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CHILE: Committee Rejects $3bn Mining Project, Power Subsidy Bill Approved

CHILE
BulletEM BulletEmerging Market News
  • Members of a ministerial committee unanimously voted against the $3bn Dominga iron ore and copper project in a session held yesterday. The rejection came after an environmental court had annulled a 2023 decision by ministers to reject the project, citing a lack of impartiality by two members. Local environmental regulators had previously approved the project in 2021, which would include a daily mineral capacity of 95,000 metric tons, a desalination plant and port terminal, employing 1,450 people.
  • In other news, the Lower House’s finance committee has approved a power subsidy bill, which includes an additional tax on carbon emissions and raises revenue from a VAT on higher electricity prices. The aim is for the subsidy to reach 40% of the most vulnerable population and to reduce electricity prices for SMEs. The bill will now be voted on by the Lower House, before passing to the Senate, if approved.
  • No macro data are due today, with attention next on tomorrow’s BCCh economist survey. Yesterday’s BCCh traders survey showed that the central bank is seen pausing its easing cycle later this month. USDCLP has opened lower today, amid further gains in copper prices, with the pair dipping back below the 1000 level. Initial support is at the 20-day EMA at 994.40.
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  • Members of a ministerial committee unanimously voted against the $3bn Dominga iron ore and copper project in a session held yesterday. The rejection came after an environmental court had annulled a 2023 decision by ministers to reject the project, citing a lack of impartiality by two members. Local environmental regulators had previously approved the project in 2021, which would include a daily mineral capacity of 95,000 metric tons, a desalination plant and port terminal, employing 1,450 people.
  • In other news, the Lower House’s finance committee has approved a power subsidy bill, which includes an additional tax on carbon emissions and raises revenue from a VAT on higher electricity prices. The aim is for the subsidy to reach 40% of the most vulnerable population and to reduce electricity prices for SMEs. The bill will now be voted on by the Lower House, before passing to the Senate, if approved.
  • No macro data are due today, with attention next on tomorrow’s BCCh economist survey. Yesterday’s BCCh traders survey showed that the central bank is seen pausing its easing cycle later this month. USDCLP has opened lower today, amid further gains in copper prices, with the pair dipping back below the 1000 level. Initial support is at the 20-day EMA at 994.40.