AGP Executive Report

Mining & Power Reliability: Lundin Mining says its Caserones copper mine in Chile’s Atacama region remains offline after a winter storm damaged two powerline towers, with full grid restoration and a gradual restart expected in 2–3 weeks. Copper Growth Signals: Hot Chili’s La Verde copper-gold porphyry drilling keeps expanding a near-surface enrichment zone near Costa Fuego, with a maiden resource still targeted later this year. Carbon Markets Update: Chile’s Ministry of the Environment recognized the Climate Action Reserve as the sixth external certification program under its Green Tax emissions offset system, widening how projects can validate reductions. Energy Transition in Mining: FCAB in Antofagasta is testing a green-hydrogen locomotive, but the piece flags cost and supply-chain hurdles since hydrogen is currently transported from Brazil. Trade & Supply Chains: South Korea’s Lee and Brazil’s Lula agreed to push for resuming Korea–Mercosur free-trade talks via a joint working group, aiming to boost critical minerals and supply-chain cooperation. Weather Disruption: Heavy snow shut the Puente del Inca border crossing between Argentina and Chile, leaving nearly 1,000 trucks stalled and forcing evacuations. Global Copper Sentiment: Citi kept bullish copper targets, pointing to tighter physical markets and supply pressure, with Chile mine supply risks cited as a sentiment support.

Chile–Canada Trade: Chile’s chicken meat exports to Canada keep climbing after CPTPP market access kicked in, with 2025 shipments topping 22,600 tonnes and revenue above US$54M as Chile used 96% of its preferential quota. Mining & Weather Disruption: Barrick says it safely evacuated stranded Chile workers by helicopter after severe storms blocked roads, while Lundin Mining reports powerline damage at Caserones and expects a gradual restart in 2–3 weeks. Energy & LNG: Argent LNG received a 20-year U.S. DOE long-term authorization to export about 25 million tpy of LNG to FTA countries including Chile. Copper Watch: Copper prices steadied above $13.6k/ton as Middle East tensions eased, but Chile storm damage is raising concerns for production and grid impacts. Food Security: Hunger fell again in 2025 for the third straight year, but the FAO warns progress must be scaled to withstand conflict and climate shocks. AI & Water Tension: A California AI data center project is suing for access to Colorado River water, spotlighting growing opposition over environmental impacts. UN Leadership: Uganda nominated Olara Otunnu for UN secretary-general, joining a crowded field including Rafael Grossi and Rebeca Grynspan.

Storm Response in Mining: Barrick evacuated stranded workers from high-altitude camps in northern Chile by helicopter after severe storms blocked roads; officials say the team is in good health, while a few workers at Potrerillos will stay until access improves. Energy & Cost Pressure: South Korea’s President Lee ordered fuel oil price caps and related tax cuts to stay in place until Middle East-driven volatility fully eases, highlighting knock-on pressure on truckers, farmers and heavy equipment operators. Mining Safety Focus: Chile-linked policy attention is echoed by Zambia’s mining ministry, which reiterated occupational health and safety priorities and stressed first-aid readiness as a key part of emergency preparedness. Food Security Risk: Reuters flags a potentially “super El Niño” that could lift food prices and strain growth in emerging markets, with agriculture and household food spending making central banks more cautious. Chile in the Supply-Chain Picture: A U.S.-led food safety systems project includes Chile among 10 Latin American countries, using risk analysis to strengthen national controls. Green Hydrogen Push: Hyvolution Chile 2026 in Santiago is set to bring financing, regulation and infrastructure discussions to Chile’s hydrogen agenda ahead of September.

Chile Disaster Response: El Niño-linked storm system hit Chile hard, killing at least 13 people, leaving four missing, affecting nearly 65,000 and causing losses above $700M; authorities declared a constitutional exception for Coquimbo and Huasco after extreme rainfall and widespread power outages. Mining ESG Compliance: 2026 turns ESG reporting into mandatory, audit-ready rules for miners, as ISSB/IFRS S1-S2, EU CSRD and California SB 253 converge—pushing ESG data to be treated like financial reporting. AI & Semiconductors Dealmaking: South Korea’s President Lee Jae Myung announced a $950B push with global tech firms: SK Group’s $750B semiconductor supply plan, plus joint AI data center investments (5 GW capacity) and Naver’s $10B AI factory plan with Nvidia. UN Leadership Process: The UN Security Council begins secret straw-polling for the next secretary-general, with diplomats using folded ballots and colored pens—transparency measures, but opacity remains. Copper Market Pulse: Copper stayed above $14,000/t on the LME while gold held near $4,155/oz, reflecting ongoing demand expectations tied to energy transition and AI infrastructure.

Chile Industry & Mining: Severe winter storms and an atmospheric river have disrupted Chile’s copper belt, with supply shock hitting about 1.6M tonnes of capacity, piling pressure on an already tight market. Chile Logistics & Trade: Maersk is rolling out Chile-to-U.S. cold-chain logistics via Wilmington, aiming to keep Chilean grapes in top condition for export. Chile Energy & Critical Minerals: CleanTech says it has produced high-purity lithium carbonate (330kg) from Laguna Verde brines, while other projects push forward in Chile’s lithium triangle. Chile Agriculture: Chile’s salmon sector is preparing for El Niño-related disruptions, as weather risk threatens production planning and supply. Global Tech With Chile Relevance: South Korea’s Lee Jae Myung is using a U.S. trip to lock in massive AI and semiconductor cooperation deals worth $950B, including AI data centers—an indirect tailwind for Chile’s data-center and power-demand ecosystem. Global Macro Watch: G7 central banks face rising oil near $100, raising inflation risk as rate decisions loom.

Chile Disaster Response: A major El Niño-linked storm hit Chile hard, killing at least 13 people, leaving four missing, affecting nearly 65,000 and causing losses above $700M, with heavy rain and winds disrupting power across multiple regions. AI & Semiconductors (Regional Spillover): South Korea’s President Lee Jae Myung unveiled a “San Francisco AI Declaration” after a summit with Nvidia, OpenAI and major Korean groups, agreeing on $950B in semiconductor and AI data-center cooperation—an investment signal that can ripple into Chile’s data-center and critical-tech supply chains. Mining Markets: Copper stayed above $14,000/t on the LME as the week closed, with gold steady near $4,155/oz, reflecting ongoing demand expectations tied to energy transition and AI infrastructure. Copper & Chilean Operations Watch: Anglo American reported Q2 copper output beating forecasts in Chile and Peru while adjusting cost guidance; analysts flagged Teck’s performance as a key driver for sector sentiment. Logistics & Trade: Maersk launched a Chile-to-U.S. cold-chain service for grapes, aiming to improve last-mile handling for fresh exports. Energy Transition Finance: BP is reportedly in advanced talks to sell its Lightsource solar unit to a Kuwait-backed consortium, underscoring continued reshuffling in renewables capital.

Chile Storm Toll: A major El Niño-linked storm hit Chile hard, killing at least 13 people, leaving four missing, disrupting power for over 658,000 residents, and driving losses above $700M, with heavy rain and extreme weather across multiple regions. Chile Mining & Water Scrutiny: Chilean authorities opened an investigation into Antofagasta’s Los Pelambres after rain-related water discharge, as the wider mining sector also wrestles with operational disruptions and water-risk concerns. Copper Market Pulse: Copper held above $14,000/t on the LME, with gold steady near $4,155/oz, as analysts point to a structural supply gap meeting surging AI/data-center and grid demand. Logistics for Exports: Maersk launched a Chile-to-U.S. cold-chain route via Wilmington to support temperature-sensitive shipments, while a separate logistics push targets faster entry for Chilean grapes into the U.S. Trade Ties: Chile’s CEPA deal with the Philippines wraps up, boosting cross-value-chain cooperation; copper remains central to the Philippines’ electronics and renewables supply chain. AI Supply Chain (Regional Spillover): South Korea unveiled a $950B AI semiconductor and data-center cooperation push in San Francisco, underscoring how global chip demand is shaping regional industrial strategies.

Disaster & Infrastructure: A major El Niño-linked storm hit Chile hard, killing at least 13 people, leaving 4 missing, affecting nearly 65,000 and causing losses above $700M, with heavy rain, flooding, winds and snow across 10 regions and peak outages affecting 658,000 people. Mining Operations: Antofagasta said Los Pelambres resumed after intense precipitation and intermittent power outages forced an orderly shutdown of its processing plant; guidance is unchanged and there was no material equipment damage. Lithium Progress: CleanTech Lithium reported producing about 330kg of high-purity lithium carbonate from its Laguna Verde DLE pilot in Chile, with purity up to 99.91%, while further optimization and spent-brine reinjection studies continue. Copper & Markets: Anglo American’s Q2 update showed stronger copper output and lower blended cost guidance, while analysts flagged Teck’s performance as a key driver for sentiment. Trade & Logistics: The Philippines and Chile concluded their CEPA/FTA talks, setting up new market access; separately, Maersk is rolling out a logistics protocol aimed at streamlining Chilean grape entries into the US. UN & Diplomacy: Six candidates, including Chile’s Michelle Bachelet, faced a public UN town hall as the selection process moves toward Security Council voting.

UN Secretary-General Race: Six candidates, including Chile’s Michelle Bachelet, faced a televised town hall on reform, Gaza, the Strait of Hormuz and Security Council veto deadlock. Chile Mining & Water: Chile’s regulator opened an investigation into Antofagasta’s Los Pelambres after heavy rains triggered a controlled water discharge into the Pupio waterway; the mine says its tailings dam remains stable. Copper Market Pressure: Anglo American trimmed copper cost guidance while reporting broadly flat output; separate coverage highlights copper’s surge on supply fragility and demand from power grids and AI data centres. Lithium Timeline: Codelco pushed its Maricunga lithium project start to 2034, citing added hydrogeology work and tougher permitting/ESG requirements. Logistics for Exports: Maersk rolled out an integrated cold-chain plan to streamline US entry for regulated Chilean table grapes by moving fumigation to destination and coordinating storage and land transport. Energy Transition Tech: Market coverage points to fast growth in battery storage and organic Rankine cycle systems for waste-heat recovery. Diplomacy & Trade: Indonesia is deepening Pacific ties with Chile under IC-CEPA, boosting tariff-free access and services/investment talks. Storm Fallout: Chile’s severe winter rains and flooding continue to disrupt infrastructure and operations.

Copper & Mining Results: Teck reported a strong Q2, with copper production up and Quebrada Blanca in Chile delivering higher output, as record prices and disciplined execution lifted profits. Anglo American Update: Anglo American shares jumped on solid Q2 copper and iron ore performance, while noting cost pressures and ongoing portfolio moves. Chile Fishery Pressure: Chile’s fish landings fell to the lowest level in a decade in early 2026, with pelagic catches down sharply and authorities pointing to a dynamic ocean environment. Water Resilience in Chile: A rural Chiloé community ended tanker dependence by protecting its watershed, restoring forests, and rebuilding soil to stabilize a community-managed water system. Textile Circularity Watch: Chile hosted a textile EPR discussion where California’s model was seen as influential but not a full blueprint for circularity, with trade in second-hand clothing still key. Data Centers & Community Consent: A growing backlash against AI data centers is spreading globally, with water and energy impacts and lack of local consent driving opposition. UN Leadership & Chile’s Role: Six candidates, including Chile’s Michelle Bachelet, will debate for the next UN secretary-general, one week before the formal selection process begins.

Copper Market & Investment: Chile’s foreign minister said Santiago wants to broaden copper buyers beyond China and target about US$100 billion in mining investment over the next decade, as China still takes roughly 58% of global copper and more than half of Chilean shipments. Energy Transition Water Risk: A new ICMM report warns water scarcity could constrain mining for the energy transition, finding 85.8% of Chilean mining facilities face high baseline water stress. Data Centers Power Push (Chile): Solaer announced a 197MW solar plus 500MWh battery project in Chile’s Atacama to supply future data center demand with more stable renewable power. Mining Operations Update: Teck reported strong Q2 2026 results, highlighting higher copper sales volumes and cash flow, while Teck also advances its planned merger with Anglo American. UN Leadership (Chile’s Role): UN secretary-general candidates will debate July 23, with Chile’s Michelle Bachelet among the six contenders.

Salmon Sector: A Chilean congressional committee is the last hurdle for a reform bill that would ease salmon farming concession relocations, putting the industry closer to presidential approval. Copper & Data Centers: Chile is targeting about $100B in copper investments over the next decade as data center demand surges, while also trying to reduce heavy reliance on China for exports. Energy Transition Water Risk: A new ICMM analysis warns nearly two-thirds of mining and metals sites face severe water stress, raising pressure on the energy transition’s critical minerals supply chain. Protected Agriculture Exchange: Chile’s National Irrigation Commission sent a delegation to the Dominican Republic to study irrigation modernization and protected-environment farming, aiming to bring back practical know-how. Mining & Storm Disruption: Reports highlight how severe weather is disrupting Chilean mining operations and access, underscoring operational risk for producers. Fisheries Impact Long After Trawling: A study finds deep-sea damage from bottom trawling around Chile’s Juan Fernández Archipelago can persist for more than 25 years. Global Trade Watch: Chile’s trade environment remains in focus as regional partners adjust rules tied to animal health and market access.

Chile Storm Response: Heavy rains and mudslides have hit central-northern Chile hard, with authorities reporting at least 10 deaths, 7 missing, and tens of thousands displaced, while about 87,000 people remain without electricity; the government has declared a state of catastrophe in Coquimbo and parts of Atacama and is seeking sanctions against power distributors for restoration delays. Copper & Mining Disruptions: The weather is also starting to affect operations and logistics in copper regions, adding to already tight supply conditions as copper prices climb on expectations of continued bottlenecks and demand. Energy Transition Water Risk: A new ICMM analysis says nearly two-thirds of mining and metals facilities sit in areas with significant physical water risk, with competition for water flagged as the biggest pressure as clean-energy material demand grows. Policy & Investment Push: Chile’s lower house has approved most of a major reform bill aimed at boosting investment in the country’s top copper sector, including a planned corporate tax rate reduction and long investment tax stability. AI for Power Grids: China’s “AI from China Benefits the World” case collection includes a Chile power-grid project, highlighting cross-border AI cooperation tied to energy infrastructure. Mining Finance Watch: Cobre Limited announced its inaugural quarterly investor conference call, offering an update on operations in Chile’s Atacama region and Botswana’s Kalahari Copper Belt. Data Centers in Chile: BlackRock and MGX plan a $5bn push into Aligned Data Centers, which already operates across the Americas including Chile, as AI-driven power demand keeps reshaping infrastructure investment. Indigenous Media Funding: Applications are open for the Indigenous Community Media Fund, including eligible Indigenous media groups in Chile.

Aquaculture Build-Out: AKVA Chile is progressing with the second phase of Cermaq’s USD 32.5m land-based RAS smolt facility at Chacao Canal, aiming for 14m smolts/year, with first culture rooms expected in 2027 and full delivery stretching into 2028. Disaster Response: Chile declared a 30-day constitutional state of catastrophe for Coquimbo and Atacama after a storm front moved north from July 15, leaving at least 10 dead, 4 missing, and nearly 100,000 people cut off by road closures, with military support and faster aid delivery. Energy Procurement: Chile’s CNE approved final rules for the 2026/01 supply tender for 2,835 GWh/year for regulated customers, technology-neutral and explicitly allowing battery storage to back supply commitments. Mining Disruption: Lundin Mining suspended operations at its Caserones complex in Atacama due to heavy snowfall disrupting power and access, while Candelaria’s mill keeps running on stockpiles. Logistics & Industry: DP World won “Best Company 2026” for its Lirquén terminal, citing record 452,900 TEUs in 2025 and logistics support for forestry and agricultural exports. Cyber Risk: Sophos reports 79% of ransomware attacks start via compromised identities, with malicious email and phishing now the top root causes.

Cybersecurity & IP Enforcement: The U.S. Justice Department seized 1,000+ internet domains used to illegally stream World Cup 2026 matches, warning many sites also carried malware and payment-theft risks. Food & Nutrition Innovation: The EU approved a new “novel food” fibre ingredient (inulin-propionate ester) aimed at boosting natural GLP-1 response, adding another lever for weight-loss-adjacent food products. Agri-Exports & Trade: Rabobank says avocado exporters are shifting toward Asia as El Niño threatens yield stability; New Zealand’s 2025/26 exports fell 9% but grew sharply to South Korea and expanded shipments to China, Hong Kong, India and Taiwan. Chile Under Weather Pressure: A new report highlights how intense Chile storms tied to El Niño and climate change are disrupting artisanal fishing, with damaged boats, lost gear, and weeks without sea access. Energy & Industry Tech: Terra Innovatum says Waiken ILW selected its SOLO micro-modular reactor platform for behind-the-meter clean power for DIRECTV Latin America and SKY Brasil data centers.

Nuclear for data centers: Terra Innovatum says Waiken ILW will deploy its SOLO micro-modular reactors for DIRECTV Latin America and SKY Brasil data centers under a letter of intent covering up to 8 MWe behind-the-meter power, positioning nuclear as a resilience play for mission-critical infrastructure. Critical minerals diplomacy: Indonesia and Chile agreed to deepen cooperation on critical minerals, science/tech, agriculture and healthcare, pushing business-to-business ties under the Indonesia-Chile trade framework. Copper watch: Copper steadied around $6.25/lb after last week’s volatility, with Chile storms disrupting mines and ports and the IEA flagging tighter sulphuric acid supplies that could hit leaching capacity. Mining updates: Codelco delayed its Maricunga lithium project to 2034, while South32 reported strong operating results but noted weather impacts at Sierra Gorda and a Q4 copper output miss. Cyber risk in energy: Ecopetrol confirmed a ransomware attempt that exfiltrated data from 3,300 user accounts but failed to deploy encryption. Agri volatility: Rabobank expects Chile’s salmon sector to keep growing, while El Niño is set to add uncertainty to the global avocado market through 2027.