AGP Executive Report

Copper Labor: Workers at Antofagasta’s Centinela mine approved a new contract by 94.49%, ending a strike of more than a week. Production continued during the stoppage. A separate deal at BHP’s Escondida mine also averted a supervisors’ strike. Mining Output and Investment: Antofagasta reported third-quarter copper output up 7% and maintained its 2026 forecast. CoTec and Battery Mineral Resources are exploring a partnership to boost production at Chile’s Punitaqui mine, while an Austrian investor is seeking to increase output at an old Chilean copper operation. Pension Funds: Chilean pension funds reportedly sought curbs on interest-rate bets before losses, raising questions about risk controls in the retirement system. Exports: Chilean avocado exports reached a record, and Chinese retailer JD Fresh began pre-sales of Chilean AG2 cherries, underscoring the importance of Asian demand for produce exporters.

Copper & Mining: Strike threats and fatal accidents are sharpening concerns over Chile’s copper supply, as global demand and prices remain in focus. Regional Ties: President José Antonio Kast’s Bolivia visit opened talks on energy, digital links and cross-border crime, offering a path to closer economic cooperation after decades of distance. Pension Funds: Chilean pension managers reportedly sought limits on interest-rate bets before losses, raising questions about risk controls. AI Supply Chain: Chile supplies raw materials for AI hardware, but a UN analysis says most value accrues to firms controlling chip design and intellectual property. Trade & Exports: Cross-border payments provider XTransfer has launched services in Chile, while Chilean avocado exports reached a record.

Trade Reset: President José Antonio Kast and Bolivia’s Rodrigo Paz agreed to deepen cooperation on trade, mining, energy and infrastructure, including talks to cut barriers and costs for cross-border commerce. Mining: Antofagasta reported a 7% rise in third-quarter copper output and kept its production forecast, but raised its cost outlook. Two workers were killed in a separate mine slope incident, while a deal at Escondida averted a supervisors’ strike. Lithium: Chile-linked EnergyX signed a 10-year, US$2 billion lithium supply agreement with Trafigura, marking a major step for the sector. Energy Storage: Engie commissioned an 802 MWh standalone battery project in Chile. Exports: Chilean avocado exports reached a record, while Chinese retailer JD Fresh began pre-sales of the country’s AG2 cherries.

Trade and Mining: President José Antonio Kast’s first state visit to Bolivia in 71 years opened talks on an 11-point agenda, including critical-minerals cooperation and lower trade barriers; restoring full diplomatic ties remains off the table. Pension Funds: Chilean pension managers had sought limits on volatile interest-rate bets before losses of about $7.7 billion on related positions, prompting scrutiny of the sector. Copper: Escondida supervisors reached a deal to avert a strike, while Antofagasta reported a 7% rise in third-quarter output, kept its production forecast and raised its cost outlook. Separately, two workers died in a slope incident at a Chilean copper mine. Lithium: EnergyX signed a 10-year, $2 billion supply deal with Trafigura, a major offtake agreement for the sector. Agriculture: Chile exported a record 160,000 tonnes of avocados in 2025–26, making it the world’s third-largest exporter, though rising global supply may pressure returns.

Mining Safety: Chile’s mining death toll has reached 13 this year, including seven fatalities in six accidents since September 23. Copper: Antofagasta’s third-quarter output rose 7%, but it raised its cost forecast; BHP and Escondida supervisors reached a deal to avert a strike, while a Centinela union walkout continues. Copper prices are heading for a weekly loss amid inflation worries and easing supply concerns. Business Disruption: Hail and flooding in Santiago stalled transit and caused power outages, adding to weather-related risks for workers and commerce. Energy Transition: EnergyX secured a 10-year, $2 billion lithium supply deal with Trafigura, while Engie commissioned an 802-MWh battery in Chile. Regional Outlook: The IMF urged Latin American governments to cut debt and improve productivity, forecasting regional growth of 2.3% this year and 2.5% in 2027.

Copper: BHP’s Escondida supervisors reached a deal, averting a strike at the world’s largest copper mine. Antofagasta reported a 7% rise in third-quarter output and maintained its 2026 forecast, but raised its cost outlook. Mine Safety: Two workers were killed in a slope incident at Codelco’s El Teniente mine, prompting a halt to operations. New Projects: CoTec and Battery Mineral Resources are exploring a partnership to lift copper production from lower-grade ore at Punitaqui. Trade Finance: Cross-border payments firm XTransfer registered with Chile’s financial analysis unit, targeting exporters and SMEs. Energy and Seafood: Engie commissioned an 802 MWh battery in Chile, while an algal bloom has affected more than 600 tonnes of farmed salmon. Regional Ties: Chile and Bolivia are pursuing a diplomatic reset, with energy trade and logistics corridors on the agenda.

Copper: BHP and Escondida supervisors reached a 36-month pay and benefits deal, averting a strike at the world’s largest copper mine. Antofagasta also reported a 7% quarterly output increase and held its 2026 forecast, though higher fuel costs pushed up its cost outlook. Mine Safety: Two subcontractor workers died in a slope incident at Codelco’s El Teniente mine; operations in the affected area remain suspended as authorities investigate. Lithium: EnergyX signed a 10-year, US$2 billion offtake deal with Trafigura for lithium products from projects including a Chilean carbonate operation, with production targeted for later this decade. Clean Energy: Engie commissioned an 802 MWh standalone battery in Chile, while Grenergy secured US$457 million for a 1.8 GWh battery portfolio. Seafood: An algal bloom has caused more than 640 tonnes of salmon losses in Chile, adding pressure to the aquaculture sector.

Copper Supply: About 1,000 supervisors at BHP’s Escondida mine are striking after pay talks collapsed, raising the risk of disruption at the world’s largest copper mine. Codelco has also partially halted El Teniente after a fatal landslide killed two workers, adding to supply concerns that have lifted copper to a three-week high. Clean Energy Investment: Grenergy secured about US$457 million for Chilean solar and battery projects, while Engie commissioned an 802 MWh standalone battery system. Lithium Trade: EnergyX signed a 10-year, US$2 billion lithium supply deal with Trafigura, a significant boost for Chile’s critical-minerals sector. Aquaculture: An algal bloom has caused 642.5 tonnes of salmon deaths at farms in the Kawésqar National Reserve, prompting environmental groups to demand greater transparency over the causes and response.

Copper Supply: Chilean disruptions are tightening the market: a fatal landslide partially halted Codelco’s El Teniente mine, Centinela workers remain on strike, and Escondida supervisors have threatened a walkout. Talks resumed at Escondida, while copper prices climbed on supply concerns. Clean Energy: Grenergy secured US$457 million for a Chilean solar-and-storage portfolio, and ENGIE commissioned an 802 MWh battery system. Salmon Farming: AquaChile says hybrid power systems have cut diesel use by 35% at two pontoons; it plans to expand to 14 sites, targeting annual emissions cuts of nearly 2,000 tonnes of CO₂. Trade and Investment: Italy is seeking Chilean partnerships in energy, mining and infrastructure, while XTransfer’s local financial registration supports its push to serve cross-border businesses.

Mining and Copper: Codelco halted open-pit operations at El Teniente after a landslide killed two contractors and injured another. Copper rose for a third session, nearing $14,637 a tonne, as supply worries also included a strike at Antofagasta’s Centinela mine. Salmon Industry: Authorities are overseeing cleanup after an algal bloom caused nearly 650 tonnes of salmon deaths at two Multi X farms, exceeding their storage capacity. Lithium: EnergyX signed a binding 10-year, US$2 billion offtake deal with Trafigura for planned lithium output from projects in Chile and Texas; commercial production is targeted from 2028. Clean Energy: Grenergy secured about US$457 million for Chilean solar and storage projects totaling 1.8 GWh, while ENGIE commissioned an 802 MWh battery at a Chilean coal complex.

Growth Outlook: The IMF cut its 2026 Latin America forecast to 2.3%; Chile had the region’s steepest revision, down 1.8 percentage points. Copper Supply: Prices held near recent highs as Codelco partially suspended El Teniente after a fatal landslide, while Centinela workers remained on strike and an Escondida stoppage was planned. Lithium Deal: EnergyX signed a 10-year, $2 billion offtake agreement with Trafigura for lithium from projects in Chile and the U.S., covering 100,000 tonnes. Mine Expansion: Cobre outlined a staged Sierra Atacama plan to lift copper cathode capacity to 18,000 tonnes a year, then 25,000, with potential to reach 50,000. Clean Energy: ENGIE commissioned an 802-MWh battery at a Chilean coal complex, while Grenergy secured $457 million for solar and storage projects.

Copper: Cobre Limited outlined a staged plan to lift output at its Sierra Atacama project to about 18,000 tonnes a year, then 25,000, while assessing potential for 50,000 tonnes. Energy Storage: ENGIE began commercial operations at its 142MW, 802MWh battery in Mejillones. Grenergy secured $457 million for a Chilean solar-and-storage portfolio with 1.8GWh of batteries. Mining Risks: A fatal landslide led to a partial shutdown at Codelco’s El Teniente mine, while a strike continued at Antofagasta’s Centinela operation, stoking copper supply concerns and lifting prices. Critical Minerals: Chilean Cobalt expanded its NeoRe project by 30,800 hectares and ordered long-lead equipment, targeting initial production in early 2027. EnergyX also signed a $2 billion, 10-year lithium supply deal with Trafigura, with production planned from 2028. Aquaculture: A harmful algal bloom caused 642.5 tonnes of salmon deaths at farms in Magallanes, prompting early harvesting and tighter regulatory oversight.

Mining: Two workers died in a landslide at Codelco’s El Teniente mine, prompting a partial suspension of operations. Copper rose as traders weighed the accident alongside a strike at Centinela, where unions warn production could be cut sharply in November. Aquaculture: An algal bloom at four salmon farms in Magallanes has caused 642.5 tonnes of losses, with Sernapesca monitoring clean-up and early harvesting measures. Clean Energy: Grenergy secured about US$460 million to finance a 446 MW solar portfolio and 1.8 GWh of battery storage in Chile. Critical Minerals: Aclara and CAP inaugurated a demonstration plant for rare-earth metals and alloys, advancing plans to develop Chile’s role in the supply chain.

Critical Minerals: Aclara and CAP opened a Chilean demonstration plant to produce rare-earth metals and alloys, testing technology intended to support a planned US industrial project. Copper: A strike at Antofagasta’s Centinela mine could force production cuts within two weeks, adding to global supply concerns and pressure on prices. Clean Energy: Grenergy secured about US$460 million for Chilean solar and storage projects totaling 446 MW of solar capacity and 1.8 GWh of storage. Economic Outlook: The World Bank lowered its growth forecast for Chile, signaling a tougher outlook for the economy.

Rare Earths: Aclara and CAP opened a demonstration plant in Biobío to produce neodymium-praseodymium metals and alloys, testing technology intended to support a planned industrial facility in the U.S. Copper: A strike at Centinela escalated, with 709 workers launching a hunger strike; unions warn production could be cut if the walkout continues, adding to supply concerns as copper prices climb. Clean Energy: Grenergy secured about US$460 million for a Chilean portfolio combining 446 MW of solar capacity with 1.8 GWh of storage. Mining Oversight: Codelco is investigating reported overstatements in its 2024 and 2025 copper production figures. Salmon: Chile’s salmon industry is pursuing new vaccines against SRS, a disease the Yelcho Alliance’s director estimates costs producers US$750 million a year. Trade: India says it is negotiating a trade pact with Chile, alongside talks with several other regions.

Salmon Farming: Chile’s salmon industry faces an estimated $750 million annual cost from SRS disease; a new vaccine alliance aims to cut antibiotic use and develop more effective vaccines. Clean Energy: Grenergy secured about $460 million for a Chilean portfolio combining 446 MW of solar capacity with 1.8 GWh of storage. Critical Minerals: Aclara and CAP opened a demonstration plant for rare-earth metals and alloys, advancing plans to develop local processing. Copper: JPMorgan warned a strike at a major Chilean mine could significantly hit production as supply concerns support prices. Codelco: The state miner is investigating potentially overstated copper production figures for 2024 and 2025. Economic Outlook: The World Bank lowered its growth forecast for Chile.