AGP Executive Report

Copper Market Watch: Copper prices stay elevated as 2026 supply risks deepen, with analysts pointing to stalled new projects and near-term disruptions (including Chile production pressure) as the key driver of a potential deficit. Mining Dealmaking: Codelco is close to signing a partnership with Pucobre for the Tovaku oxide copper project, using a private-sector style approach to share capital, tech and risk while meeting production targets. Chile Energy Storage: Enel Chile has started building a 100 MW Finis Terrae BESS, adding grid-scale battery capacity to support Chile’s power system. Aquaculture Tech: AKVA appointed Rodrigo Torrijo Olmos to lead its Chile land-based RAS division, signaling continued investment in recirculation aquaculture operations. Lithium Industrialization: Princeton Critical Minerals says its brine-based lithium platform has moved from pilot to active production in Chile, aiming to scale yields as demand expands beyond EVs. UN & Diplomacy (Chile-linked): In the UN secretary-general race, Guyana’s Carolyn Rodrigues-Birkett surged to the top in a second Security Council straw poll, with reporting noting China’s support shift that previously involved Chile’s Michelle Bachelet.

UN Leadership Watch: The UN Security Council held its second closed-door straw poll for the next secretary-general, with Guyana’s Carolyn Rodrigues-Birkett emerging narrowly ahead (8 “encourage” votes) as the field stays tight and no results are officially released. US-UN Process Clash: The United States criticized the UN selection process, saying recent General Assembly polling and surveys risk undermining the Security Council’s role. Chile Energy & Environment: Leonardo DiCaprio’s intervention helped halt a key Chile-Argentina electrical interconnection project after concerns over the critically endangered spiny-chest frog, forcing authorities to seek alternatives. Mining & Metals: Mining M&A is accelerating around copper and rare earths, with deal structures increasingly focused on securing future supply and reducing development risk. Chile Industry & Logistics: After weeks of heavy snowfall, road access to Ski Portillo is reopening, a reminder of how weather disruptions ripple through transport and tourism supply chains.

Energy & Environment: Leonardo DiCaprio’s intervention helped halt a Chile–Argentina electricity interconnection project in the Maule region after concerns over the critically endangered spiny-chest frog habitat, forcing authorities to look for alternatives. Security & Tech: Chile’s police are shifting organized-crime raids toward digital assets, as authorities push for emergency powers to trace crypto fortunes and disrupt criminal “business” models. Immigration & Workforce: Chile rolled out a free digital Work Authorization Certificate (with a QR code) so employers can verify foreign workers’ eligibility online, aiming to cut paper handling. Mining & Permits: Galantas Gold received final Sernageomin approval to reactivate Ripios Dumps at the Andacollo gold project, clearing a key step to resume operations. Agri-Food: Chile’s avocado sector forecasts 285,000 tons for 2026/27, projecting another ~10% rise on improved productivity. Logistics & Trade: A logistics M&A recap flags Chilean last-mile tech acquisition (Descartes buying Drivin) and broader South America deal momentum. Global Context: Prime Video will invest $2B+ in Latin America (2027–2030), including Chile, boosting local originals and sports rights.

Microcredentials Push: UTEC and UNESCO IESALC wrapped a 10-week program to co-design an institutional microcredential model, with teams building prototypes across sustainability, AI, entrepreneurship and industrial process management. UN Leadership Tension: The US is clashing with UNGA president Annalena Baerbock over demands for transparency in the next secretary-general selection, as the Security Council prepares another straw poll. Chile Energy & Grid: Transmission reform is flagged as critical for renewables growth, with Chile and other markets cited for faster permitting-to-connection approaches. Copper Outlook: BHP and Rio Tinto keep leaning into copper as dividends surge, while iron ore stays steadier—an angle that matters for Chile’s mining ecosystem. Chile Telecom to Antarctica: A Chile study says a fiber-optic link to Antarctica is technically viable, with two route options and multi-country coordination needed. Food Safety: Chile-linked frozen blueberry supply chains are in the spotlight after the FDA upgraded Publix’s recall to Class 1 following E. coli illnesses. Salmon Results: AquaChile reported Q2 profit growth despite tariff and raw-material cost pressure. El Niño Pressure on Fisheries: IFFO warns El Niño is weakening fishmeal and fish oil output, with Peru and Chile both affected. Lithium Deal Uncertainty: Lithium Chile is contesting Canada’s review of a sale tied to a Chinese buyer, underscoring cross-border regulatory risk for lithium projects.

Chile-Argentina Power Grid: Chile’s Los Cóndores–Río Diamante interconnection hit a halt after environmental authorities rejected the project amid concerns over the endangered Pehuenche frog, with conservationists warning the line would cut through the species’ tiny habitat. Salmon & Food Industry: AquaChile posted Q2 profits up 61% to US$66m despite higher raw material costs and new US tariffs, while El Niño is also weighing on marine ingredients as IFFO reports weak fishmeal and fish oil output, with Peru’s anchovy fishery still largely inactive. Mining & Copper Supply: Weather disruptions are pressuring Chilean copper operations, and broader South American copper tightness remains in focus as disruptions ripple through the region. Logistics Tech: Descartes acquired Drivin, a Santiago-based last-mile delivery platform, aiming to expand AI-enabled route planning and delivery visibility across Latin America. Mining Services: Metso is boosting South American mining-service capacity with a new Brazil service centre planned for 2028, adding repair and maintenance capability near major mining operations. Agri-Food Exports & Risk: A Chile-linked frozen blueberry recall tied to E. coli was upgraded by the US FDA to the highest risk level, raising stakes for cold-chain food safety and export compliance.

Mining & Weather Watch: Major mining operations in northern Chile kept running despite heavy rains and flooding/landslides, with President José Antonio Kast visiting Antofagasta to assess damage; Codelco and BHP (Escondida) reported no operational changes while Antofagasta Minerals monitored conditions for worker safety. Energy & Grid Connectivity: Chile’s environmental authority COEVA rejected Enel’s Los Cóndores–Río Diamante power interconnection project linking Chile and Argentina, citing concerns over biodiversity and tourism impacts. Trade & Customs: APEC’s Customs Business Dialogue opened in Dalian, with Chile’s customs director Alejandra Arriaza Loeb stressing supply-chain resilience and smoother cross-border procedures amid geopolitical volatility. Copper Market Signals: BHP and Rio Tinto results highlighted copper’s growing role in earnings, with Chile-linked operations cited as key drivers as investors track how output delivers on the copper boom narrative. Seafood Industry: AquaChile said it aims to lift its Vietnam frozen salmon share to ~40% from ~30% over 1–3 years, supported by rising demand and Chilean production. Salmon Sustainability: Chile’s salmon sector wrapped a four-year sustainability program, certifying 19 firms and 80 facilities covering emissions, waste recovery, water footprint measurement and circular practices.

Chile–China Diplomacy: Chinese FM Wang Yi met Chile’s FM Francisco Perez Mackenna in Beijing, pledging to deepen trade, investment and cooperation on AI and the digital economy as the China–Chile strategic partnership marks its 10th anniversary. Copper Market Watch: A copper backwardation squeeze at the LME eased after more than 20,000 tons arrived in warehouses, with cash-to-forward spreads narrowing sharply. Mining Disruption in Atacama: Lundin Mining cut 2026 guidance after a second winter storm hit its Caserones mine, lowering expected output and raising cash costs. Salmon Sustainability & Expansion: Chile’s salmon sector certified 19 firms under a four-year sustainability program, while AquaChile targets about 40% of Vietnam’s frozen salmon market over 1–3 years. Food & Supply Chain Risk: Publix expanded a recall of GreenWise frozen blueberries and mixed berries after E. coli O145 concerns, tracing back to Chilean supplier actions. Mining Services Investment: Metso will build a new service facility in Brazil and has been upgrading its South America network, including expanded work in Chile. Table Grape Pivot: Chile’s table grape industry is reassessing production and export strategy after a smaller crop and weather-driven losses, with the US still the main destination.

Chile-China Trade Signals: A Cadem poll finds 54% of Chileans want priority for economic ties with both China and the U.S., and 29% back China as the main partner—an indicator of how firms and policymakers may keep hedging amid U.S. pressure. SQM Earnings Boost: SQM reported $1.02bn net income for H1 2026 (up 353%), driven by higher lithium prices and record lithium sales volumes above 84k tonnes LCE; Q2 net profit also beat estimates at $660m. Copper Supply Hit by Weather: Lundin Mining cut its 2026 copper outlook after a second severe storm and power outage at Caserones in Chile, lowering guidance and raising cash cost forecasts. Aquaculture Health Push: Sudvet says it helped Chilean salmon farms cut antibiotic use 49%-75% and antiparasitic treatments 62% via plant-based, non-pharmacological strategies. Local Commerce Tech: Lokal raised $700k to expand its B2B marketplace for Chilean small businesses, adding AI tools to recommend replenishment and quantities. Energy Storage in Chile: Sungrow will supply a 152 MW/606 MWh battery storage system for Verano Energy’s project in Chile. Mining vs Environment: While not in Chile, Minnesota’s governor moved to block nonferrous mining permits near the Boundary Waters—highlighting how permitting battles can reshape extractive timelines.

Mining & Environment: Minnesota Gov. Tim Walz issued an executive order blocking nonferrous mining permits and environmental reviews in the Boundary Waters Canoe Area Wilderness-linked Rainy River Headwaters, a move that directly affects a Chile-based Antofagasta Minerals subsidiary’s copper-nickel project. Aquaculture & Health: Chile’s salmon sector is pushing down antibiotic and antiparasitic use with Sudvet’s plant-based, non-pharmacological approaches, reporting 49%–75% less antibiotics and 62% lower antiparasitic consumption since 2019. Food Industry & Labor: Mission Foods shut its Pueblo, Chile-linked tortilla plant in the U.S., impacting about 100 workers, as the company shifts production and faces union criticism over underinvestment. Trade & Agriculture: Chile and Morocco signed a quarantine and animal/plant health cooperation protocol to open Morocco to Chilean agri-food exports, supported by new maritime logistics links. Ag Exports: Chile’s frozen blueberry exports rose 23.4% in volume (to nearly 47,500 tons) in Sep 2025–Apr 2026, with the U.S. still the main destination. Energy Storage: Sungrow will supply a 152 MW/606 MWh battery energy storage system for Verano Energy’s Chile project.

Energy Storage Deal in Chile: Sungrow will supply Verano Energy with a 152 MW / 606 MWh PowerTitan 2.0 BESS for the Observatorio solar-plus-storage project, backed by a 25-year LTSA, pairing 135 MW of PV with four-hour storage to improve dispatchability and grid flexibility. Copper & Chile Partnerships: Codelco says it is close to signing a new agreement with Pucobre on the Tovaku oxide copper project in Antofagasta, aiming for a joint venture that could produce about 46,000 tons of copper cathodes a year, with startup targeted for 2035. Mining Finance & Dividends: BHP reported a strong profit lift driven by record copper performance, with copper now contributing more than half of underlying EBITDA and enabling its biggest dividend payout in four years, while CEO Brandon Craig pushes a large copper growth pipeline across Chile and other regions. Logistics Risk Management: THLG members stressed that volatile project logistics require flexible contract terms and early market presence to handle shocks like congestion and lock closures.

Copper Market Watch: Copper prices in London stayed above $14,000/ton for nine straight sessions, with steep backwardation pointing to tight near-term supply; Chilean output declines and weather disruptions at major mines are among the drivers cited by analysts. Renewables & Grid Limits: A report says China curtailed 360 TWh of wind and solar in the first half of 2026 as grids hit capacity, a reminder that transmission and contracting rules can slow clean power growth. Chile Energy Finance: CIP secured funding momentum for large-scale renewables and storage, including Chile’s biggest standalone battery energy storage project commissioned under budget. Mining & Metals: Chilean Cobalt received a new US EXIM Bank letter of interest for up to $375m to support its La Cobaltera/El Cofre project. Food & Ag Tech: Chilean researchers mapped the genome of an Antarctic flowering plant to help develop crops for extreme weather, while INIA is advancing a strawberry postharvest biotech that could extend shelf life to about six days. Aquaculture: Camanchaca reported stronger profits despite lower harvests and prices, aided by inventory sales and a US tariff refund.

Codelco Leadership Overhaul: Chile’s state copper giant Codelco reshuffled management, tightening oversight as new CEO Jorge Gomez moves to address delays, safety issues and scrutiny at El Teniente, including a leadership split from Sept. 1. Copper Supply Security: Korea Eximbank will lend Glencore $1bn to secure stable copper supply for Korean firms, with Chile and Peru among Glencore’s sources. Mining Output Watch: Rio2 reported strong Q2 production from its Chile gold mine and Peru copper-gold-silver operation, highlighting cash-generating momentum across South America. Lithium Deal Under Review: China Union Holdings shares fell after Canada launched a security review tied to its planned acquisition of an Argentine brine miner owned by a Chile-listed firm. Energy Storage in Chile: Limes reached ready-to-build status for its 200MW/1GWh Huañil BESS project, adding to Chile’s growing battery storage pipeline. Space & Telecom: Starlink’s new V3 satellites bring direct-to-cell service to users in Chile and the region, alongside new spectrum capabilities.

Chile-Argentina Energy & Environment: Leonardo DiCaprio urged Chilean authorities to reroute a planned 500-kV transmission line to protect the critically endangered Pehuenche spiny-chest frog, spotlighting how cross-border power projects can clash with fragile Andean habitats. Mining & Finance (Chile-linked): Traders are turning more selective after a strong run in $886bn emerging-market local-currency debt, with “linkers” drawing attention—including Chile—amid inflation and shifting central-bank paths. Lithium Outlook: A 2026 lithium price framework puts the base case at $18,000–$25,000 per tonne, with bull and bear scenarios tied to EV demand, battery restocking, and supply delays. Battery Storage Boom: Global battery storage capacity surged to 301.7 GW in 2025 (+65.8%), driven by rapid solar expansion—an energy-transition signal relevant to Chile’s grid buildout. Regional Security: A US-led satellite-defense exercise in Chile drew a “milestone” around-the-clock coalition watch, with Chile newly joining commercial space monitoring hubs. Cruise Strategy: Brazil, Uruguay, Argentina and Chile pushed a unified South America cruise marketing push, arguing ports should sell together, not as isolated stops.

Chile-Argentina Power & Biodiversity: Leonardo DiCaprio urged Chile to reroute a planned 500-kilovolt transmission line to protect the critically endangered Pehuenche spiny-chest frog, spotlighting how cross-border energy projects can collide with fragile Andean habitats. Space Security (Chile): The US Space Force ran Exercise Salitre, with Chile just joining a around-the-clock coalition watch to track a simulated attack on a real commercial satellite—Chile’s role tied into a broader commercial space-monitoring network. Chile Energy Storage: Limes Renewable Energy and Sungrow both advanced Chile battery projects, with new ready-to-build and supply milestones reinforcing the country’s push for grid-scale storage. Mining & Critical Minerals: Coverage continues to frame lithium and copper as strategic inputs for the energy and tech transition, while noting conflict and governance risks in lithium supply chains. Food & Packaging Policy (Chile referenced): India’s Supreme Court pressed for front-of-package warning labels, citing practices in places including Chile—another reminder that food regulation trends travel fast. Salmon Industry: Chile’s salmon expansion faces legal headwinds after a constitutional court move against micro-relocation provisions for farms.

Energy & Environment: Leonardo DiCaprio urged Chilean authorities to reroute a Chile–Argentina 500-kV transmission line to protect the critically endangered Pehuenche spiny-chest frog, highlighting how infrastructure siting can threaten fragile Andean wetlands. Power Storage in Chile: Limes Renewable Energy reached ready-to-build status for its 200MW/1GWh Huañil BESS in Coquimbo, with more Chile projects moving toward the same milestone. Agrifood Finance: The FAO will host an Aug. 18–19 regional dialogue in Santiago on innovative financing to scale investment in Latin America and the Caribbean’s agrifood systems. Chile Mining/Policy Watch: Chile’s Constitutional Court struck down micro-relocation provisions tied to salmon farm operations, a setback for industry plans. Regional Capital Flows: Copenhagen Infrastructure Partners closed its second Growth Markets Fund at about $3bn, including Chile battery investments and renewable projects across Latin America and beyond. Food Regulation (Chile reference): A Supreme Court ruling in India pushed for front-of-package labeling, citing practices in countries including Chile as a benchmark for consumer health rules.

Salmon Industry Legal Shock: Chile’s Constitutional Court struck down micro-relocation provisions tied to salmon farm moves, a blow to expansion plans that relied on limited relocations without fresh environmental review. Energy Storage Momentum: Limes Renewable Energy reached ready-to-build status for its 200MW/1GWh Huañil BESS in Coquimbo, with more Chile projects moving toward the same stage. Copper & Investment Pressure: Analysts point to a widening copper supply deficit as prices hit record levels, while Chile’s copper sector faces output and regulatory uncertainty themes. Agrifood Finance Push: FAO will host a Santiago dialogue (Aug. 18–19) on innovative financing for Latin America and the Caribbean agrifood systems, aiming to strengthen regional investment ecosystems. Trade Compliance Tech: The U.S. ramps up an AI-based transshipment crackdown that will affect importers across multiple countries, with Chile-linked supply chains likely to feel the ripple. Global Business Watch: Anthropic’s reported IPO valuation chatter ($2T+ scenarios) keeps AI capital markets in focus.