AGP Executive Report

Copper Market Watch: Copper futures pushed above $6.6/lb as Chile’s July output fell 9.4% y/y, with disruptions also weighing in Indonesia and the DRC, while traders watch potential US import-tariff moves. Chile Politics & Business Climate: Chilean students (ACES) called for a protest Sept. 3 at Baquedano Metro against President Kast’s tax reform, the Protected Schools Act, and a proposed public security emergency without parliamentary approval. Mining & Capital Allocation: Reuters reports BHP’s chief commercial officer Rag Udd will step down end-January, a key role in iron ore negotiations with China, as BHP navigates tighter terms. Energy Transition: Chile-linked momentum in storage and solar continues in global coverage, while a separate report highlights solar’s uneven growth and grid constraints in Europe. Regional Trade & Logistics: Punta Arenas will host a late-September “Business Showroom” to connect Falklands firms with Magallanes businesses, supporting a second shipping link. Critical Minerals Supply: LG Energy Solution signed a 10-year lithium carbonate supply deal with Smackover for 8,000 tons/year starting 2029, underscoring battery supply chain bets tied to Chile/Argentina mining.

Chile–Venezuela Justice: Chilean prosecutors say the Ronald Ojeda murder case points to Venezuela’s Interior Minister Diosdado Cabello, alleging he negotiated and helped pay for the operation, as key suspects arrive after extradition. Mining & Tech: MacLean Engineering signed a five-year program with Codelco to test underground mining solutions at El Teniente, focusing on trench scaling, tunnel development and service infrastructure. Energy Storage in Chile: Engie reached 663 MW of operational BESS capacity in Chile, while Enel secured grid connection for a 356 MW/2.1 GWh BESS project—both signaling continued buildout of storage to back renewables. Critical Minerals & Trade: A new policy roadmap is meant to help miners navigate China-linked investment in Canada, after shifting rules around inbound mining investment. Agriculture & Water: Northern Chile’s table grape regions show major reservoir recovery and strong snowpack, potentially improving irrigation security and next-season production prospects. Sports Business: Crystal Palace is set to loan Chilean winger Darío Osorio from Midtjylland with an obligation to buy for over €26M.

Copper Watch: Chile’s copper production fell 9.4% year-on-year to 403,424 tons in July, hit by bad weather in the north and maintenance at major mines—raising fresh supply-tightening concerns. Mining Pipeline: FMR Resources is moving toward drilling at its La Lorena project in central Chile after completing preliminary 3D IP inversion modelling at La Martuca, refining chargeability targets and drill planning. Battery Supply Chain: LG Energy Solution signed a long-term lithium carbonate deal with Smackover Lithium (US), securing 8,000 tons annually from 2029 for 10 years (80,000 tons total) to support North American energy storage and EV cathode production. Trade & Access: Canada’s ratification lets the UK fully access CPTPP from Sept. 1, 2026, with over 99% of UK goods exports to CPTPP members eligible for zero tariffs—Chile included. Procurement & AI: A new draft framework for public procurement pushes Chilean-style state buying toward structured, data-driven planning and more automation, as governments try to catch up with the AI race.

Chile Innovation & Conservation: Chilean researchers developed a therapeutic suit made with copper and zinc to speed recovery for injured penguins after net entanglements, using microscopic metal particles woven into red fabric to reduce bacteria and support faster tissue healing. Telecom Leadership: Digicel Group named Salvador “Salva” Hierrezuelo group chief business officer, effective Sept. 1, bringing Telefónica Chile B2B experience to expand Digicel Business. Mining Deal Watch: Glencore is central to Anglo’s $50bn copper merger reshaping South Africa-linked Anglo, with Anglo expecting up to $1.4bn in annual earnings from integrating Teck’s Quebrada Blanca with Collahuasi—though Glencore’s 44% stake could drive tough negotiations. Trade Diplomacy: India and Chile advanced CEPA talks in Santiago, aiming to conclude negotiations by end-2026 and expand cooperation across healthcare, energy, minerals, agriculture and engineering. Energy & Infrastructure: IFX Networks plans to invest over $400m in Latin America by 2027, with about $51m earmarked for Chile to boost connectivity and data-centre capabilities.

Renewables Investment: Grenergy’s Solar Antofagasta filed its environmental impact declaration for Parque Fotovoltaico Antofagasta 1: a 516.9 MWp solar plant plus a 430 MW battery energy storage system (~3.01 GWh, about seven hours), in María Elena (Antofagasta region), with an estimated ~$250m solar capex and ~$270m for the BESS, including a new 33/220 kV “Salitre” substation and 20.7 km transmission line. Mining Dealmaking: Sumitomo and G Mining agreed to buy a combined 25% stake in Tintina Mines via a jointly funded vehicle, advancing the Dos Amigos copper-gold project in northern Chile toward a final investment decision. Copper Market Watch: Copper surged toward $7 amid tariff-driven stockpiling and supply tightness; the key debate is whether the move is structural versus temporary, with Cochilco’s 2026 forecast still far below current Comex levels. Trade & Diplomacy: India and Chile stepped up CEPA talks, aiming to conclude negotiations in 2026 and focusing on market access and critical minerals cooperation. Food & Consumer Tech: Apple raised Apple TV and Apple One Individual subscription prices in Chile (and other countries), adding pressure on household budgets as services costs climb. Industry Leadership: Chile’s Salmon Council said executive president Loreto Seguel will step down, as the sector navigates tariffs and regulatory uncertainty.

Mining Tech: Komatsu commissioned its 1,000th ultra-class autonomous haul truck, signaling autonomy is moving from pilots to repeatable fleet operations—an important signal for Chile’s copper and gold surface mining economics. Salmon Industry: Chile Salmon Council executive president Loreto Seguel will step down and return to CAMPORT, as the sector navigates Trump-era tariffs and ongoing legal pressure around environmental assessments. Trade & Investment: India and Chile are accelerating CEPA talks, with both sides aiming to conclude negotiations by end-2026 and focusing on market access plus cooperation in healthcare, pharmaceuticals, energy, minerals, agriculture, machinery and engineering. Copper Market: Copper prices hit record territory near $6.727/lb on tariff fears, with traders rushing to stockpile physical metal for the U.S., tightening availability elsewhere. Food Policy: Chile’s regional business context echoes global moves to curb sugar hoarding—India plans a 15-day sugar quota system from September, a reminder that commodity controls can quickly reshape supply chains. Space & Science: NASA launched the Nancy Grace Roman Space Telescope, a major new platform for exoplanet discovery and dark matter/dark energy research.

Trade Talks: India says it’s committed to conclude CEPA negotiations with Chile within 2026, with Commerce Secretary Rajesh Agrawal meeting Chile’s vice-minister Paula Estévez Weinstein in Santiago to push a “balanced and commercially meaningful” deal spanning healthcare, pharma, energy, minerals, agriculture, machinery and engineering. Critical Minerals & Mining Tech: Canada and Chile are deepening cooperation on critical minerals and underground mining know-how, including a five-year Codelco–MacLean Engineering pact to deploy underground mining technologies at El Teniente, plus skills and capacity-building support via the G7 Minerals Skills Network. Water & Utilities Deal: Algonquin Power agreed to sell about 64% of Chilean water utility Suralis to Toesca for about $126.5M, with proceeds aimed at debt paydown and capital recycling for its 2026–2028 plan. Animal Welfare Law: Chile advances a bill to ban electric collars on pets, with escalating fines for users and for those who manufacture, import, distribute or market the devices. Food & Supply Chain: Chilean salmon certification is under scrutiny after a report found most “sustainable” Scottish farms breached environmental rules without losing accreditation, raising questions for seafood buyers. Climate & Commodities: A new Super El Niño outlook is being linked to tighter global commodity markets and potential supply shocks, with agricultural and industrial metals flagged as at risk.

Critical Minerals & Mining Diplomacy: Canada and Chile are deepening cooperation on critical minerals, mining tech and investment, including a five-year Codelco–MacLean Engineering deal to improve underground operations at El Teniente. Regional Strategic Minerals Pact: Chile, Argentina, Bolivia and Peru signed a declaration to coordinate on strategic minerals supply chains, geological info sharing and oversight, citing rising demand from energy transition and AI infrastructure. Water Utility Deal: Algonquin Power agreed to sell about 64% of Chilean water utility Suralis to Toesca, with proceeds expected at $126.5M plus an earnout, aimed at debt paydown and capital recycling. Cybersecurity: Berlin faces a Rhysida ransomware extortion attempt ahead of elections, with the group claiming 5.79 TB of stolen data and officials refusing to pay. Animal Welfare Law: Chile advances a bill to ban electric shock collars on pets, with escalating fines for users and for those who manufacture, import or sell them. Agri-Trade & Logistics: South Carolina Ports added capacity via CMA CGM’s AMERXL rotation, improving cold-chain access to Colombia, Peru, Ecuador and Chile. Startups: Roma AI, a Chile-based startup, raised $1.2M to scale AI agents for regulated companies across Latin America, emphasizing governance and keeping data inside clients’ systems.

Critical Minerals Pact: Chile, Argentina, Bolivia and Peru signed a joint declaration to deepen cooperation on strategic minerals, aiming to strengthen supply chains, share geological info, and attract technical and financial support for copper and lithium projects. Codelco Earnings: Chile’s state miner Codelco reported sharply higher first-half earnings as copper prices rose, even as production fell due to disruptions and weaker ore grades—highlighting the pressure to restore output. Cross-Border Mining Rules: Argentina and Chile approved operating protocols to integrate three Andes-spanning copper projects, a framework meant to unlock over $20.7B in investment and speed access to ports and the Pacific supply chain. Water Utility Deal: Algonquin Power agreed to sell about 64% of Chilean water utility Suralis to Toesca, with proceeds expected around $126.5M plus an earnout, to support debt paydown and capital recycling. Energy Storage Push: Canada and Chile advanced critical-minerals and mining-technology cooperation, including a Codelco partnership with MacLean Engineering for underground mining tech at El Teniente. Food & Trade Logistics: Chilean salmon producers weigh how to respond to US tariff pressure, while SC Ports highlighted expanded reefer capacity to Chile and other South American markets. Startup Funding: Roma AI, a Chile-based startup for regulated AI agents, raised $1.2M seed to scale in Latin America.

Mining & Copper Earnings: Codelco reported sharply stronger 1H 2026 earnings, with pre-tax profit jumping to $1.97bn as copper prices surged, even as output fell 11% amid mine disruptions and weaker ore grades. Critical Minerals Pact: Chile, Argentina, Bolivia and Peru signed a declaration to deepen cooperation on strategic minerals, aiming to coordinate investment and seek multilateral support to strengthen the region’s role in the energy transition. Trade & Agriculture: Chile and Indonesia agreed to boost sanitary and phytosanitary cooperation to expand farm trade, including electronic certification and lab capacity, under the IC-CEPA framework. AI Startup Funding: Roma AI, a Chile-based startup building governed AI agents for regulated companies, raised a $1.2m seed round to scale operations across Latin America. Aquaculture Science: SAIC created a 14-person international scientific board to review aquaculture innovation projects as a new funding call launches. US Tariffs Pressure: Section 301 tariffs are hitting seafood importers hard, with Chile among affected exporters; experts point to litigation and supply-chain shifts as possible mitigators. Energy Transition Context: Reporting on the Iran war highlights how higher fossil-fuel costs are accelerating renewables investment and reshaping energy economics globally. Food Exports Watch: ODEPA forecasts Chilean cherry production rising to 727,000 MT in 2026/27, with exports projected at 667,000 MT.

Chile-Linked Mining & Energy: Lodestar Minerals reported final assays from its Three Saints IOCG drilling in Chile, reinforcing the iron–sulphide relationship and flagging copper/cobalt vectors for the next exploration push. Renewables & Storage: Wood Mackenzie lifted its Latin America energy storage outlook to 34 GW by 2035, with Chile still leading—though it warns of potential price cannibalization in northern Chile as batteries grow. Trade & Investment Policy: India’s commerce minister Piyush Goyal said the government will focus on easing processes and faster clearances to boost FDI, including faster KYC and mutual recognition. Chile Startup Exit: Chattigo, a Chilean AI customer-service startup, was acquired by US firm Capacity in a deal estimated around US$60m. Logistics for Exports: South Carolina Ports added CMA CGM’s AMERXL rotation, including San Antonio (Chile), expanding cold-chain access for seafood, produce and flowers. Local Business Impact: A study on Los Angeles ICE raids finds Latino small businesses still struggling more than a year later. Chile in the News Cycle: Chilean salmon producers say a 12.5% US tariff is squeezing margins rather than lifting US prices. Security & Crime: Two Chilean men were arrested in Japan over a luxury watch smash-and-grab in Tokyo’s Nakano Broadway.

Salmon Tariff Pressure: Chilean salmon producers say the 12.5% U.S. tariff is squeezing margins, not consumer prices, as the industry weighs diversification and export strategy. Trade Talks: Chile and the U.S. keep negotiating to improve market access for Chilean exports after the latest tariff round, with USTR’s Jeffrey Goettman meeting Chile’s Undersecretary Paula Estévez. Ports & Cold Chain: South Carolina Ports adds CMA CGM’s AMERXL rotation, boosting weekly links to South America including San Antonio (Chile) and improving reefer capacity for seafood, produce and flowers. Mining Deal in Chile: Codelco and Pucobre form a JV to develop the Tovaku copper project, signaling continued investment in Chile’s copper pipeline. Copper Market Mood: South32 reports earnings boosted by base metals, with Chile’s Sierra Gorda cited as a key contributor. Agrifood Market Access: Vietnam is considering opening to more Chilean fruit (kiwifruit, blueberries, lemons) and will respond to technical requests ahead of harvest. Legal/Regulation: Polla Chilena files a criminal complaint against online betting operators over alleged illegal gambling and money laundering. Disaster Watch (Northern Chile): Tocopilla province was placed under a state of catastrophe after heavy rains triggered mudslides and flooding that swept vehicles downhill.

Housing Finance Boost: The IFC approved a US$100m loan to Banco Consorcio to expand mortgage lending in Chile, targeting a 927,000-home housing deficit and improving access for women as higher rates squeeze long-term credit. Copper Market Watch: Traders are rushing to stockpile refined copper ahead of potential US tariffs, pushing Comex inventories to a record 675,185 tonnes and driving New York prices to fresh highs while London lags. Mining in Chile: South32 extended Sierra Gorda’s reserve life, lifting underlying earnings and reinforcing copper as its main cash generator, while ATEX reported expanded high-grade targets at its Atacama project. Copper Dealmaking: Codelco and Pucobre moved to create a $870m Tovaku copper JV, adding to Chile’s pipeline of large-scale copper development. Wine Regulation: Chile is set to introduce a lower-alcohol wine category (starting at 8.5%) to match international standards and respond to shifting consumption habits. Fisheries Transparency: Chile backed the Mombasa Declaration to improve vessel and fisheries data transparency, with NGOs urging faster, verifiable implementation. Energy Storage Angle: Battery energy storage systems are gaining momentum as renewables, grid upgrades and data-center demand increase the need for flexibility.

Housing Finance Push: IFC approved a $100m loan to Banco Consorcio to expand Chile’s mortgage lending and help tackle a 927,000-home housing deficit, with a focus on improving access for women as higher rates squeeze long-term credit. Copper Dealmaking: Codelco and Pucobre formed an $870m JV to develop the Tovaku copper project, extending their 2009 partnership and signaling continued investment despite cost and supply pressures in the sector. Fisheries Transparency: Chile backed the Mombasa Declaration to boost vessel and fisheries data transparency, while FiTI and the Coalition for Fisheries Transparency warned that commitments must translate into verifiable implementation. Wine Regulation Update: Chile is creating a new lower-alcohol wine category (starting at 8.5% ABV) to match international standards and respond to shifting drinking habits, without changing the 11.5% minimum for traditional wine. EU Investment Oversight: The European Commission cleared an EU merger case involving joint control of Chilean timberland assets (“Hancock Assets”) by BCI, APG and TIG, finding limited competition impact in the EEA. Mining Governance: A Ghana-Chile-Australia project on critical minerals governance is calling for stronger community participation in extraction decisions, arguing “justice” is still poorly defined across stakeholders.

Copper Market Watch: Copper kept climbing for a fourth straight session, closing near record levels as tight near-term supply and tariff-related positioning keep pressure on LME inventories. Chile Mining Expansion: Rio2 won Peruvian environmental approval to expand its Condestable underground copper mine, lifting throughput capacity and extending mine life—another reminder of how permitting can unlock production. Chile Corporate/Commodities Lens: South32’s Sierra Gorda update (reserve life extended to 2045) is driving fresh investor attention on Chile-linked copper exposure, while broader market chatter points to miners outperforming as investors rotate away from banks and retailers. Chile-China Continuity: A new read on Chile–China ties highlights continuity across administrations, with renewed focus on AI, digital economy, science and supply-chain connectivity. Energy Transition & Offshore Wind: China’s offshore wind push is being supported by tightly clustered component manufacturing, with exports including Chile. Business & Policy Signals: Chile’s salmon tariff fight and the country’s push for digital work authorization for foreign workers both underline how trade rules and labor processes are shaping operating conditions.

Salmon Trade: Chile’s Supreme Court backed Salmones Antártica’s Río San Pedro salmon farm permit, rejecting an environmental appeal and keeping the project’s authorization intact. Export Access: Chile also shipped salmon to Nicaragua for the first time after Sernapesca completed the technical and sanitary steps for a new destination, with more firms cleared to export. US–Chile Negotiations: Chile is pushing to scrap a Trump-era salmon tariff via talks with the U.S., aiming to protect U.S. processors and consumers. Agrifood Finance: FAO convened Latin America and the Caribbean to map how to scale investment in agrifood systems, citing fragmented funding and barriers to formal finance for producers. Kiwifruit Capacity: Chile’s kiwifruit exporters warn that fast volume growth could overwhelm post-harvest infrastructure, calling for a strategic overhaul of incentives and cold-storage capacity. Prime Video Expansion: Prime Video plans to invest over $2bn in Latin America from 2027–2030, including originals and live sports rights across Mexico, Brazil, Argentina, Colombia and Chile. Mining & Tech: Descartes bought Chilean last-mile delivery firm Drivin earlier this year and continues logistics software M&A, while autonomous mining tech is moving from pilots toward operational backbone in places including Chile.