Chile's GDP shrank 9.1% in the third quarter of 2020, compared to the same time period in 2019. According to the Central Bank, the reason for the decline is due to the economic effects of the COVID-19 pandemic. However, the GDP rose 5.2% compared to the second quarter which show signs of a slow recovery.
Atria Energia, through Los Maitenes Solar SpA, has secured the environmental approval for a 66 MW solar photovoltaic (PV) park in the Santiago Metropolitan Region. According to data submitted to the Chilean environmental evaluation service (SEA), Atria Energia plans to invest $44 million to install the Parque Fotovoltaico Pirque Solaris. The PV park will consist of centralised inverters and a total of 160,160 monocrystalline modules, with capacity ranging from 415 W to 450 W.
Chilean Metals Inc. (CMX) has started phase 1 of drilling at its Tierra de Oro project in the third Region of Atacama. The 5,675 hectare project has several geological areas of interest CMX will be exploring following an AI analysis generated by Windfall Geotek (WIN). The Phase 1 program is to consist of 1,500 metres of core drilling is expected to be completed by mid December2020, and assays are expected to be received in mid to late January 2021.
Parque Arauco S.A announces that for the fifth consecutive year, it is the only Chilean real estate company in the Emerging Markets Dow Jones Sustainability Index (DJSI), Dow Jones Sustainability Chile Index (DJSI Chile) and Dow Jones Sustainability MILA Pacific Alliance Index (DJSI MILA). The DJSI is one of the most rigorous and well respected indices in the world. Its methodology independently evaluates more than 7,300 companies, from 60 industries in more than 40 countries.
Sociedad Química y Minera de Chile (SQM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors. Three other investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $29.42.
In the context of COVID-19 Argentina, Uruguay and Chile are organising a forum to attract investors with a focus on emerging companies. The Southern Cone Investment Forum (FICS) is a virtual event that aims to show the strength and economic appeal of these South American countries. The event will be held on 24th & 25th November.
Banco Santander-Chile announced an annual dividend. Shareholders will be paid a dividend of $0.465 per share by the bank on December 4th. This represents a yield of 3.7%. This is a boost from Banco Santander-Chile’s previous annual dividend of $0.42.
MSC Mediterranean Shipping Company is pleased to introduce an express service for cherry and fresh fruit cargo from Chile to Asia, effective 18 November 2020. To reinforce the express service offering, MSC will also deploy two more vessels exclusively for weeks 49 and 51. The Cherry Express service will connect Valparaiso, Chile with a fast transit time to Hong Kong in 23 days. Shipments will arrive in Nansha and Shanghai in 25 & 26 days respectively, via transshipment from Hong Kong.
Nueva Inversiones Pacífico Sur Limitada (Pacífico Sur) has completed the process to acquire the casino operator Sun Latam SpA (Sun Dreams). The Chilean company filed the official document to the Financial Market Commission (CMF) this week. In August, the two firms announced an agreement for Pacífico Sur to acquire 65% of Sun Dreams, which was previously operated by both companies. By sending the document to the CMF, they have established that Sun Dreams is now a 100% Chilean company.
One of the unions on strike at Chile’s Candelaria copper mine rejected a contract offer from the company on Tuesday, confirming the strike would continue. The Candelaria Union rejected the proposal by a vote of 366 to 159, said union head Evelyn Walter.