By Nathan Gill Oct. 20 (Bloomberg) — Chilean central bank President Jose De Gregorio said policy makers will keep the overnight lending rate at its record low for a “prolonged time.” De Gregorio has said he plans to hold borrowing costs down in an effort to stoke economic expansion faster than 4.5 percent, which would… Read More Chile to Pause for ‘Prolonged Time,’ De Gregorio Says
By Nathan Gill Oct. 20 (Bloomberg) — BHP Billiton Ltd., the world’s biggest mining company, said copper production at its Spence mine in northern Chile continues at a “reduced rate” as a strike by workers enters an eighth day, an official said. BHP declined to specify the current production rate, according to Ruban Yogarajah, a… Read More BHP Says Spence Output Continues at ‘Reduced Rate’
By Nathan Gill Oct. 19 (Bloomberg) — Cencosud SA, Chile’s biggest retailer by sales, moved personnel into its Costanera Center site to evaluate resuming construction of the Santiago office tower and shopping center project. “Cencosud has been continually studying the financial and economic conditions, both national and international, to decide the right time to reactivate… Read More Cencosud Installs Team in Costanera Center Site to Study Restart
By Nathan Gill Oct. 17 (Bloomberg) — BHP Billiton Ltd., the world’s biggest mining company, said a strike at the company’s Spence copper mine in Chile entered a fifth day. Copper output at the Melbourne-based company’s 200,000-ton-a-year mine continued at a slower rate, spokesman Ruban Yogarajah said today in a telephone interview from London. Unionized… Read More Strike at BHP’s Spence Mine in Chile Enters 5th Day
By Nathan Gill Oct. 16 (Bloomberg) — BHP Billiton Ltd., the world’s biggest mining company, said copper output at its 200,000-ton-a-year Spence mine in Chile continues at a “slower rate” as a strike by workers entered a fourth day. Production was “the same as yesterday,” spokesman Mauro Valdes responded by text message to questions from… Read More BHP’s Spence Mine Copper Producing at ‘Slower Rate’
By Nathan Gill Oct. 15 (Bloomberg) — Chilean brokerage Fit Research Corredores de Bolsa SA bought a seat in the Santiago securities exchange in an auction today. Fit, the only bidder, offered the minimum price of 2 billion pesos ($3.7 million) for a share in the exchange, the auctioneer announced. This gives the company the… Read More Chile’s Fit Research Buys Santiago Exchange Seat
By Nathan Gill and Matthew Craze Oct. 15 (Bloomberg) — BHP Billiton Ltd. will cease production of refined copper tomorrow at its 200,000-ton-a-year Spence copper mine in Chile because of a strike, a union leader said. Workers stopped mining on Oct. 13, leaving BHP without enough raw materials to be turned into refined copper, union… Read More BHP to Stop Copper Output at Spence Mine, Union Says
By Nathan Gill Oct. 14 (Bloomberg) — Chile will use an anti-terrorism law criticized by human rights groups to try and quell a spate of violence over indigenous lands in the country’s south, a government official said. The government will apply the law, dating from the military dictatorship, against those responsible for armed attacks against… Read More Chile Invokes Anti-Terror Law to Quell Violence, Rosende Says
By Nathan Gill Oct. 13 (Bloomberg) — Empresa Nacional de Electricidad SA, Chile’s biggest power generator, rose the most in almost four weeks after boosting its stake in a Peruvian unit at an “attractive” price. Endesa, as the company is known, gained 1.3 percent to 868 pesos in Santiago trading, its biggest advance since Sept.… Read More Endesa Chile Rises to Four-Week High on Edegel Stake
By Nathan Gill Oct. 13 (Bloomberg) — Empresas Copec SA, Chile’s largest producer of wood pulp, climbed to the highest since May 2008 after Celfin Capital SA recommended investors buy the shares. Copec, the South American country’s largest publicly traded company, advanced 1.6 percent to 7,615 pesos in Santiago trading, its highest price since May… Read More Copec Rises to Highest Since 2008 on Celfin Rating
By Nathan Gill Oct. 9 (Bloomberg) — Chile’s peso dropped the most in a week as prices for copper, the country’s biggest export, slumped on a strengthening dollar. The peso weakened 0.6 percent to 554.50 per U.S. dollar from 551 yesterday for its steepest drop since Oct. 2. It declined for a third week. Copper… Read More Chile’s Peso Slumps Most in Week as Prices for Copper Decline
By Nathan Gill Oct. 9 (Bloomberg) — Empresas CMPC SA, Chile’s second-biggest pulp producer by market value, fell the most in two weeks after the company said it would offer $500 million in new shares. CMPC, owned by Chile’s billionaire Matte family, dropped 1.3 percent to 19,400 pesos in Santiago trading at 1:34 p.m. New… Read More Empresas CMPC Falls Most in Two Weeks on Planned Equity Sale
By Nathan Gill Oct. 8 (Bloomberg) — Codelco, the world’s largest copper producer, said it won’t tap bond markets this year after Congress approved a bill to provide $1 billion in financing. Codelco may look to sell bonds from next year, Chief Executive Officer Jose Pablo Arellano told reporters today in Santiago. The company will… Read More Codelco Won’t Sell Bonds This Year, May Start in 2010
By Nathan Gill Oct. 7 (Bloomberg) — Copper shipments from northern Chile’s Antofagasta port restarted today after two weeks of delays caused by a labor strike, the port’s operator said. The 14-day strike ended last night, Tamara Rebolledo, a spokeswoman for Antofagasta Terminal Internacional SA, said today in a telephone interview. The strike affected some… Read More Chile’s Antofagasta Port Ends Strike, Restarts Copper Shipments
By Sebastian Boyd and Nathan Gill Oct. 7 (Bloomberg) — Chile’s budget deficit will be smaller this year than earlier forecast as rising copper prices trimmed the projected shortfall in tax revenue. This year’s budget deficit will be about 3.6 percent of gross domestic product as government income falls 22 percent short of initial projections,… Read More Chile Reduces Estimate for This Year’s Budget Deficit
By Nathan Gill and James Attwood Oct. 7 (Bloomberg) — Workers at BHP Billiton Ltd.’s Spence copper mine in Chile agreed to delay a strike and extend wage negotiations to give the company time to sweeten a contract offer, a union official said. Workers, who had planned a strike starting tomorrow, will now walk out… Read More BHP Union Agrees to Delay Strike, Extend Wage Talks
By James Attwood and Nathan Gill Oct. 6 (Bloomberg) — Workers at BHP Billiton Ltd.’s Spence copper mine in Chile may strike as soon as Oct. 8 after a labor union rejected an increased pay offer, a union official said. “The strike is almost imminent unless there’s a last minute miracle,” Pedro Marin, president of… Read More BHP Workers at Spence Reject Pay Offer, Union Says
By Nathan Gill and Sebastian Boyd Oct. 6 (Bloomberg) — Chile’s Senate approved a bill to provide $1 billion in financing for Codelco, the world’s largest copper producer. The vote was 21-to-six with one abstention in the Senate, which acted after the lower house passed the bill earlier today, according to a statement on the… Read More Chile Senate Approves $1 Billion Funding for Codelco
By Nathan Gill Oct. 5 (Bloomberg) — Workers at the Andina unit of Chile’s Codelco, the world’s largest copper producer, voted to reject a preliminary wage offer from the company, a union leader said. About 70 percent of the 1,140 unionized workers in a Sept. 30 vote rejected the offer for a 3 percent pay… Read More Codelco’s Andina Workers Reject Pay Offer, Union Says
By Nathan Gill Oct. 1 (Bloomberg) — Sociedad Quimica y Minera de Chile SA, the world’s largest lithium producer, led declines on Santiago’s Ipsa Index after announcing price cuts for the metal used in batteries. Soquimich, as the company is known, fell 3.6 percent to 20,630 pesos, the steepest decline since June 22. The Ipsa… Read More Chile’s Soquimich Falls Most Since June on Lithium Price Cuts
By James Attwood and Nathan Gill Oct. 1 (Bloomberg) — BHP Billiton Ltd. workers at the Spence copper mine in Chile voted in favor of a strike, rejecting a pay offer by the company, a union official said. Workers in the Spence mine union voted 525 to 1 late yesterday against BHP’s offer, Pedro Marin,… Read More BHP Spence Workers Reject Pay Offer, Approve Strike
By Nathan Gill Sept. 30 (Bloomberg) — Copper output in Chile, the world’s biggest producer, rose 7.8 percent in August from a year earlier after state-owned Codelco and BHP Billiton Ltd. boosted production, the government said. Output increased to 459,823 metric tons from 426,689 tons a year earlier, the country’s national statistics agency said in… Read More Chile Copper Output Rises 7.8% on Codelco, BHP Mines
By James Attwood and Nathan Gill Sept. 30 (Bloomberg) — Molibdenos y Metales SA, the world’s largest molybdenum processor, said a plant near Santiago is operating normally after a fire broke out this morning. Industrial installations at the San Bernardo plant weren’t damaged and no one was injured in the blaze, the Santiago-based company, known… Read More Molymet Says Chile Plant Operations Normal After Fire
By Nathan Gill Sept. 29 (Bloomberg) — The U.S. needs to open up trade relations with Cuba, said U.S. Secretary of Commerce Gary Locke. President Barack Obama believes the U.S. needs to “open up our trade relations and our exchange of people and travel and that many of the restrictions with Cuba need to be… Read More U.S. Needs to Open Up Trade Relations With Cuba, Locke Says
By Matt Craze and Nathan Gill Sept. 28 (Bloomberg) — Antofagasta Plc, which is planning a $1 billion expansion of its biggest copper mine, will seek financing by year-end for the project in Chile, Chairman Jean-Paul Luksic said. “We are looking for financing with banks overseas, and it most probably won’t be through bonds, it… Read More Antofagasta Seeks Funds to Expand Biggest Copper Mine
By Nathan Gill Sept. 28 (Bloomberg) — Dell Inc., the world’s second-biggest maker of personal computers, sees “huge” prospects for growth in Latin America, where the company is looking to provide technology to Brazil’s oil industry. “Growth potential is huge in Latin America and Brazil,” Raymundo Peixoto, Dell’s manager for Brazil, said today in an… Read More Dell’s Peixoto Sees ‘Huge’ Growth Potential in Latin America
By Nathan Gill Sept. 28 (Bloomberg) — The U.S. government is committed to resisting protectionism, Commerce Secretary Gary Locke said today during a presentation at a conference in Santiago, Chile. Protectionism doesn’t work, he said.
By Nathan Gill Sept. 25 (Bloomberg) — Colombia’s peso climbed for a fourth week on speculation the South American country is beginning to recover from its first recession since 1998. The peso climbed 1.3 percent this week to 1924.45 per dollar, extending its advance this month to 7 percent, the biggest gain among 26 emerging-market… Read More Colombian Peso Rises for Fourth Straight Week on Economy
By Nathan Gill Sept. 24 (Bloomberg) — Chile’s central bank said it quadrupled the amount of special drawing rights it is prepared to lend to the International Monetary Fund. Chile, the only Latin American country participating in the IMF’s emergency credit line known as the New Arrangements to Borrow, increased the amount of rights, an… Read More Chilean Bank Quadruples Its Contribution to IMF Fund
By Nathan Gill Sept. 23 (Bloomberg) — Cia. Sudamericana de Vapores SA, Latin America’s largest container ship operator, rose the most in five weeks in Santiago trading after Standard & Poor’s said the company’s financial flexibility has improved. Valparaiso, Chile-based Vapores climbed 4.6 percent to 430 pesos at 1:42 p.m. New York time, its biggest… Read More Chile’s Vapores Climbs Most in Five Weeks as S&P Removes CreditWatch
By Nathan Gill Sept. 18 (Bloomberg) — Peruvian central bank President Julio Velarde said the country’s economy has reached a “point of inflexion” after it shrank the most in eight years in June. Rebounding demand in Peru and overseas will probably push the economy to 3.2 percent growth in the second half of 2009, and… Read More Peruvian Economy Has Reached ‘Point of Inflexion,’ Central Bank President Says
By Nathan Gill Sept. 18 (Bloomberg) — Gold Fields Ltd. and Cia. de Minas Buenaventura SA halted exploration of their Titan-Arabe gold and copper deposit in northern Peru after protests by local residents turned deadly, the head of the joint venture said. “We saw that there were constant threats, so we took the decision to… Read More Gold Fields Halts Peru Exploration Project on Protest
By Nathan Gill Sept. 16 (Bloomberg) — Cia. de Minas Buenaventura SA, Peru’s biggest precious-metals miner, rose to its highest in more than a year in Lima trading on a rally in gold prices and the outlook for its La Zanja mine. The Lima-based gold and silver miner advanced for a second day, gaining 7.3… Read More Peru Buenaventura Rises on Gold Rally, La Zanja Mine
