Chilean regulators have accused Albemarle of underpaying royalties by $11 million and vowed to take the U.S.-based miner to international arbitration over what they called a breach of its contract with the government. Corfo, which oversees Albemarle’s contract for lithium mining in Chile’s Salar de Atacama, told lawmakers the miner had misinterpreted the part of their agreement that outlines the basis for royalty payments, favoring a too-low commission on its sales.
According to Chilean Health Minister, Enrique Paris, the Chilean government will purchase specialized equipment for the Pfizer vaccine against COVID-19 which must be kept at low temperatures. "By the time we receive vaccines purchased from the Pfizer laboratory, we will have the necessary freezing equipment," the health minister said during a press conference. Paris added that part of the equipment will be provided by Pfizer, while the rest will be purchased by Chile.
Healthcare workers have gone on strike, to demand that the governement and the Ministry of Health fulfill their commitments to those who are on the front line to fight COVID-19. Hundreds of healthcare workers gathered at Baquedano Square, as part of a national stopagge that began on Thursday and will continue through Saturday. The strike, called by the National Federation of Health Workers (FENATS), includes all services of Public Service, Assistance Networks and Primary Health Care and Hospitals.
The Chilean ambassador to China, Hema, signed an import order for 1 million boxes of Chilean cherries with representatives of Chilean companies. For 2021, Hema promises to make a total of approximately 280 million-yuan-worth of orders from Chile's top ten cherries suppliers, including Copefrut, Prize, and Garces Fruit.
At Gold Field's Salares Norte project in Chile, engineering progress was at 85.3% while construction progress stood at 8.8% in the third quarter. The company states that the project is progressing ahead of the company's plan.
Chilean President Sebastián Piñera acknowledged that two million jobs have been lost in a few months as a result of the economic impact of the Covid-19. The figure is equivalent to what was created in the last ten years. Piñera said that recovering those jobs will be one of the government's priorities. He added that the economic recovery plan in Chile involves a major effort equivalent to 11% of the Gross Domestic Product (GDP).
Chile's Central Bank expressed concern about a further withdrawal of pension savings because of the potential long-term impact on the national economy. The bank's president, Mario Marcel, stressed that withdrawing pensions, "in the long term, implies reducing savings, reducing future pensions and adding more fiscal obligations". "We have to be clear that withdrawing pension savings means making liquidity available to members of the system in exchange for reducing their long-term pension assets," he added.
BNP Paribas Arbitrage SA reduced its holdings in Sociedad Química y Minera de Chile S.A. by 74.2% during the 3rd quarter. The fund owned 33,471 shares of the basic materials company’s stock after selling 96,164 shares during the period. BNP Paribas Arbitrage SA’s holdings in Sociedad Química y Minera de Chile were worth $1,085,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Chile is allowing tourism to return in December after being closed for over 8 months. The Ministry of Health made the announcement this week confirming Chile’s official reopening of their borders starting in December. The exact date, while not yet been set in stone, could happen as early as the last week of November, or within the first week of December.
Chile’s monetary providers watchdog CMF introduced to the finance ministry a draft fintech invoice for the securities market. The initiative would deliver crowdfunding platforms – together with different fintechs that function within the securities market sphere – into the regulatory fold. The absence of a regulatory framework has hampered improvement of the sector and created area for potential dangers for customers, CMF stated.