martes, 30 de septiembre de 2008

Transelec acquires massive coverage

Transelec has carried out the biggest coverage operation in its history, one to the tune of US$645mil, the Chile-based electricity transmission group controlled by Canadian capital turning to a consortium formed by Deutsche Bank, HSBC and JP Morgan. Transelec's vice-presidente de finanzas, Marcelo de Petris adds that the sum is the largest ever committed in an operation of this kind in Chile and that the idea is to protect shareholders such as Brookfield Asset Management from stock-market volatility. This coverage operation serves to set the exchange rate at the levels of mid-2006, Peso$530 per US$1.

Publication: SABI - Business News
Provider: South American Business Information
Date: September 30, 2008

miércoles, 10 de septiembre de 2008

Molymet proposes capital increase, more directors

Chilean molybdenum products producer Molymet reported it plans to call a shareholder meeting to propose a capital increase and the addition of more directors to its board.

The capital increase, for which Molymet did not specify an amount, is to be carried out through the issue of shares over three years, the company said in a statement to securities regulator SVS.

Molymet sold 37,581t of molybdenum products in this year's first half for US$1.45bn in revenues and US$75.2mn in net earnings.

Created in 1975, Molymet has operations in Chile, Mexico, Germany and Belgium. The company's products include molybdic oxide powder and briquettes, ferromolybdenum, perrhenic acid, rhenium metal powder and pellets, and ammonium dimolybdate. The products are used in specialty steelmaking, the chemicals industry, and metallic and superalloys.

Publication: Business News Americas - English News
Provider: Business News Americas
Date: September 10, 2008

lunes, 8 de septiembre de 2008

Brazil MPX Energia Expands Castilla TPP Project in Chile

Brazilian energy firm MPX Energia expanded its project for the construction of the Castilla coal-fired thermoelectric power plant (TPP) in Chile to 2,100 MW, the director of MPX in Chile, Luis Hormazabal, said, as reported on September 7, 2008.

Thus, the total investment in Castilla would reach $4.5 bln (3.109 bln euro).

Initially, the project contemplated the installation of an installed capacity of 1,400 MW in Punta Cachos, northern Atacama region, with the first generators due to kick off in 2012.

With the expansion, Castilla will be developed in three stages of 700 MW over the next 10 years.

This is the second largest electricity project in Chile after the 2,750 MW hydroelectric project HidroAysen of the local power producers Endesa Chile and Colbun.

Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: September 8, 2008

miércoles, 3 de septiembre de 2008

Rio Tinto extends Cu exploration JV in Chile with Codelco

Rio Tinto has signed two more joint-venture agreements with the world`s largest copper producer Codelco for copper exploration in Chile.

The agreements with Codelco`s subsidiary CCM Los Andes include the exploration of the Estel and Paloma prospects in northern Chile and follow the first joint agreement signed between the two companies in January (MB Jan 24).

Rio Tinto has the option to acquire a 55% interest in each prospect through stand-alone exploration investments of $20 million. The agreements include provisions to increase Rio Tinto`s ownership to 60%.

"We are very pleased to enter into these additional agreements which strengthen Rio Tinto`s relationship with Codelco and provide access to some of the most prospective copper tenement in the world," Rio Tinto Copper ceo, Bret Clayton, said in a statement on Tuesday.

The Esteli property adjoins the Exploradora mine, which was subject to the first joint venture agreement between Rio Tinto and Codelco, while the Paloma property is located close to the copper mines at Spence and El Tesoro.

An exploration drilling programme is currently underway at Exploradora and will be followed by drilling at Paloma this year.

Rio Tinto has several additional copper exploration properties under title which are scheduled for drill-testing later this year.

Publication: Metal Bulletin
Provider: Metal Bulletin com
Date: September 2, 2008

martes, 2 de septiembre de 2008

Chile's CAP aims to replace 20% of Andean steel imports

Chile's CAP Group recently announced a major expansion plan for its steelmaking arm, Compañía Siderurgica Huachipato (CSH), and now it aims to become a major steel supplier to Andean countries.

Steel Business Briefing learns from local reports that after CSH's expansion to 3m tonnes/year, the group intends to trade a 400,000 t/y surplus in finished products with neighbouring markets, such as Peru, Ecuador and Colombia.

The group already has operations abroad within Latin American countries, such as Tupemesa in Peru and Tubos Argentinos, in Argentina.

CAP is eyeing an opportunity to replace imports into the Andean region. Peru, Colombia and Ecuador are thought to import over 2m t/y of steel products, SBB is told.

Publication: SBB - Steel Business Briefing
Provider: Steel Business Briefing
Date: September 1, 2008