Chile's Ministry of Public Works has announced that Icafal has won a tender process to manage El Tepual - Puerto Montt airport concession.

A total of five companies offered their proposals: Agencias Universales, Belfi, Consorcio A Port Chile, Icafal and Remavesa.

Icafal Inversiones SA submitted the best proposal offering a UF 25,401 (US$1.12 million) payment to the Ministry for the concession right.

The new concession will begin operations during the first half of 2014 for a period of four years, once the current reaches its term.

The estimated investment for the project is US$4.2 million. The concession contract involves the upgrade, refurbishment and maintenance of the existing airport civil infrastructure, installations and equipments.

The project includes the extension of the main runway, allowing the terminal to operate with capacity for aircraft wingspan between 36 meters to 52 meters as the Airbus 330 and Boeing 757 and 767.

El Tepual airport is located at the center of Northern Patagonia and near the Archaeological site of Monte Verde. The construction of the airport was completed in April 1960 and a new terminal was inaugurated in February 2010.