Chile’s economic lifeline is in dire need of rescue, due to its issues with labor costs, drought, and energy prices. Luckily, there are several industries that are paving the way for Chile’s bright future, and it won’t be long until the country gets back on its feet and begins a new chapter that focuses on its economic resurrection.
The recently CESCO/CRU convention gathered top mining executives in Santiago, Chile, where all of them expressed the problems caused by rising electricity costs in their respective corporations. Most of them said the energy crisis has taken a toll on production costs and that puts their companies in danger, thus, failing to meet the global demand for copper. Though it may seem far-fetched, the use of solar panels was one of the proposed solutions.
According to a report by Green Tech Media, the initial development of solar panels will benefit Chile’s mining industry. Currently, Chilean mining companies are the biggest consumers of energy. Thus, mining giants are showing huge interest in acquiring solar panels as their main source of energy.
To signify its development, solar panel company SunEdison signed a partnership with mining company CAP for an exclusive supply of energy from its 100-megawatt plant. In addition, SunEdison’s plant is currently the largest in Latin America, and several agreements from other mining companies should take place. Knowing that mining is Chile’s top industry despite its volatility, the solar power sector could be booming in a span of years.
In the mining segment, there’s a developing project in Cerro Blanco, Chile that could boost the country’s titanium production. White Mountain Titanium’s project (OTCQB:WMTM) could yield 112 million tons of high-grade rutile once production starts. Based on an open pit conceptual study, White Mountain Titanium is positive that it will be able to produce 80,000 tons of rutile per year, which could swell to 130,000 tons by the fourth year of production. White Mountain is situated at the northern side of the Atacama Desert, a popular tourist destination hailed as the global center of astronomy because of its lucid skies.
In a world where the wine industry is led by popular European and American vineyards, Chilean wine is often overlooked. However, wine experts around the globe head to Chile because of its cheaper Cabernet Sauvignon offerings, which do not disappoint.
According to a report by Montreal Gazette, Chile has been improving its wine industry in the past 10 years. Owners of wineries have been exploring different growing areas with different climates, since the country is known to grow different kinds of grapes. While local winemakers are trying to preserve what has been known in terms of quality, they are stepping out of their comfort zones by introducing a “new wave” of wines from the country.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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