AGP Executive Report

Payments & Commerce: PXP Partners with OKTO Payments to expand locally operated payment rails across Brazil, Mexico, Colombia, Chile, Peru and beyond, adding instant pay-ins/payouts and treasury tools for merchants. Cybersecurity: Microsoft 365 was breached via “forgotten” service accounts in a Chile-focused campaign, with attackers using password-spraying tactics to compromise thousands of accounts across multiple tenants. Energy Tech: Acelerex and EQMS formed an alliance pairing grid analytics and automation software with engineering delivery for renewable, storage and microgrid projects across the Americas and beyond. Mining & Metals: Goldman Sachs warns metal volatility may persist as tariff fears pull inventories into the U.S., tightening liquidity for copper/silver and other critical metals. Food & Agriculture: Global cherry production is forecast to hit a record 5.44M tons (+17%), with Chile among the contributors even as the U.S. crop suffers weather damage. Chile in Climate Policy: Santiago and Patagonia are pilot sites for the “Zero Waste Districts” program, aiming to cut landfill waste and methane with neighborhood-level governance and financing models. Research & Health: A “speech clock” study using Spanish speakers across Chile and neighbors links vocal patterns to brain aging and Alzheimer’s biomarkers, offering a scalable, non-invasive health signal.

Fuel-price shock response: President José Antonio Kast signed an urgent package to cushion Chile’s economy from sustained fuel-price escalation, sending Congress a bill with support for vulnerable sectors (artisanal fishermen, transporters, small merchants) and moves to strengthen FOGAPE to protect jobs amid rising inflation and unemployment. Copper & labor risk: Copper steadied as Chilean mine-dispute headlines—Centinela unions rejecting a contract offer and Escondida workers refusing to pause talks—kept supply concerns in focus. Payments for unattended commerce: Getnet and Nayax announced a global partnership to speed integrated cashless payments for vending, EV chargers and kiosks, with Nayax rolling out via Getnet’s Chile network first before expanding across Iberia and LatAm. Shield of the Americas debate: Chile’s participation in the Trump-backed Shield of the Americas faces renewed domestic scrutiny over whether it’s truly non-binding and how its economic-security pillars could affect Chile. Falklands logistics: Business representatives from the Falkland Islands plan to relaunch a maritime shipping route with Chile, aiming to support trade and supplies amid renewed pressure around the Sea Lion oil project. Education staffing pressure (OECD): An OECD report flags teacher shortages—especially math and science and in remote areas—with Chile among countries where qualification gaps are notable. Tech/space milestone with Chile link: SpaceX’s Starship reached orbit and deployed Starlink satellites, with the mission’s planned trajectory including a splashdown near Chile, though an engine issue cut the flight short.

Labor & Mining: Workers at Antofagasta Minerals’ Centinela copper mine rejected the company’s collective contract offer, clearing the way for a strike after a mandatory mediation process. Copper Market: Copper prices edged higher as the Centinela dispute and broader supply tightness raised concerns; Deutsche Bank forecasts prices could jump more than 50% amid shrinking available metal. M&A Strategy in Metals: Gold Fields’ $27bn bid for Northern Star was rejected, underscoring how miners keep chasing scale through deals despite financing and geopolitical hurdles. Space & Tech: SpaceX’s Starship reached Earth orbit for the first time and deployed 26 Starlink V3 satellites, but the mission was cut short after an engine shut down early. Aviation Infrastructure: Latin American and Caribbean airports face about $178bn in investment needs through 2045 to nearly double traffic, with spending rising sharply from current levels. Payments for Growth: EBANX and NetEase Games Club expanded local payment options (including Pix and Mercado Pago) across Brazil, Mexico, Argentina, Chile and Peru to unlock more game purchases. Tourism & Trade: Emirates Holidays signed an MoU with Kenya’s travel agents to boost outbound tourism to Dubai and the wider Emirates network, including Chile.

Chile Jobs Push: President José Antonio Kast unveiled a $1.3 billion plan to create 100,000 jobs via infrastructure, reconstruction, housing and community projects, aiming to mobilize 1.3 trillion Chilean pesos and tackle unemployment that has stayed above 8% for 43 months. Local Animal Welfare: La Serena approved an ordinance banning dog races (including greyhound-style competitions) in public spaces, positioning animals as sentient beings and expanding enforcement and sanctions. US–Chile Sports: The USMNT hosts Chile in an international friendly Tuesday, with Mauricio Pochettino expected to rotate heavily after a Peru win. Energy Shock Watch: A potential US diesel export ban is flagged as a risk for Latin American fuel markets, with Chile among countries dependent on US shipments. Space & Tech: SpaceX’s Starship reached Earth orbit for the first time, deploying 26 Starlink V3 satellites; the mission ended early with a Pacific splashdown near Chile. Customs & Heritage: Chilean customs found 222 marine fossils in a shipment declared as jewelry/household items, prompting heritage specialists to assess possible repatriation.

Gold M&A in Focus: Australia’s Northern Star rejected South Africa’s Gold Fields’ unsolicited A$38.7bn ($27.1bn) bid to form the world’s No.2 gold miner, arguing the offer undervalues its assets and asks shareholders to take more stock risk; Gold Fields says it’s still open to talks as Northern Star’s shares rose but stayed below the implied price. Maritime Monitoring: Global Fishing Watch launched a first-of-its-kind Vessel Tracking Best Practices Guide, sharing 70+ recommendations with Chile’s fisheries authority at FAO COFI, aiming to tighten enforcement against illegal fishing. Chile Foreign Policy: Chile’s Foreign Minister Francisco Pérez Mackenna faces the first-ever parliamentary interpellation of a foreign minister over 13 foreign-policy issues in President José Antonio Kast’s first six months. Space & Connectivity: SpaceX is set for Starship Flight 14, targeting its first orbital mission and deploying 26 Starlink V3 satellites, with a splashdown planned west of Chile. Copper Outlook for Chile: Markets are watching Chile-linked supply risks as Escondida’s suspension and labor tensions add uncertainty while copper prices wobble near record levels. Payments for Games: EBANX and NetEase Games Club expand local payment options across Chile and the region, targeting the credit-card gap.

Space & Tech: SpaceX is gearing up for Starship Flight 14, aiming for an orbital attempt on Sept. 28 from South Texas, with a 75-minute window opening at 8:15 a.m. ET and plans to orbit Earth multiple times before a Pacific splashdown off Chile—an inflection point for reusable rockets and future NASA-linked missions. Energy & Transport Costs: IATA data shows jet fuel prices jumped 7.4% in a week to about $194.90 per barrel by Sept. 18, raising pressure on airlines and potentially pushing fares higher. Mining & Labor: At Chile’s Escondida, unions rejected BHP’s request to pause contract talks after a fatal accident, keeping negotiations on track and raising strike risk. Trade & Logistics: The Chancay–Shanghai route logged 170 voyages in Jan–Aug with cargo up 13.7% year-on-year, and the corridor is positioned to serve Chile and other Pacific Latin markets faster. Food & Supply Chains: Costco’s blueberry sourcing spans multiple countries including Chile, reflecting how retailers manage seasonal supply through diversified growers. Regional Policy: Chile joined an OAS push urging the UN Security Council to renew Haiti’s Gang Suppression Force mandate, calling for sustained funding and logistics.

Copper Labor & Safety: A union at BHP’s Escondida mine rejected a request to pause contract talks after a fatal accident, raising strike risk as negotiations continue on schedule. Food & Health Policy: Chile’s warning-label approach is cited in a wider debate on ultra-processed foods, while a separate U.S. study finds “health” claims can mask worse overall nutrition. Chile-India Links: Chile’s Indian community hosted Delhi Assembly Speaker Vijender Gupta in Santiago, stressing people-to-people ties as a driver of bilateral relations. Agribusiness & Exports: Chilean fruit exports reportedly surpassed $8B in the 2025-26 season, underscoring continued demand for Chilean produce. Infrastructure Finance: The AIIB kicked off its second decade in Doha, focusing on how public money can pull in private capital for “tomorrow’s infrastructure.” Global Energy Watch: Reports on a potential U.S. diesel export ban highlight spillover risks for Latin America and Europe—relevant for Chile’s energy cost outlook. Science & Society: Chile’s Millennium Institute of Astrophysics-backed citizen project Variable Star Zoo is spotlighted for helping flag rare stellar behavior.

Copper & Mining: Copper stayed near record highs as BHP’s Escondida faced renewed pressure after a fatal accident, with unions rejecting any pause in contract talks—raising the risk of further disruptions. Food & Health Policy: Chile’s ultra-processed food labeling model is cited in new reporting as clearer warnings can reduce consumption, while a separate Cornell study finds health claims may mask nutritional trade-offs. Agrifood Security: At UNGA, Guyana’s hunger gains were highlighted, but ministers warned progress is fragile amid weather shocks and higher input costs. Trade & Industry: Smurfit Westrock is set to acquire CMPC’s Chilean packaging assets, signaling continued consolidation in local packaging. Legal & Rights: A Chilean court ruled in favor of a woman who sued a doctor for preventing an abortion under the country’s three-exceptions framework. Aviation Links: Trinidad & Tobago signed an air services agreement with Chile to boost tourism and trade connectivity. Global Business Watch: The UN added dozens of companies to an Israel blacklist, while NACOF said it’s exploring international cooperative partnerships including Chile.

Food Security & UNGA: Chilean Finance Minister Dr. Ashni Singh warned at UN General Assembly that hunger gains can unravel from El Niño-linked weather shocks plus higher wheat, fertilizer and diesel costs, noting progress is uneven and 520 million people could still face hunger by 2030. Mining Labor & Safety: At BHP’s Escondida in Chile, unions rejected a company push to pause contract talks after a fatal accident, arguing the delay is a tactic while only part of operations was halted after Sernageomin intervention. Copper Market: Copper stayed near record highs around $6.70/lb as Chile’s Escondida disruption and China refinery maintenance tightened supply, lifting prompt spreads. Trade & Tariffs: A commentary urges Chile to challenge Trump’s diesel-export threat and a separate tariff on Chilean products, arguing it violates the Chile–US Free Trade Agreement and raises costs for US consumers while hurting Chilean exporters. Aviation Connectivity: Trinidad and Tobago signed an air services agreement with Chile to boost tourism and trade links between the Caribbean and South America. Regional Security: Coverage around the “Shield of the Americas” coalition highlights growing political and economic friction in Latin America tied to cartel-fighting and US influence.

Copper & Chilean mining: Copper stayed near record highs around $6.70/lb as supply tightness and electrification demand kept pressure on prices, while Chile’s Escondida faced fresh labor tension after a fatal accident led management to seek a pause in contract talks—unions rejected it and said safety concerns are being used to delay bargaining. Salmon & biosecurity: Salmones Camanchaca reported harvesting two pens at its Izaza center in Aysén after infectious salmon anemia (ISA) was detected; the rest of the site remains under monitoring with biosecurity measures in place. Defense & public spending: Chile announced a plan to modernize its armed forces, including replacing aircraft and tanks in the far south and building new infrastructure such as a naval pier in Punta Arenas, with defense investment set to nearly double. Regional business ties: Trinidad and Tobago signed an air services agreement with Chile to boost connectivity for tourism, trade, and investment. Finance watch: Banco Santander Chile scheduled its 3Q 2026 results webcast for Nov. 4, 2026. Energy costs ripple: Diesel prices rose sharply as harvest begins, adding pressure to farm logistics and costs.

Copper & Mining: Chile’s copper story stays front and center as high prices lift profits but heavy capex and rising costs squeeze margins, with Moody’s warning that investment needs to sustain output are offsetting gains. Mine Operations: The sector also took a hit after a fatal accident led to a suspension at BHP’s Escondida, feeding supply concerns and adding pressure to contractors and the broader materials complex. Copper Markets: Copper prices edged up on week-end tightness signals from China, while the LME cash-to-three-month spread widened on availability worries. Chile Policy & Trade Links: India’s trade push keeps naming Chile in its partner list as negotiations expand across multiple fronts, including CEPA talks. Regional Security (Chile in the mix): The Shield of the Americas initiative—backed by Chile among others—keeps expanding its focus on armed groups, underscoring how security cooperation is now tied to regional economic and logistics priorities. Energy/Water Context: A new WMO report on global water resources highlights the growing hydrology pressure that matters for Chile’s water-dependent mining operations.

Gold & Copper Watch: Kinross shares slid over 10% after it cut 2026-27 production guidance, citing Chile’s La Coipa disruptions from unprecedented winter storms. Food Safety & Trade Links: A Chile-based producer tied to Publix’s recalled frozen blueberries is at the center of wrongful-death litigation in Florida, underscoring how Chilean agrifood supply chains can quickly become legal and reputational risks abroad. Chile in Tech & Healthcare: RAD Technology teamed with Chile’s CCTVal (UTSM) to expand modular medical facilities across Chile, aiming to speed up capacity and infrastructure upgrades. Mining Value Chain: A mining-and-tech partnership is set to pilot copper value-chain “insetting” credits in Chile, reflecting the push to monetize sustainability inside production. Space & Global Attention: SpaceX targets Sept. 28 for Starship Flight 14’s first orbital attempt, with splashdown west of Chile—another reminder of Chile’s visibility in global logistics and science. Regional Trade: RCEP advanced Bangladesh’s accession with an ad hoc working group that also includes Chile, keeping Chile plugged into Asia-Pacific trade architecture. Compliance Pressure: A piece on Latin America labor-law change speed highlights how Chile employers face rising cost and risk from fast-moving rules.

M&A in Paper & Packaging: Smurfit Westrock agreed to buy CMPC’s Chilean containerboard and corrugated business for $420m, adding a Santiago paper machine (~250,000 tons/year) and strengthening recycled paper integration across Argentina, Peru and Ecuador. Mining & Safety: BHP shares slid after a fatal incident at its Escondida copper mine in Chile led to a suspension of operations pending safety checks. Chile–UN Diplomacy: Chile’s President José Antonio Kast met Venezuela’s Delcy Rodríguez at the UN, as both countries move toward reactivating bilateral ties after a road map launched last August. Telecom/Infrastructure: Chile launched a last-mile fibre rollout in Ñuble, pushing connectivity upgrades beyond backbone networks. Food & Health Policy Spillover: A study linking short-term PM2.5 spikes to more nighttime coughing included Chilean cities, adding pressure on air-quality and public-health agendas. Aquaculture Supply Risk: Entobel is looking at insect ingredients to reduce aquaculture exposure to marine ingredient volatility as El Niño threatens fishmeal supplies.

Shield of the Americas: Chile is among 14 countries backing a new Western Hemisphere coalition to hit narco-terrorism, with plans spanning economic, security and multilateral coordination plus asset freezes and visa restrictions targeting 24 criminal groups. Fuel & inflation risk: As the White House weighs a possible 90-day U.S. diesel export ban, analysts warn it could worsen global supply tightness and keep prices high—an issue with spillovers for Chile’s import-dependent energy costs. Mining & capital markets: Kinross cut 2026 production guidance after extreme weather and operational issues, while boosting its return-of-capital target to 50% of free cash flow. Private equity link to the U.S.: Arcalis Toesca closed its inaugural US$65m fund-of-funds for Chilean investors seeking exposure to mid-sized U.S. companies. Chile policy signal: The Chilean Senate reaffirmed Magellan Strait sovereignty and support for Punta Arenas trade links. Tech & connectivity: Indonesia pushed smart city cooperation between ASEAN and the Pacific Alliance (including Chile) to deepen digital connectivity.

Mining Labor Tension: BHP’s Escondida supervisors in Chile say they’re still far from a new collective contract, with a company offer due and mandatory mediation looming before any legal strike. Energy & Investment: Chile’s energy transition continues to attract foreign capital, with InvestChile citing $38.2B in 2025 energy project investment and new solar-plus-storage construction. Gold in Chile: Tesoro Gold’s maiden Ternera reserve (1.28Moz) is being pitched as a potential catalyst for a major share rerating. Trade & Regional Integration: Indonesia’s push to better use RCEP includes an accession working group that explicitly lists Chile among the countries in scope. UN Security Cooperation: Chile is among nations backing the “Shield of the Americas” push to coordinate economic and security actions against 24 “narco-terrorist” groups. Food & Claims Risk: Chilean exporters allege Chile’s prosecutor’s office used AI to flag shipments as drug-contaminated, raising concerns about testing and market impacts. Environment Watch: A new study warns only a small share of the world’s oceans is effectively protected, citing Chile as an example of what better implementation can look like.

Salmon Leadership Move: Australis Seafoods’ outgoing CEO Andres Lyon has been named CEO of Food Investment SpA, the Chilean parent behind the salmon producer. Trade & Diplomacy: Chile formally recognized Morocco’s sovereignty over the Sahara and backed Morocco’s 2007 Autonomy Plan, with both sides signing terms of reference to launch negotiations for a bilateral free-trade agreement. Foreign Policy Pressure: Chile’s push to rebuild ties with Israel is hitting a domestic wall after ambassador Gabriel Zaliasnik’s remarks sparked anger from the Palestinian community and an interpellation vote in Congress is set for Sept. 28. Tax Enforcement Watch: A new look at Latin America’s transfer pricing crackdown says Chile has a mature, technically robust regime with growing use of cooperative tools like APAs and MAPs. Cost-of-Living Signal: Chile’s “completo” price jump is spotlighting how inflation is squeezing everyday budgets under President José Antonio Kast. Environment & Cleanup: In Arica, a chemist is testing whether Swedish mining waste remediation actually worked, reopening questions for families still seeking protection.