Yamana to take on full control of El Penon

After ten years of exploiting the gold- and silver-mine El Penon in Chile, the constructor Gardilcic has sold up the entirety of its operations to Canadian company Yamana Gold, already the owner of the reserve. Yamana is working to a strategy of total control of its operations. El Penon is to be found 165 kilometres south-east of Antofagasta and boasts an annual production capacity of over 400,000 ounces of gold equivalent, explains country manager for the gold group, Ricardo Palma Contesse. The transfer of operational responsibility will actually occur on January 5, 2010, although Gardilcic will remain on site for four more months.

Publication: SABI - Business News
Provider: South American Business Information
December 6, 2009

CGE Distribucion launches energy saving products and services

Chilean energy company CGE Distribucion has launched a new range of energy saving products and services in Chile, including energy saving services for industry, LED lighting and solar energy. LED lighting could be sold into various areas, such as building developments, manufacturing, car parks, traffic lights as well as railway and maritime signalling.

Publication: Esmerk - News monitoring
Provider: Esmerk
December 4, 2009

Consorcio Financiero to take regional stake in Compass Group

Chilean financial services group Consorcio Financiero will swap its 50% stake in Compass Group Chile for a 15% stake in the latter's Americas franchise, which includes offices in the US, Argentina, Colombia, Mexico and Peru.

Consorcio Financiero will also buy Compass Group's 12.5% stake in the fund manager which Consorcio operates with Chilean stock broker and investment banking firm LarrainVial, local press reported. As a result, Consorcio will end up with 25% of the fund manager and LarrainVial will hold the remainder. Compass Group on its part will step up its business focus on institutional investors and high net worth clients, both in Chile and in the Americas.

Publication: Business News Americas - English News
Provider: Business News Americas
December 4, 2009