AGP Executive Report

Copper: Cochilco cut Chile’s 2026 production forecast to 4.94 million tonnes, an 8.4% drop, and expects only a 3% recovery in 2027. Lower ore grades, maintenance and disruptions are weighing on output; Codelco has also fired eight staff amid a probe into potentially double-counted production. Mining and Environment: Greenpeace and local fishing, tourism and Indigenous groups oppose the Dominga iron-and-copper project, warning of risks to Humboldt penguins and calling for pending reviews to be respected. Energy Storage: Chile’s 840 MWh battery project is targeting a 2028 start, as operational storage capacity grows. Aquaculture: Southern Chilean fishers say intensive salmon farming has damaged marine habitats, sharpening calls for stronger oversight of a major export industry.

Salmon Farming: Fishers in southern Chile say marine life has returned after years of restoration work in waters they blame salmon farms for damaging, renewing scrutiny of the industry’s environmental impact. Copper: Cochilco cut its 2026 output forecast to 4.94 million tonnes, down 8.4% from 2025; meanwhile, Codelco fired eight staff over a probe into potentially double-counted production. Capstone Copper plans to invest US$3 billion in Chile to double output by 2031. Energy: A cyberattack has kept a Chilean solar plant offline for two months, highlighting risks to power infrastructure as battery storage capacity grows and a 840 MWh project targets a 2028 start. Industry Policy: Chile has set 2050 targets for copper, energy and forestry, framing a long-term push to reshape key industries.

Copper: Chile cut its 2026 output forecast to 4.94 million tonnes, down 8.4% from 2025, as lower ore grades, maintenance and processing disruptions weigh on production. Separately, Codelco fired eight staff amid a probe into possible double-counting of 2024 and 2025 output. Salmon Farming: Fishers in southern Chile say marine life has returned after years of restoration work, while they blame nearby salmon farms for damaging local waters with chemicals and antibiotics. Utilities: Algonquin Power completed the sale of its 64% stake in water company Suralis to Toesca for about $126.4 million, plus a possible earnout. Energy Security: A Chilean solar-and-battery system remains offline two months after a cyberattack. Mining Investment: Capstone Copper plans to invest US$3 billion in Chile to double production by 2031.

Copper: Cochilco cut Chile’s 2026 output forecast to 4.94 million tonnes, down 8.4% from 2025. Separately, Codelco fired eight staff amid a probe into possible double-counting of production in 2024 and 2025. Utilities: Algonquin Power completed its sale of a 64% stake in water utility Suralis for about US$126.4 million, with proceeds earmarked for debt reduction and investment. Energy storage: Chile’s battery capacity has surged, and an 840 MWh project is targeting a 2028 start; projects under construction are expected to more than triple capacity. Cybersecurity: A Chilean solar plant remains offline two months after a cyberattack, highlighting risks to power infrastructure. Mining investment: Capstone Copper plans to invest US$3 billion in Chile to double output by 2031. Industrial policy: Chile has set 2050 targets for copper, energy and forestry.

Energy: Qualitas Energy secured $286 million in financing for a Chilean portfolio with 259 MW of generation and 840 MWh of battery storage; its solar, wind and storage projects are due online in 2028. Battery capacity in Chile has risen 124% in a year, though a solar-and-battery system remains offline after a cyberattack. Mining: Codelco dismissed eight employees amid a probe into allegedly overstated output. Capstone Copper plans to invest $3 billion in Chile to double production by 2031. National targets call for 9 million tonnes of copper a year by 2050, requiring 54 projects and 1.4 million tonnes of added output. Finance: Santander Chile reported 11.9% profit growth over the first nine months of 2026, supported by higher interest income and lower operating costs. Aquaculture: Blumar proposed a $20 million modernization project at a Los Lagos fish farm, while Chile’s salmon industry says a feed ingredient helped avert a major loss.

Renewables: Qualitas Energy secured $286 million in financing for a 259 MW Chilean portfolio that includes an 840 MWh battery system; its solar, wind and storage projects are due to start operating in 2028. Copper: Codelco dismissed eight people amid an investigation into over-reported production in 2024 and 2025. Capstone Copper, meanwhile, plans to invest $3 billion in Chile to double output by 2031. Industrial Targets: Chile’s 2050 plans call for 9 million tonnes of annual copper production, nearly 100% renewable electricity, two new pulp mills and aquaculture exports reaching $25 billion. Weather Risk: A strong El Niño could disrupt Chilean mining and agriculture through drought, flooding and power shortages into early 2027.

Methanol: Methanex reported Q3 net income of $265 million and operating cash flow of $646 million, producing 2.14 million tonnes with record North American output. Copper Growth: Capstone outlined a $3 billion Chile investment plan to double production by 2031; Santo Domingo still awaits final approval and financing. Power: A Chilean solar-and-battery system has been offline for two months after a cyberattack, even as operating battery capacity rose 124% in a year and projects under construction are set to triple. Salmon: A commercial-farm trial in Chile found a feed additive cut salmon deaths during a harmful algal bloom by 61%. Climate Risk: Strong El Niño conditions could disrupt copper and nickel output into early 2027 through drought, flooding and power shortages. Exploration: Codelco and BHP agreed on exploration terms for Chile’s Anillo project.

Power Security: Chile’s 103 MW Huatacondo solar park and its 98 MW battery system remain offline two months after a reported cyberattack. The electricity coordinator also logged cyberattacks affecting thermal plants in Coquimbo, though it has not established whether the incidents were linked. Energy Storage: Battery capacity has surged 124% in a year, with storage already reducing renewable-energy curtailment and projects under construction set to more than triple capacity. Copper Investment: Capstone Copper plans to invest US$3 billion in Chile to double output by 2031. Codelco and BHP have also agreed on exploration terms for the Anillo project. Salmon Farming: Blumar proposed a US$20 million upgrade to its Los Lagos fish farm, including water-recycling technology; the project is expected to create about 75 direct and indirect jobs. Climate Risk: Forecasters warn a strong El Niño could bring extreme weather that threatens mining and agriculture.

Aquaculture: Blumar proposed a US$20 million upgrade to its Puyehue fish farm, adding water-reuse technology and expected to create about 75 jobs. The plan comes as communities in southern Chile continue to press for stronger protection from salmon farming’s impact on coastal waters. Energy Storage: Chile’s operational battery capacity has surged 124% in a year, with projects under construction expected to more than triple capacity and help reduce renewable-energy curtailment. Copper Mining: Capstone Copper plans to invest US$3 billion in Chile to double output by 2031. Codelco and BHP have also agreed exploration terms for the Anillo Project. Lithium: Rio Tinto opened two projects in Argentina costing US$1.4 billion, adding 25,000 tonnes of annual lithium capacity as it targets 200,000 tonnes in the country by 2028—an expanding regional challenge for Chile’s lithium industry.

Copper Expansion: Capstone plans to invest US$3 billion in Chile’s Atacama region, aiming to double its Chilean copper output by 2031; construction at its Santo Domingo project could require more than 8,000 workers at peak. Mining Pipeline: Codelco and BHP have agreed on exploration terms for the Anillo Project, while Halo Minerals has secured a permit to process copper tailings at Playa Verde. Energy Storage: Chile’s battery storage capacity is already reducing renewable-energy curtailment, ACERA says, with projects under construction set to more than triple capacity. Agriculture and Exports: Chilean citrus exporters face higher cold-treatment costs amid fruit-fly risks, and industry leaders say quality will be key to keeping markets. A new digital-readiness tool, tested with 68 potato farmers in south-central Chile, could help small producers assess their path to adopting technology.

Copper Investment: Capstone Copper plans to invest $3 billion in Chile’s Atacama region, including $2.3 billion for the Santo Domingo project, aiming to double its Chilean output by 2031. Construction could employ more than 8,000 workers. Mining and Energy: Chile has approved a permit for Halo Minerals’ Playa Verde copper-tailings project, while battery storage projects under construction are expected to triple the country’s capacity, according to ACERA. Agriculture: Chilean citrus exporters face higher cold-treatment costs as fruit-fly risks spread, with InnovaCitrus director Johanna Mártiz urging a stronger focus on quality and coordination with regulators. Early-season Chilean cherries have also begun trading in southern China. Trade and Technology: India-Chile trade talks are described by India’s commerce minister as close to conclusion. Chile also ranked first in a new regional AI-readiness index, ahead of Brazil and Uruguay.

Copper Investment: Capstone Copper plans to invest US$3 billion in Chile’s Atacama region, including US$2.3 billion at Santo Domingo and US$220 million for Mantoverde projects. The expansion could double its Chilean copper output by 2031 and require more than 8,000 workers at peak construction. Trade: India says negotiations on a trade agreement with Chile are “quite ripe” for conclusion, potentially opening wider market access for businesses. Energy Storage: Chile has 5.1 GW of battery storage under construction, with new capacity helping reduce solar and wind curtailment for the first time in four years. Mining Permits: Halo Minerals secured a permit for dredging at its Playa Verde copper-and-gold tailings project in Atacama, but still needs separate approvals before full processing can proceed. Chilean Industry Abroad: Enaex’s joint venture plans to invest 750 crore rupees in an explosives plant in eastern India, with production expected to begin in 2027.

Energy Storage: Chile’s battery-storage pipeline is expanding: 5.1 GW is under construction, and operational and in-progress projects have helped cut wind and solar curtailment year on year for the first time in four years. Mining: Halo Minerals secured a permit to dredge copper- and gold-bearing tailings at Chañaral, but still needs approvals for the full processing operation. Renewables Services: Aurora Energy Services plans to grow its Americas business and says Brazil facilities would complement its existing Chile operation. Agriculture: A Chilean irrigation delegation explored technology, investment and trade links with the Dominican Republic, including cooperation on modern irrigation systems. Copper Deals: GRG Resources agreed to sell its 1.5% royalty on the Argentina-Chile Filo Sur project to Mogotes Metals for $13 million in cash and shares.

Copper Expansion: Capstone Copper has completed its acquisition of the San Pietro concessions in Chile’s Atacama Region, linking its existing properties into a larger district. The resource is still inferred and needs more drilling, while the company’s shares have fallen sharply over the past month. Mining Output: BHP reported first-quarter copper production down 19% year on year to 400,700 tonnes, citing lower grades, operational disruptions and severe weather in Chile. The decline adds to concerns over Chile’s falling output despite strong demand. Lithium: Chile plans five new lithium tenders as it seeks to double production. Tailings: Halo has received a permit to process copper tailings in Chile, advancing a project that could recover metal from mining waste.

Copper: Chile’s output is falling despite strong demand, and the regulator is due to deliver an audit of Codelco’s production within two months. Halo has won a permit to process copper tailings, while Flagship cut the price of a Chilean copper deal by 50%. Lithium: The government plans five new tenders as it seeks to double output. Critical Minerals and Trade: India’s state-owned NMDC is scouting Chile for lithium, copper, cobalt and rare earths as it diversifies beyond iron ore. India has also urged an early conclusion to its trade pact with Chile and more CAF financing for Indian projects. Renewable Energy: A regional study identifies policy uncertainty, infrastructure gaps and costly financing as major barriers to investment, despite Latin America’s vast clean-energy potential.

Mining: India’s NMDC is scouting Chilean lithium, copper, cobalt and rare-earth assets as it diversifies beyond iron ore. Chile is preparing five lithium tenders to help double output, while a regulator audit of Codelco’s copper production is due within two months amid reports of falling output. Clean Energy: An IDB-CGDev study says policy uncertainty, infrastructure gaps and costly financing are holding back renewable investment across Latin America. Copper Projects: Halo won a permit to process copper tailings in Chile, while Flagship cut the price in its Chilean copper deal by 50%. Agriculture & Exports: Chile expects a bumper cherry crop, with the season’s first air-freighted shipment arriving in Shanghai. Walnut exports are also rising as growers mechanize harvesting. Infrastructure: Martinus secured track and electrification work on Santiago Metro Line 9.