AGP Executive Report

Lithium Deal Watch: India’s Coal India is reportedly considering buying a Chile-focused lithium unit from Canada’s Wealth Minerals, with a Chilean extraction licence application already filed—though a change of government has delayed the process. Copper Earnings & Output: Antofagasta posted 1H results with EBITDA up 27% and operating cash flow up 53%, while weather forced a precautionary Los Pelambres shutdown and the 2026 output forecast was revised. Codelco Project Delay: Codelco says its El Teniente expansion won’t start producing until 2029, citing higher seismic risk and pushing back the decade target. Digital Infrastructure: Google announced “Americas Connect,” adding subsea cable capacity that links Chile with Panama and the U.S., aiming to boost resilience for Google Cloud regions. Energy Storage in Chile: ContourGlobal signed a CATL framework for about 3GWh of battery storage equipment, including Los Maitenes in Chile. Workplace & Inclusion: Great Place To Work named Latin America’s 2026 Best Workplaces, while a Chile-based study finds Indigenous land restitution can shift land use but doesn’t automatically deliver biodiversity gains.

Copper Finance: Chile’s government lets Codelco keep 100% of its 2025 profits for the first time in over 50 years, aiming to bolster equity and liquidity and cut the need for new borrowing as costs rise and output weakens. Renewables & Storage: ContourGlobal signed a CATL framework for about 3GWh of battery storage across Scotland, Greece and Chile, standardizing a common LFP platform for projects including Los Maitenes. EV/Power Infrastructure: Verano Energy selected Sungrow for a 152MW/606MWh BESS for its Observatorio solar-plus-storage project in Chile, with a 25-year service deal to improve grid flexibility. Digital Infrastructure: Google unveiled “Americas Connect,” three new subsea cable systems with the Dominican Republic as a hub, including a Chile–Panama redundant ring to strengthen connectivity for Google Cloud regions. Trade & Agriculture: Chile and Morocco signed a sanitary and phytosanitary protocol to expand agricultural exports, setting technical cooperation between SAG and Morocco’s ONSSA. Fintech/Access to Vehicles: Uber will invest in Galgo, a motorcycle lender, to finance gig workers—starting in Mexico and expanding to Chile and Colombia in 2027. ESG/AgTech: IICA and a specialized jury selected 15 AgTech startups, including Chile’s Bruna, for Digital Agriculture Week in Costa Rica. Energy Markets: Ember analysis puts Bulgaria at the top for battery storage impact, with Chile close behind—highlighting how storage is reshaping evening solar demand. Maritime Governance: A Chilean NGO alleges the navy profited from contracts servicing Chinese IUU-linked squid vessels, raising conflict-of-interest concerns.

Energy Storage & Grid Integration: CATL signed a ~3GWh battery energy-storage deal with ContourGlobal for projects in the UK, Greece and Chile, including Chile’s Los Maitenes solar-plus-storage (90MW/360MWh), with liquid-cooled 1.4MW/5.64MWh containers. Copper Outlook: Chile’s copper output is forecast to fall 2.6% in 2026 to 5.27Mt before recovering in 2027, with Cochilco citing weaker Codelco and BHP performance and operational constraints. Power Infrastructure & Environment: Leonardo DiCaprio urged Chilean authorities to protect a critically endangered frog tied to the Los Condores–Rio Diamante Chile-Argentina transmission link, adding celebrity pressure to the environmental assessment. Digital Infrastructure: Google announced “Americas Connect” with new subsea cables linking Chile and the Dominican Republic via routes that include Alisios (Dominican Republic–Panama–Chile) and a Firmina branch extension. Mining & Contractors: Galantas selected engineering and mine-planning contractors for its Andacollo Gold project in Chile, targeting PEA completion in Q4 2026. Regional Trade Disruption: Snow and road closures are stranding thousands of trucks on the Argentina–Chile border, disrupting a key freight corridor. Food Safety: Albertsons and United voluntarily recalled 59 items containing pico de gallo after a supplier recall.

Submarine Connectivity: Google unveiled three new Americas subsea cable systems—Alisios (Dominican Republic–Panama–Chile), Canoa (Dominican Republic–Bermuda), and OlaLuz (Dominican Republic–Florida)—plus a Dominican branch for Firmina, aiming to boost capacity and resilience across cloud regions. Energy Storage in Chile: ContourGlobal awarded CATL a contract for 3 GWh of battery storage across Chile, Greece and the UK, including Los Maitenes (solar-plus-storage) in Chile. Critical Minerals & Lithium: Coal India is weighing buying Canada’s Wealth Minerals unit with Chile lithium assets, including a potential path via a Chile extraction licence. Trade Disruption: Snow and strong winds have stranded thousands of trucks at the Argentina–Chile border, with multiple crossings closed and freight routes like Cristo Redentor affected. Policy & Economy: Chilean President José Antonio Kast said his government won’t advance a bill that would condition abortion access on hearing fetal heartbeat activity. Sports & Talent: CF Montréal confirmed Chilean star Alexis Sánchez as a Designated Player for MLS. Regional Politics: A USA TODAY/Reuters read of Latin America’s “pink tide” retreat points to a rightward shift, citing Colombia’s Abelardo de la Espriella and Peru’s Keiko Fujimori.

Copper & State Finance: Chile will reinvest 100% of Codelco’s 2025 profits back into the miner, a shift meant to fund a deep recovery plan as the company still carries heavy net debt. Critical Minerals Trade: India’s Hindustan Copper is reportedly planning to sell Chile-sourced copper concentrate to Hindalco and Adani, and is also discussing a possible joint venture with Codelco. Security & Organized Crime: President José Antonio Kast signed a constitutional reform bill to strengthen the state’s tools against organized crime, including a new state-of-emergency provision, a registry of criminal groups, and separate high-security prisons. Offshore Wind Push: The British Embassy in Santiago is hosting a briefing on offshore wind development in Chile, with recommendations spanning permitting, grid planning, and building local supply chains. Business Capital Markets: Ticketplus closed its IPO, raising $15m gross and starting trading on NYSE American under “TP.” Regional Context: A 7.4 earthquake hit western Colombia, killing at least 111 and triggering major disruption across several cities.

Security & Organized Crime: Chile’s President José Antonio Kast signed a constitutional reform to strengthen the fight against organized crime, including a new state-of-emergency framework for deploying the armed forces, a registry of criminal organizations, separate high-security prisons for leaders, faster asset seizure, longer arrest windows for flagrante delicto (24 hours), and higher penalties. Regional Crime Trends: A new study says Latin America’s criminal groups are diversifying beyond drugs into legal businesses, mining, fuel, and local political influence—making crackdowns harder. Cyber Policy: A DEF CON report highlights that many countries still risk criminalizing good-faith security researchers, pushing for legal protections that balance ethical hacking with user safety. Trade & Food Supply: The U.S. partially resumed avocado export operations in Michoacán after security steps, while U.S. Section 301 tariffs are squeezing seafood importers; separately, a Salmonella jalapeño recall in the U.S. is linked to products sold across major retailers. Copper Watch: Copper prices are surging on tariff uncertainty and supply worries, with Codelco’s El Teniente facing delays and the DRC tightening concentrate exports. Chile in Markets: U.S. beef exports to South America rose in May, with Chile driving much of the increase, and Chile’s CEPA talks with India keep critical minerals and industrial exports in focus.

Skills & Jobs Policy: A Singaporean SMU professor was appointed to a World Bank Group–backed global panel on skills (GAPS), aiming to identify what workforce training actually works to raise incomes and cut poverty as AI reshapes labor markets. Chile’s Copper Strategy: Cobre Limited named Rothschild & Co as strategic adviser for its Sierra Atacama and other copper assets, focusing on valuation, capital markets positioning, and value realization. LatAm FX & Rates Watch: Latin American currencies rose as a weaker-than-expected US jobs report cooled expectations for a Fed hike, while equities were mixed. CPTPP Trade Moves: The UK launched consultations on deepening trade ties with the Philippines ahead of Manila’s potential CPTPP accession, which could lower tariffs and streamline rules across member economies. Chile’s Aquaculture Pressure: Chilean salmon farmers face mounting losses from underwater predator attacks, pushing demand for better containment tech. UN Leadership Race: Uganda’s Olara Otunnu is pushing for UN secretary-general momentum after a late start, as the Security Council’s straw-poll process narrows the field. Governance Risk in the Region: The Caribbean Court of Justice faces a judge-led rift over alleged attempts to influence extradition outcomes in Guyana-related cases. Market Sentiment (Real Estate Tech): Opendoor Technologies was downgraded by a bearish analyst after weak Q2 results and continued margin pressure. Mining Investor Angle: Hot Chili pitched its Costa Fuego copper project as a potential next big winner in Australia’s copper development pipeline.

Copper Market Jolt: Copper pushed above $14,000/ton as the DRC moves to ban copper-cobalt concentrate exports and Codelco suspends El Teniente’s Andes Norte development, tightening supply and raising price risk. Chile-Linked Energy Buildout: ContourGlobal is advancing Chile solar-plus-storage construction (including a 90MW/360MWh BESS), adding to the country’s grid flexibility push. UN Leadership Race: The Security Council’s first straw polls put Costa Rica’s Rebeca Grynspan early in the race to replace António Guterres, with Chile’s Michelle Bachelet also competing as the process heads toward formal recommendation and a year-end decision. Immigration Policy Watch (H-1B): The US is reviewing a proposal that could remove the 60-day job-loss grace period for certain non-immigrant workers, a change that could ripple into hiring plans. Chile Science Spotlight: Researchers report smallpox DNA found in 500-year-old Chilean mummies, strengthening the historical record of the virus in the Americas. Business & Finance: MetLife posted Q2 2026 results with stronger underwriting and a new $3B share buyback authorization, while Dream Finders faces investor scrutiny over its proposed $2.2B Beazer acquisition.

Copper Market Shock: The DRC’s ban on exporting copper and cobalt concentrates tightens an already fragile supply chain just as copper pushes above $14,000/ton, while Chile’s Codelco suspends Andes Norte development at El Teniente for up to two years—raising the odds of a 2026 price path toward $15,000 if concentrate shortages persist. Chile-Linked Energy & Industry: Chile’s renewables buildout keeps moving, with ContourGlobal starting hybrid solar-plus-storage construction in the country, adding to the grid-and-storage push that underpins demand for copper. Chile Economy Watch: Chile’s consumer prices inched up in July as fuel pressures eased, a reminder that inflation dynamics remain sensitive even when energy costs cool. Diplomacy & Trade: Chile shows up in regional ties as the Philippines’ foreign minister plans visits to Chile and Brazil to deepen cooperation across trade, investment, defense, energy, agriculture, science, and digital transformation. UN Leadership Race (Latin America Angle): A Costa Rican diplomat, Rebeca Grynspan, emerges as a frontrunner for UN secretary-general—an outcome that could shift global economic and development priorities toward Latin America. Data Centers & Land Rights: Indigenous leaders are pushing for stronger protections around data-center expansion, focusing on water and consultation—an issue that matters for Chile’s own infrastructure and energy planning.

Solar & Construction Materials: A Chinese exporter is pitching more durable solar window films for Latin America, targeting the region’s common problem of UV/heat-driven bubbling, peeling and loss of thermal performance—an issue that hits markets including Chile. Climate Governance: The UN says countries are turning “just transition” pledges into enforceable rules, with environmental rule of law now tied to laws, public policy and court decisions. Circular Consumer Goods: An Argentina startup launched a refillable, rechargeable deodorant system to cut plastic waste, with a model inspired by reuse habits across Latin America and mentorship from Chile’s bulk-products scene. Defense & Procurement: Indonesia has begun building its first Scorpène-class submarine with technology transfer from Naval Group; the class is already in service in Chile and other countries. Diplomacy & Trade Links: Philippines Foreign Affairs chief Lazaro will visit Brazil and Chile to deepen cooperation across trade, investment, defense, energy, agriculture and digital transformation. Regional Security & Politics: Colombia’s new right-wing president Abelardo de la Espriella was sworn in in Cali, pledging a hard security crackdown, austerity and a push to revive oil and gas—while the US signals a $1bn security package to back the shift. Central Banking & Reserves: The World Gold Council reports central banks kept adding gold in H1 2026, with Chile among buyers.

Colombia’s New Security-First Turn: Abelardo de la Espriella (“El Tigre”) was sworn in as Colombia’s president in Cali, pledging to “defeat narco-terrorism,” end dialogue with armed groups, and pursue austerity plus a push to revive oil and gas—an abrupt rightward shift with major regional implications. US–Colombia Security Deal: The Trump administration plans to announce $1bn in security assistance for De la Espriella’s government, signaling tighter alignment after the Petro era. Chile–Latin America Diplomacy: Spain’s foreign minister José Manuel Albares met Chile’s counterpart and others in Colombia to prep the Ibero-American Summit in Madrid (Nov 4-5), while Chile’s president José Antonio Kast attended the Colombian inauguration. Chile in the UN Race: Russia says the UN secretary-general candidate list isn’t closed and includes former Chilean president Michelle Bachelet among contenders, with possible new names depending on Security Council dynamics. Chile-linked Energy & Mining Signals: Chile’s CODELCO is reported to have paused El Teniente expansion over new seismic risk, while broader mineral policy shifts (like Congo’s concentrate export halt) keep pressure on copper supply chains. Local Business Watch: Chile’s Banco de Chile, POSCO, and Patria earnings call transcripts highlight ongoing financial performance updates relevant to investors tracking the region.

Chile-Venezuela Diplomacy: Chile has restored consular relations with Venezuela after a two-year suspension, aiming to improve access to passport, visa, and legal assistance for citizens and restart dialogue on migration, trade, and regional stability. Colombia’s Right-Wing Shift: Conservative Abelardo de la Espriella is set to be sworn in as Colombia’s president under heavy security in Cali, signaling a tougher stance on armed groups and a break from the prior leftist approach. Israel-Latin America Ties: Israeli Foreign Minister Gideon Sa’ar met Colombia’s incoming cabinet figures during the inauguration period, underscoring expanding diplomatic momentum across the region. Chile’s Copper & Energy Context: Chile’s economy faces uncertainty as policymakers kept borrowing costs at 4.5%, citing weaker consumption and investment surprises amid Middle East-related risk. Mining/Tech & Capital Markets: CODELCO’s El Teniente faces a two-year setback deepening copper fears, while Chile also appears in the broader push for remote mining tech and solar-plus-storage buildouts. Agri-Trade Pressure: California avocado growers renewed calls for seasonal tariff quotas on Mexican imports, citing security and inspection disruptions in Michoacán. Energy Transition Projects: KKR’s ContourGlobal is advancing Chile hybrid solar-plus-storage construction, reflecting continued investment in grid flexibility. Regional Security Drills: The U.S. 4th Fleet hosted PANAMAX 2026, a multinational exercise focused on maritime stability around the Panama Canal.

Copper & Mining Tech: NTT DOCOMO Business and CODELCO launched a study/proof of concept using IOWN All-Photonics to enable remote operations across a copper mine and a control center ~1,500 km away, aiming to boost safety and efficiency. Copper Risk Watch: CODELCO paused Andes Norte development amid new seismic risk concerns, deepening copper supply worries. Chile-Venezuela Trade Reset: Chile and Venezuela formally restarted consular relations, agreeing on a roadmap that includes steps toward full normalization and talks on trade, investment, and cooperation. Salmon Sector Safety: Chilean senator Fidel Espinoza urged urgent action on diver safety after two divers died at salmon farms within a month, highlighting avoidable incidents and pressure for stronger labor practices. Capital Markets: Ticketplus priced its IPO in Santiago/New York, selling 1.875M shares at $8 each, with NYSE American trading expected Aug. 7 under “TP”. Regional Context: Chile’s rightward economic reform package cleared Congress, though rollout faces delays.

Renewables & Storage in Chile: ContourGlobal has started construction of the Los Maitenes hybrid project in O’Higgins—about 131MWp solar plus a 90MW/360MWh battery—with a long-term PPA covering day and night blocks and commissioning targeted for September 2027. Energy Infrastructure: AES Andes also moves ahead with a 146MW/438MWh storage project in Chile, underscoring how batteries are becoming central to the grid buildout. Mining Tech & Remote Operations: NTT Docomo Business and Codelco are running a proof-of-concept for an all-photonics remote mining network using IOWN APN, aiming to boost efficiency at El Teniente. Copper Market Pressure: Copper stays supported near record levels as Chile supply risks persist, with Codelco pausing development at Andes Norte over seismic concerns. Salmon Sector Safety: Chilean lawmakers are pushing for tougher safety conditions after two diver deaths at salmon farms in less than a month, calling for a working group to review working practices. Telecom & Cash Flow: Millicom (Tigo) raised 2026 guidance to about $1.1bn EFCF and declared a $1.50 per share interim dividend. Security Reform Debate: President José Antonio Kast advances a constitutional push to make public security a state duty, amid rising concerns about organized crime.

Chile Tax Reform: President José Antonio Kast hailed Congress’ approval of his mega tax and economic reform, including cutting the corporate tax rate from 27% to 23%, saying it “opens a new stage” for investment and growth—though vetoes and Constitutional Court steps remain. Copper Markets: Copper hit a fresh 12-week high as tariff uncertainty pulled metal into the US; with COMEX premiums widening and US inventories rising, Chile’s exporters face a tighter global supply backdrop. Mining & Permits: Galantas Gold won SERNAGEOMIN approvals to restart Chile’s Andacollo gold project under its previously authorized configuration. Energy & Industry Tech: NTT DOCOMO Business and CODELCO launched a study/proof of concept using IOWN APN to enable remote operations at copper mines via low-latency links. Renewables Buildout: ContourGlobal is advancing Chile hybrid solar-plus-storage projects, adding to the country’s grid flexibility push. Circular Economy Export: Aysén shipped its first batch of compacted EPS made from aquaculture waste to Spain and Belgium, signaling new export pathways for regional recycling. Global Finance: Ecopetrol completed an auction to acquire ~25% of Brava Energia in Brazil, underscoring continued Latin energy deal momentum. Space & Risk: Chile-based telescopes detected the impact of a drifting SpaceX rocket stage on the Moon, reigniting debate over “lunar litter” as more missions launch.

Space & Tech Watch: A stray SpaceX Falcon 9 upper stage is reported to have crashed into the Moon near Einstein Crater at about 5,400 mph, with Chile-based telescopes detecting a debris plume—raising fresh concerns about lunar “litter” as more missions head to the Moon. Circular Economy & Exports: Chile’s Aysén region shipped the first batch of compacted EPS made from salmon-farming waste to Europe (Spain and Belgium), a small but meaningful step for local recycling and international market access. Energy Investment in Chile: ContourGlobal is moving ahead with Chile hybrid renewables and storage, including a new solar-plus-storage build, as Chile’s grid leans harder on batteries to manage curtailment. Mining & Policy: Chile’s Congress approved sweeping Kast reform aimed at spurring growth, though rollout faces delays—while Codelco paused El Teniente expansion over new seismic-risk signals. Agribusiness & Trade: The Chilean Salmon Council launched an AgroSalmon roadmap to boost domestic feed ingredients, targeting more local agriculture links. Finance & Markets: XTB launched spot crypto trading in Chile with 46 assets, signaling continued fintech expansion in the local market. Security Funding: The IDB increased Latin America and Caribbean security financing to $4B, reflecting rising demand for justice and citizen-safety programs.