AGP Executive Report

UN Reform Push: Chile’s President José Antonio Kast urged UN overhaul—cut bureaucracy, redirect budgets to urgent needs, and reform the Security Council so its decisions are respected—while also calling for tighter regional coordination against transnational organized crime. Regional Crime Cooperation: Peru and Chile used UNGA to press for cross-border action against drug trafficking, illegal mining, smuggling and human trafficking, with Peru pushing to classify criminal groups as terrorist organizations. Chile–Morocco Alignment: Chile formally backed Morocco’s sovereignty over Western Sahara and endorsed Rabat’s 2007 autonomy plan, with both sides also setting a path for deeper economic cooperation and investment in the region. Copper Market Watch: Copper futures climbed for a sixth straight session above $6.70/lb as supply concerns grew, including weaker Chilean output and disruptions abroad, while demand stays supported by power grids, AI data centers and defense. Energy Transition & Storage: Chile is testing grid-forming tech at a 48 MW/275 MWh battery energy storage system, reflecting the push to stabilize renewables. Food & Trade: Chilean walnuts entered India’s market for the festive season, and Chile is in the final stage of talks toward an India-focused CEPA/FTA that could expand copper-linked trade and services. Mining Operations: Endeavour Silver reported a mechanical issue at its Guanacevi mine in Mexico, with repairs expected to take about three weeks and operations continuing at reduced throughput.

Copper Supply Watch: Chile’s copper output weakness is feeding worries about long-term supplies as production disruptions and weak Chile performance push prices to record highs, with analysts warning of a potential systemic shortfall for the clean-energy and data-center buildout. Data Centers & Power Costs: The U.S. House backed a federal rule requiring the biggest data centers to pay for grid upgrades, a move that could reshape how AI infrastructure costs are allocated. Cooling Tech in LatAm: OData will deploy Aligned’s DeltaFlow liquid cooling at data centers in Brazil and Mexico, with a $630M project aimed at supporting high-density AI racks. Chile Food Safety: The CDC and FDA say an e. coli outbreak linked to frozen blueberries from a Chilean supplier is over; the FDA’s remote inspection found samples negative, but a customer sample had tested positive earlier. Aquaculture Innovation: Chilean animal health firm Sudvet is applying botanical compounds rooted in a 2,000-year health approach to strengthen fish resilience and cut reliance on antibiotics. Mining Corporate Moves: Codelco says its restructuring plan may slip to end-2026. Trade Talks: India-Canada CEPA talks are set to resume Oct. 5, targeting completion by year-end.

Copper & Mining Outlook: Copper prices slid nearly 5% from record levels as traders weighed uncertainty over potential U.S. tariffs on refined metal, while supply signals point to the first annual mined-copper decline since 2017—raising pressure on miners’ margins and positioning. Chile Mining Development: Cobre Limited reported a first deep diamond hole since 2021 at its Sierra Atacama project, intersecting chalcopyrite-pyrite mineralisation and restarting a ramp-up with additional rigs, as underground drilling begins to target high-grade zones. UN & Chile’s Diplomatic Footprint: Former Chilean President Michelle Bachelet withdrew from the UN secretary-general race after a weak third Security Council straw poll, leaving the process with other Latin American and global candidates still competing. Food & Trade (Chile-linked): Morocco’s avocado campaign opens amid heavy winter competition from Chile, Colombia, Israel and others, with shipment timing becoming as important as volume for European buyers. Energy Transition Watch: A report on India’s “Viksit Bharat 2047” flags copper as a key bottleneck for electrification and infrastructure, stressing long lead times across mining, refining and recycling.

UN Leadership Shake-Up: Former Chilean President Michelle Bachelet has withdrawn from the race to become UN secretary-general after a third UN Security Council straw poll left her seventh among eight candidates, with support falling to just one “encourage” vote. Diplomacy Watch: The UN General Assembly’s high-level week in New York is set to draw major attention, with leaders including Lula and Trump scheduled to open the debate as key figures like Putin and Xi stay away. Chile Industry Signal (Mining): Tesoro Gold says its maiden 1.28Moz ore reserve at the Ternera deposit in Chile’s Atacama region strengthens the El Zorro project’s development case, supporting a 13+ year mine life while still requiring feasibility, permitting and financing before any construction decision. Food & Trade (Avocados): Morocco is entering Europe’s winter avocado market with multiple competing suppliers, while Chile is expected to open with a record harvest and significant volumes aimed at Europe.

UN Leadership Shake-Up: Chile’s former president Michelle Bachelet has withdrawn from the race to become the next UN secretary-general after a third UN Security Council straw poll left her seventh among eight candidates, with support collapsing to just one “encourage” vote. Global Trade & Diplomacy: The same straw poll put Rebeca Grynspan (Costa Rica) and Guyana’s Carolyn Rodrigues-Birkett in the lead, but no clear front-runner has emerged yet. Mining & Metals: Copper concentrate pricing hit a historic low, with the 2026 annual treatment and refining charge benchmark settling at zero—reflecting tight concentrate supply versus expanding smelting capacity. Chile Mining Pipeline: Tesoro Gold advanced Chile’s El Zorro Gold Project with a maiden Ore Reserve at Ternera (42.8Mt at 0.93 g/t Au), moving the project toward feasibility and permitting. Food & Retail: Lidl in Chile is among markets shifting tinned “mackerel” offerings to jack mackerel, highlighting species differences amid changing fish stocks. Sustainability Watch: A new study warns Latin America’s plastic waste imports are creating “plastic pollution hotspots,” straining weak waste systems and raising health risks.

Mining & Metals: Copper concentrate pricing has hit a shock point, with the 2026 annual TC/RC benchmark settling at zero—reflecting a structural squeeze where mine supply is tight while smelting capacity keeps expanding, especially in China. Energy & Fuels: Chile is weighing an ethanol-gasoline blend as authorities search for cheaper fuel options amid fiscal pressure. Mining (Chile): Tesoro Gold says its Ternera deposit now has a maiden ore reserve (42.8Mt at 0.93 g/t for 1.28Moz gold), moving the El Zorro pipeline toward feasibility, permitting and approvals. Environment & Courts: Chile’s industry audience may also watch global legal trends: India’s chief justice urged courts to harmonise conservation and development, using “eco-centric proportionality” to allow development only with enforceable conditions. Trade & Logistics: A Chile-linked logistics note: the El Guamache port in Margarita mobilized 2,505 tons of merchandise and exported 147k tons of seaweed to Korea, Chile and China.

Copper & Mining Markets: Copper concentrate pricing just hit a shock milestone: the 2026 benchmark treatment and refining charge settled at zero, with spot TC/RCs sometimes trading below -$100/dmt as smelters scramble for scarce concentrate while mine supply stays tight. Chile Energy Transition & Industry Tech: Chile’s Copec acquired the Tamarico II solar-plus-storage project from Metlen, adding to the country’s push for firm renewables. UN & Global Trade Leadership: The UN Security Council’s third straw poll for secretary-general put Rebeca Grynspan back on top with nine “encourage” votes, but no clear front-runner is emerging amid veto politics. Chile Fuel Costs for Agriculture: Diesel prices are rising ahead of harvest, with farm diesel averaging about $5.45/gal in the U.S., underscoring how energy volatility can quickly squeeze food production budgets. Port & Exports (Regional): Venezuela’s El Guamache port mobilized 2,505 tons of merchandise and exported 147,000 tons of seaweed to Korea, Chile and China, highlighting ongoing export logistics momentum.

UN Leadership Race: A third UN Security Council straw poll failed to produce a clear front-runner for the next secretary-general, with Costa Rica’s Rebeca Grynspan leading but opposition rising around other candidates. Chile Energy Transition & Skills: Chilean engineer Martín Urrutia Illanes is among scholarship recipients focused on climate finance, while the US DOE backs critical-minerals education with $16m aimed at closing workforce gaps. Mining & Power in Chile: Codelco says its restructuring plan could slip until end-2026, and Tesoro Gold unveiled a maiden 1.28Moz ore reserve at its Ternera gold deposit in Chile. Agri-Exports Watch: Peru’s fresh fruit exports keep climbing, and Chile’s La Vega market highlights how security and cost pressures are hitting everyday food trade. Renewables & Industry Links: Actis launched Yeltica Energy in Mexico, and Chile’s solar-plus-storage deal news underscores continued investment momentum across the region.

Mining & Metals: Chile’s copper story stays front and center as reports flag record-high copper prices alongside Chile’s weakest output in 19 years, tightening supply expectations. Gold Development: Tesoro Gold unveiled a maiden 1.82Moz ore reserve at its Ternera project in Chile, supporting a long-life, single open-pit plan. Energy & Storage: Turbo Energy jumped after announcing 15 firm-order intelligent energy storage projects across Spain and Chile, totaling 15.6MWh, with delivery stretching into 2027. Critical Minerals Skills: The US DOE is putting $16m into mining and critical-minerals education to tackle engineer shortages—an issue that matters for the whole region’s supply-chain buildout. Agri-Tech & Water Decisions: Instacrops, a Chile-based AI ag firm, is pitching AI agents that turn field and weather data into practical irrigation and crop-management recommendations. Food Security & Policy: Analysis warns food prices can surge under stronger El Niño and conflict-driven input shocks, pushing governments toward targeted, short-lived support tools. Public Health Milestone (Chile): Chile became the first South American country validated by WHO for eliminating dog-transmitted rabies, citing municipal and community vaccination and surveillance work.

Energy Policy: Chile is considering an E10 ethanol-gasoline blend to cut fuel supply costs by about $107M a year as oil prices strain public finances. Aviation & Trade: British Airways plans a 25% capacity boost across Latin America in summer 2027, adding a daily London–Buenos Aires non-stop and a new daily service to Santiago via Buenos Aires. Mining & Markets: Copper hit a record high as Chile posted its weakest output in 19 years, with analysts pointing to supply pressure. Mining Corporate Moves: Codelco says its restructuring plan may slip until end-2026. Renewables & Storage: Turbo Energy expanded its Spain-Chile C&I energy storage pipeline with 15 firm-order projects worth about €3M, targeting commissioning between Q4 2026 and H1 2027. Agri-Food Exports: Chilean kiwifruit eyes India expansion as exports rise and growers push for longer-term volume growth. Health & Public Systems: Chile became the first South American country validated by WHO for eliminating dog-transmitted rabies, building on local municipal vaccination and surveillance efforts. Logistics & Connectivity: LATAM will cancel Lima routes to Montego Bay and Antofagasta from April 1, 2027, citing fuel costs and the airport transfer fee.

Codelco Restructuring Delay: Chile’s state copper giant Codelco told Reuters its turnaround and recovery plan won’t be ready until end-2026, pushing back an October timeline and raising the stakes for jobs and production as the company works through a diagnostic process under new CEO Jorge Gomez. Space & Telecom: SpaceX is set for Starship Flight 14 on Sept. 22, aiming for the first true orbital attempt and to deploy 26 operational Starlink V3 broadband satellites into a ~275 km orbit, with a splashdown west of Chile—an event that could boost Chile-linked maritime tracking and regional supply chains. Mining & Commodities: Copper prices remain elevated after a rally toward record levels, with manufacturers warning of margin pressure and stockpiling ahead of tariff uncertainty, while fishmeal and fish oil output lag in 2026—hitting South America (including Chile) and feeding into wider food and aquaculture costs. Biodiversity & Environment: Chile and the UK back a fungal conservation push, arguing fungi must be explicitly recognized in law and policy to protect ecosystems—while a new report highlights the continued lethal risk faced by land and environmental defenders, with Latin America accounting for most documented killings. Energy & Industry Tech: Chile’s renewable and storage pipeline gets a boost as Sonnedix secures $1.3B refinancing for a 1 GW portfolio, and Copec is tied to solar-plus-storage expansion via project deals.

Codelco Restructuring Delay: Chile’s state copper giant Codelco says its turnaround plan may slip to end-2026, with a diagnostic process underway under new CEO Jorge Gomez; any workforce changes are still “too early” to speculate, but sources previously pointed to possible 5%-20% cuts. Marine Inputs Watch: IFFO reports fishmeal and fish oil output in the first seven months of 2026 is far behind 2025, with Peru and Chile driving much of the drop as El Niño disrupts anchovy quotas. Copper Price Pressure: Copper’s rally to near record levels is squeezing margins for EVs, consumer goods, wires and engineering products, as buyers stockpile ahead of tariff uncertainty while global production remains weaker. Chile Renewable Deal: Copec is set to acquire Metlen’s Tamarico II solar-plus-storage project, adding to Chile’s push for grid-scale renewables and storage. Aquaculture Tech Hiring: Ace Aquatec appoints Sebastián Uribe as digital operations lead in Puerto Varas to scale its A-BIOMASS and A-HARVESTCAM tools across Latin America. HIV Prevention Access: Gilead and PAHO agree to expedite lenacapavir PrEP access across Latin America and the Caribbean, including Chile, aiming to close prevention gaps.

AI for Accessibility: A Pune engineer in the US built “ListenToMe,” an Android app that turns PDFs, photos, scans and handwritten notes into natural-sounding audio and can describe charts and diagrams—aimed at helping visually impaired students study without constant human help. Environmental Conflict: A new Global Witness report says 124 land and environmental defenders were killed worldwide in 2025, with the total since 2012 reaching 2,375, underscoring ongoing violence tied to forests, land grabs and mining. Chile Shipping Safety: The World Shipping Council consolidated 93,079 cargo inspections and found safety deficiencies in 10.36% of units, citing issues like documentation errors, poor packing and weak cargo securing; Chile is among the reporting countries. Chile Mining & Energy: South32 expects major output gains after selling aluminium assets to Alcoa, with Chile’s Sierra Gorda copper expansion and a new grinding line driving growth. Chile Renewables Finance: Sonnedix secured about US$1.3bn to accelerate Chile renewable energy and storage projects. Chile Maritime Monitoring: Chile is becoming a resupply point for a Chinese fishing fleet after Peru tightened monitoring, with the Chilean Navy tracking vessels near Easter Island.

Chile Investment & Banking: Santander Chile used “Chile Day Madrid” to flag an $800m, three-year push tied to pension-business acquisition, tech transformation, branch revamps and its Campus Santander hub, with WorkCafés expanding the digital-plus-in-person model. Maritime & Fisheries: Chile is becoming a new resupply point for China’s South Pacific fishing fleet after Peru tightened monitoring; the Chilean Navy is tracking dozens of vessels near Easter Island. Food & Exports: Chilean fresh blueberry exports rose 2.7% in 2025/26 to ~92,900 tons as new varieties gained share; Europe took half the volume, while U.S. shipments fell amid tariff/trade pressures. Agri Risk: Heavy rains during hazelnut flowering could cut Chile’s European hazelnut output projections by up to 30%, with root-disease and pollination-failure risks. Energy & Renewables: Gonvarri Solar Steel will supply solar trackers for a 389 MWp Atacama Desert PV project with storage, underscoring Chile’s solar-plus-BESS momentum. Shipping Safety: A World Shipping Council update says 10.36% of inspected cargo units in 2025 had safety deficiencies, keeping pressure on documentation, packing and securing standards.

Renewables Buildout in Atacama: Gonvarri Solar Steel will supply solar trackers for a 389 MWp photovoltaic complex in Antofagasta, with assembly running through mid-2027, and the project includes battery storage (BESS) as Chile pushes more solar-plus-storage hybrids. Maritime Trade Safety: A World Shipping Council review says 10.36% of inspected cargo transport units in 2025 had safety deficiencies, with Chile among the countries that submitted inspection data—highlighting ongoing packing, documentation, and securing gaps. Copper Smuggling Probe: Chile’s Arica and Parinacota prosecutors opened an investigation after a truck entered from Peru, exploded in a minefield, and was reportedly carrying copper cathodes; no suspects were found at the scene. Critical Minerals Push: India’s government reiterated talks with Argentina and also with Chile to secure lithium blocks, while BRICS leaders urged more reliable critical-mineral supply chains. Chile Finance Spotlight: Santander’s Ana Botín highlighted Chile’s competitiveness and technology push at ChileDay Madrid 2026, alongside a major Chile investment plan. Regional Fisheries Governance: Chile, Ecuador, and Peru agreed on initial steps to coordinate management and scientific cooperation for the giant squid fishery in the Southeast Pacific. Infrastructure Ambition: A feasibility study advances for an underwater tunnel beneath the Strait of Magellan to connect Argentina and Chile, moving toward environmental assessment and a future tender. Tech & Talent Signal: A study claims US firms underestimate Latin American developer quality, pointing to a hiring shift toward the region.

Renewables & Grid Capacity: Finnish developer Korkia is pushing “powered land” for data centers in Chile, pairing secured sites and grid access with new renewables plus battery storage to avoid grid strain (projects cited include Terrazas, Mellizas, Beltrán and Paicaví). Digital Industry: NTT DATA Chile and the Digital Twin Consortium launched COMPOSE, a modular digital-twin testbed for asset-heavy industries, built around a physical microfactory and aimed at faster, interoperable adoption. Energy Investment: Copec is set to expand Chile’s solar-plus-storage footprint after agreeing to acquire Metlen’s Tamarico II hybrid project. Mining & Markets: BHP shares slid again as copper remains the key earnings driver, while copper prices stayed volatile amid tariff expectations. Regional Fisheries Governance: Chile, Ecuador and Peru agreed an initial sustainability and cooperation roadmap for the giant squid fishery, focusing on coordinated governance and scientific collaboration. Tech & Talent: A study claims 76% of US firms underestimate Latin American developer quality, pushing more hiring interest toward the region. Public Safety: Chilean authorities arrested a biochemist accused of running a synthetic drug operation after customs flagged packaging-supply shipments. Business & Capital: Santander’s Ana Botín highlighted a new US$800m Chile investment plan at ChileDay Madrid 2026, tying growth to technology and AI.