Chilean miner and Wisco discussing partnership in iron ore

Chilean miner Minera Santa Bárbara (MSB) is negotiating a joint venture with Chinese steelmaker Wisco to develop iron ore reserves in the country, Steel Business Briefing learns from Australia’s Admiralty Resources, MSB’s parent company.

According to the group, the Chilean iron ore producer has at least eight mines not operating, which “would be suitable for such co-development."

MSB operates at Atacama, northern Chile. Currently, the company has a sales contract with Wisco. Both parties are also negotiating a new supply contract for a period of five or ten years.

Admiralty also says it is in advanced negotiations to acquire a 40% stake owned by Wyndham Explorations in MSB. This will allow the Australian group to reach a 100% ownership of the Chilean miner.

Publication: SBB - Steel Business Briefing
Provider: Steel Business Briefing
Date: August 29, 2008

Mainstream Renewable Power gets investment

Dublin-based Mainstream Renewable Power has received a boost from news that Barclays Capital is to invest Euro 20m in the venture. Airtricity founder Eddie OConnor is trying to raise Euro 200m to make the company one of the big players in the renewable energy industry. Our plan is to go to investors with a series of commercial opportunities later this year and to raise enough equity to develop them. Funds from the sale of equity will go towards procuring wind turbines, the company said. Mainstream launched just six months ago and has already signed a deal to provide up to 240MW of wind energy in Chile.

Publication: Euclid Infotech - Utilities News
Provider: Euclid Infotech
Date: August 14, 2008

Enami opens expanded Chañaral copper plant

Chile's mining minister Santiago González inaugurated Monday (Aug 11) expansions at the Chañaral plant of state-owned copper producer Enami in region III, according to a statement by the ministry.

Following US$10.5mn in expansions, the Chañaral plant can produce up to 800t/m in copper cathode, according to the ministry.

Enami's role as a state company is to buy and process copper ore from miners too small to produce their own cathodes or concentrate as a way to support Chile's small and midsize mining sectors.

The company has suffered from overstock for some time with limited amount of processing capacity compared to its stockpiles.

The expansions to the Chañaral plant will aid the company is reducing its overstocked ore.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: August 13, 2008

Chile salmon exports increase 14%

Exports of salmon and trout of Chile increased 14 percent during the first half of 2008 when compared to same period in 2007. The main destinations for the Chilean salmon were Japan and the US with 66 percent of total exports. Exports to Japan rose 17 percent, to 104.713 metric tons. The Latin American market showed the largest expansion with 24.827 metric tons (+47%). In terms of US dollar, exports narrowed 3 percent to USD 1.194 million

Publication: BIS - Business Information Systems
Provider: Business Information Systems
Date: August 14, 2008

Petrobras buys ExxonMobils gas stations in Chile

Brazilian state oil company Petrobras has signed an agreement to acquire ExxonMobils fuel distribution network in Chile for USD 400 million. Petrobras director of international business, Jorge Luiz Zelada announced that the deal was finalized. The transference of control over that network is scheduled to occur in the second quarter of 2009, when payment is made.

The Brazilian firm is acquiring contracts with 230 gas stations, 109 of them directly owned by Exxons Esso Chile Petrolera, and the concessions to supply fuel to 11 airports. Also part of the package are six large fuel-distribution terminals, two of which are joint ventures. Petrobras stated in a press release that Exxon Mobils chemical, lubricant and specialties businesses are not part of the agreement. The acquisition will give Petrobras a firm foothold in Chiles fuel-distribution market, with a market share of 16 percent and 14 percent in the retail and industrial segments, respectively.

Publication: Euclid Infotech - Utilities News
Provider: Euclid Infotech
Date: August 9, 2008

Lan grows profits 7.4%

Profits of US$138.3mil have been posted by Lan Airlines of Chile for the first half of 2008, 7.4% improvement over the same period in 2007. Its flights have boasted high occupancy rates with demand strong across all its markets, both for cargo and for passengers.

Lan's operating income rose 34% to total US$2.15bil (passenger-based revenues rising 32.3%, cargo, 41%, and other items, 8%). Lan states that its operating costs rose 39.5% to total US$1.982bil by June 30, 2008, with the fuel rise being one of 77.8% to US$314.2mil.

Publication: SABI - Business News
Provider: South American Business Information
Date: August 2, 2008