Chile has successfully issued $1.5 billion of sustainability bonds. This is Chile’s first sustainability bonds issuance and first Formosa bond, and the Formosa market’s first sustainability bond transaction by a foreign issuer.
H-E Parts has been awarded a multi-year, major equipment overhaul contract with Codelco. The contract was awarded to H-E Parts for the rebuild of 23 Komatsu 930E haul trucks, and will be conducted through Rajo Inca, Codelco’s Salvador Division. The contract will be fully managed by the H-E Parts Mining Solutions division based in Antofagasta, Chile.
The Organisation for Economic Co-operation and Development (OECD) called on Chile to implement a tax reform to accelerate recovery from the crisis generated by the pandemic and combat socio-economic inequality. The organisation said that "the redistributive impact of the current personal income tax in Chile is weak. A more efficient tax and transfer system can … Continue reading OECD calls on Chile for a tax reform to tackle inequality
Latam reduced its level of operations in April to 25%, compared to the same month in 2020. This is due to an increase of COVID-19 infections in Chile, as well as the tightening of restrictive measures. As a result, domestic air traffic would reach only 18% of operations with domestic flights accounting for 50% and international flights for 5%.
Ireland was one of the countries where Chilean wine sales and exports increased. Concha y Toro, one of the largest national wineries, increased its sales by 58%. The company also shipped 534 thousand boxes to Ireland. In addition, 96% of this corresponded to premium category brands, which improves revenues and margins. So much so that Ireland became the second largest market for the company, especially for its leading brand: Casillero del Diablo.
Pampa Metals Corp. announces that it has signed a Letter of Intent with Austral Gold, whereby Austral will be granted an option to acquire up to an 80% joint venture interest in the Cerro Blanco and Morros Blancos properties. This is in exchange for certain cash payments, exploration expenditures and the cancellation of 2,963,132 shares of Pampa Metals held by Austral's subsidiary, Revelo Resources Corp.
LONGi announced the successful shipment of its high-efficiency Hi-MO 5 solar modules to a 3 MW project in the O’Higgins Region of northern Chile, the first using Hi-MO 5 modules to reach the installation stage. The mainstream two-pallet vertical packing method ensured that the modules arrived at the project site intact after a packaging and transportation process of almost two months.