A new JV fishing company - Corpesca - has Been set up in Chile with publication of the final government charter for the business in the Diario Oficial.Uniting into a single firm are northern fishing companies Icalma (property of Igemar), Pesquera Colchane (which includes Eperva) and Pescanorte (owned by Coloso).Corpesca, first conceived in October 1999 under the name Copenor, now becomes Chile's principal producer of fishmeal. It will operate in Chile's far northern coastal waters in Region I and Region II. This year the new company anticipates sales of US$175 million and profits are expected to total US$40 million.The company will have 87 fishing boats under its command, 47 of which can operate on the high sea.Lower fish catches, which have resulted in tighter government restrictions on fish takes, have created a crisis in Chile's fishing industry, forcing the merger of many industrial fishing companies in order to stay in business.