AGP Executive Report

Strategic Minerals Pact: Chile, Argentina, Bolivia and Peru signed a joint declaration to deepen cooperation on critical minerals like copper and lithium, aiming to boost responsible investment, coordinate supply chains, and expand technical work on geology, regulation and specialized skills—while seeking multilateral support and joint public-private research and innovation. Mining Output Watch: A separate report flags silver production shortfalls in Mexico, Peru and Chile driven by local disruptions (a community blockade in Mexico, zinc grade issues in Peru, and a snowstorm in Chile), underscoring how operational realities—not silver prices—can determine output. Peru Policy Push: Peru’s new government is set to ask Congress for 120 days of decree powers to advance a security and economic agenda, including public safety, formal employment, development, tax and customs changes, and state reforms. Trade & Logistics: South Carolina Ports said it added CMA CGM’s AMERXL rotation to improve cold-chain access for shippers trading with South America, including Peru, as it expands weekly services to the region. Corporate Moves: Hudbay filed an early warning report tied to its Panoro Minerals stake after Panoro’s share count rose, slightly reducing Hudbay’s ownership percentage without any share sales.

Mining Deal Watch: Boliden agreed to buy Votorantim’s controlling stake in Nexa Resources in a roughly $1.3B all-share deal, creating a major integrated zinc-and-silver player and shifting Votorantim’s exposure from direct control to a ~7% strategic holding. Trade & Finance: Rubio Leguía Normand advised Bank of Montreal on a US$2.4B Pan American Silver refinancing, underscoring continued capital-market activity around Latin America’s metals. Macroeconomy: Peru’s domestic demand grew 5.2% in 2Q 2026, while the annualized current account surplus reached 4.5% of GDP in 2Q 2026—signals of momentum and external balance. Energy & Infrastructure: Peru’s plug-in push gets a boost as Chevrolet offers EV buyers free dealership charging, reflecting rising competition in transport electrification. Climate Risk for Business: Authorities warn El Niño could put 1.2M people in Peru at risk, with knock-on effects for supply chains and operating conditions. Regional Geopolitics: An ECLAC report urges Latin America to avoid rigid alignment in the U.S.-China rivalry, leveraging resources to build “geopolitical muscle.”

Peru–U.S. Security Outlook: A new Peruvian president, Keiko Fujimori, is being framed as a potential key U.S. ally in the fight against drug cartels and to counter Chinese influence across the hemisphere, with analysts pointing to possible cooperation on initiatives like the “Shield of the Americas.” Peru Economic Pulse: Peru’s domestic demand keeps growing (up 5.2% in 2Q 2026), while higher tax revenue is helping narrow the fiscal deficit and lift the current account surplus (4.5% of GDP in 2Q 2026). Governance & Business Climate: The National Agreement forum meeting highlights efforts to align a minimum agenda for Peru’s five-year term, with major business and industry groups in the room. Trade & Logistics: South Carolina Ports added a new CMA CGM AMERXL rotation that includes Callao, Peru, boosting cold-chain capacity and South America connectivity. Climate Risk for Peru’s Economy: El Niño is driving earlier-than-usual Amazon river drops in Peru’s Loreto region, threatening transport and river communities and raising pressure for contingency planning.

Higher-Education Governance: Peru’s PUCP student federation (FEPUC) says the university is moving ahead with disciplinary proceedings against nine students after protests over a new tuition scale, arguing the action violates a May 21 non-punitive agreement. Climate & Risk Management: Peru’s Civil Defense Institute warns El Niño could intensify from November, putting about 1.2 million people at risk across at least 10 regions, with flooding, mudslides, and drought-linked water shortages; authorities cite 536 critical points and emergency declarations for hundreds of districts. Agri-Exports: Peru’s blueberry exports jumped 74% to 53,465 metric tons in week 32 of 2026/27, with the U.S. and Europe taking top spots as China’s share falls to 15%. Telecom Policy: Osiptel opens a public consultation to update Peru’s net neutrality rules, saying the 2016 framework no longer fits today’s 5G, FTTH growth, and traffic patterns. Industry & Jobs: HD Hyundai Heavy Industries signed an MoU with Peru’s labor ministry to build shipbuilding training programs and technical capacity aligned to local demand. Construction Sector: Saint-Gobain expands in Peru via acquisition of QSI Productos para la Construcción, while boosting plasterboard capacity in Brazil.

Mining & Markets: Hochschild Mining reported a strong H1, with revenues up 62% to $844m and adjusted EBITDA up 119% to $492m, alongside a higher interim dividend; the company also flagged rising attributable all-in sustaining costs to $2,448/oz and updated full-year AISC guidance. Exploration Update: Aftermath Silver said it’s progressing on the Berenguela PFS in southern Peru, completing 4,002m of diamond drilling and keeping the PFS on track for early 2027. Trade & Policy: Peru’s economy saw a current account surplus of 4.5% of GDP in 2Q 2026, while the government moves on an e-SAMI electronic visa/emergency passport platform. Energy & Infrastructure: Rio2 received approval for a Peru copper expansion, and DP World’s Port of Callao added shore power for vessels. Social & Community: A new Ian Treger Foundation will fund equipment and training for Peru’s volunteer mountain search-and-rescue teams. Culture & Heritage: Lima opened the excavated Hospital of the Holy Spirit beneath Santa Rosa’s sanctuary, adding a fresh layer to Peru’s colonial history.

Mining & Metals: Rio2 wins Peru approval to expand its Condestable underground copper mine, raising throughput to 10,000 tonnes per day (from 8,400) and authorizing a new dry-stack tailings facility, clearing the way for a longer mine life. Finance: Credicorp will hold its 2026 Strategic Update on Nov. 17, outlining a shift toward maturity, monetization and operating leverage, with tech, data and AI central to its growth plan. Telecom: Claro Peru says it has activated 1,200 5G base stations nationwide, reaching about 13.5 million people across all 24 departments. Agribusiness: Peru’s blueberry exports keep growing, with shipments up 74% year-on-year to 53,465 tons by week 32, while China’s share falls as the U.S. and Europe take more of the volume. Environment & Indigenous Rights: Ashéninka leader Américo Pascuala Tumisha is shot dead while patrolling Indigenous territory in Ucayali amid reported unauthorized copaiba extraction. Labor Market: Partner hiring at Peruvian law firms hits a 3+ year high, signaling a tighter talent race. Energy Policy: Peru’s LPG-to-CNG conversion debate highlights concerns over transparency and safety tradeoffs.

Peru Trade & Security: Peru’s President met with CAF to announce cooperation aimed at strengthening public security, while the country also moved to deepen trade ties as the Hong Kong–Peru free trade agreement is set to take effect Sept. 1 and Peru’s mining boom pushed exports to US$42.221 billion (+56% in 1H 2026). Peru Economy & Policy: Peru’s higher tax revenue helped keep the fiscal deficit declining through July 2026, and the government introduced e-SAMI electronic visa and emergency passport tools. Peru Agriculture & Food Exports: Peruvian blueberry exports rose sharply in 2026/27 (including a 65% jump to 66,737 tons), alongside research on TR4-resistant banana varieties. Peru Innovation: A 24-year-old Peruvian vet developed a natural healing ointment for pets using plantain, aloe vera, arnica and bloodsucker, with clinical validation planned. Regional Business Signals: Prime Video plans to invest over $2bn in Latin America between 2027 and 2030, boosting local originals and sports rights. Climate Watch: El Niño is forecast to be among the strongest on record, with oceans hitting record heat—an outlook that can ripple into Peru’s weather and food sectors.

Peru’s New Administration: Environmentalists are raising alarms over plans from President Keiko Fujimori’s government to expand fossil fuels and mining, alongside new road, rail and port push—raising questions about Peru’s Amazon future and its climate commitments. Trade & Investment: Hong Kong and Peru’s free trade agreement is set to enter into force on Sept. 1, aiming to cut tariffs and boost services, investment and e-commerce ties. Mining & Markets: Solis Minerals says it has completed initial diamond drilling at its Mandacaru lithium project in Brazil and is preparing a separate drilling program at its Cinto copper project in Peru, as investors focus on execution milestones. Corporate Finance: Dynacor Group approved a monthly dividend of C$0.01333 per share for September 2026, payable Sept. 17. Regional Business & Security: A new report warns organized crime is now a major obstacle to protecting the Amazon across Bolivia, Brazil, Colombia, Ecuador, Peru and Venezuela, exploiting weak state presence. Sustainability Watch: Kiribati detained a Chinese vessel for illegally harvesting shark fins during a Pacific surveillance crackdown, underscoring ongoing enforcement against illegal wildlife trade.

Peru Earthquake Response: Peru declared a state of emergency in five Ayacucho districts after a 7.2 quake, with authorities coordinating relief and damage assessments. Peru Business & Policy: Peru’s foreign affairs ministry rolled out e-SAMI for electronic visas and emergency passports, while the government also moved to finalize an encrypted platform to report extortions and protect victims. Defense & Aviation: Peru selected the Viper Shield electronic warfare system for its F-16 Block 70 fleet, signaling continued modernization of defense capabilities. Mining & Supply Chains: Peru’s mining sector is pushing a $33bn pipeline as Fujimori cuts red tape, while broader regional copper pressures persist as ore grades decline. Trade & Investment: Peru and Brazil will analyze renewable energy transitions at a Lima conference, and Peru and Israel seek to deepen cybersecurity cooperation. Clean Energy Metals: A virtual investor conference on Aug. 27 spotlights clean-energy metals projects including copper exploration in Peru. Global Risk Watch: Record ocean heat is stressing marine life and food security, a reminder of climate-linked risks that can spill into Peru’s fisheries and agriculture.

Disaster Response: Peru declared a 60-day state of emergency in five Ayacucho districts after a 7.2 earthquake, aiming to speed up repairs to homes, schools, health centers, local businesses and transport routes, with Health, Education, Housing, Transport, Interior and Defense ministries coordinating under INDECI. Business & Trade: Peru and Brazil will analyze the transition of renewable energy at a conference in Lima, signaling growing regional focus on energy investment and policy alignment. Mining & Markets: Endeavour Silver said the blockade at its Terronera Mine in Mexico has been removed and operations will resume Aug. 24, while copper continues to test new highs near US$7/lb, deepening debate over whether supply constraints will keep prices elevated. Digital Economy: Peru is moving to give digital ID equal legal status to physical credentials, a step that can unlock smoother public services and business processes. Food Access: In Camden, a new grant-funded program is providing free door-to-door rides to residents to reach a full-service supermarket—an example of how logistics can reshape local consumer access.

Disaster Response: Peru declared a 60-day state of emergency in five districts in Ayacucho after a 7.2 earthquake left nearly 500 people affected and damaged homes, schools, health centers, and transport routes, with INDECI and multiple ministries coordinating exceptional response and rehabilitation. Climate Risk & Trade: El Niño is strengthening and could peak in Nov. 2026–Jan. 2027 as the strongest on record, raising health and food risks worldwide and adding pressure to Peru-linked supply chains; Panama also cut canal crossings as drought lowers water levels, a reminder that climate shocks can hit global commerce fast. Mining & Investment: Endeavour Silver said the blockade at its Terronera Mine in Mexico has been removed and operations will resume Aug. 24, while the company continues engagement with the Ejido community. Security & Economy: Peru’s government is finalizing an encrypted platform to report extortions and protect victims, aiming to improve safety and reduce business disruption from organized crime. Regional Growth Outlook: ECLAC held its Latin America 2026 growth forecast at 2.2%, warning the pace remains too weak to lift living standards.

Peru Security Tech: Peru’s Interior Ministry says it’s in the final phase of building an encrypted digital platform for extortion reports, aiming to protect victims’ identities and speed up police action by letting investigators start work once encrypted complaints are submitted. Mining & Crime: A report highlights how cocaine cartels are expanding into illegal gold mining across the Amazon, using armed control of mines and the gold supply chain to generate lucrative revenue. Climate Risk: Forecasters warn 2027 could become the hottest year on record as El Niño strengthens, raising the odds of harsher heat waves, droughts, and heavy rainfall. Disaster Response & Infrastructure: Peru’s government is also pushing disaster preparedness tied to El Niño, while separate coverage notes Peru’s broader push to keep projects moving and reduce red tape. Trade & Digital Customs: APEC customs talks in Dalian focus on digital and smart trade facilitation, with customs authorities looking to improve cross-border clearance efficiency and security. Cultural Heritage: RCMP helped return a roughly 2,000-year-old Nasca-style bowl to Peru after it was identified in a Montreal auction lot.

Peru–Bolivia Diplomacy: Peru’s foreign minister Félix Plasencia González reaffirmed with Bolivia’s Héctor Huanca Gutiérrez their push to deepen integration and bilateral cooperation, after Peru resumed consular ties with several neighbors under the new administration. Peru Cultural Heritage: Canada’s RCMP helped return a roughly 2,000-year-old Nasca-style bowl to Peru after it was identified at a Montreal auction; the sale was suspended and the artifact was handed to Peruvian consular representatives. Mining & Metals Watch: Copper market pressure remains in focus as Peru-linked supply risk narratives grow louder, with 2026 forecasts pointing to a potential deficit if disruptions persist and new projects arrive too slowly. Regional Economic Outlook: ECLAC projected growth for Latin America and the Caribbean to remain modest, with the Dominican Republic forecast at 4% in 2026 and 4.4% in 2027—an indicator of the broader, uneven regional recovery.

Mining Disruption: MMG’s Las Bambas copper mine in Peru has suspended operations after a workplace accident, with a progressive restart expected from Aug. 21, keeping near-term supply-chain risk in focus. Copper Frontier Deal: Maaden and Aramco signed a shareholders’ agreement for a massive Saudi copper exploration joint venture covering about 182,000 km², subject to approvals. Football Governance: UEFA and CONCACAF are discussing a merger of their Nations League competitions, with a potential launch as early as autumn 2028 in a revamped tiered format. Legal/Compliance Watch: Peru’s Huaca Pucllana in Lima saw the discovery of an adult “Lord of the Channel” offering dating to around 650 AD, alongside marine remains and ceramics. Identity & Services: Peru moved to give digital ID equal legal status to physical credentials, a step aimed at modernizing access to services. Disaster Preparedness: Peru’s government announced US$237mn to strengthen preparedness for El Niño impacts, including rains and droughts.

Fisheries Policy: Peru’s Production Ministry (PRODUCE) has canceled the North-Central anchovy season, leaving more than 1 million metric tons of quota uncaught after warming El Niño conditions pushed juvenile levels too high for fishing. Disaster Preparedness: Peru’s government is moving to strengthen preparedness for El Niño impacts, including new funding and a focus on disaster risk reduction as severe flooding and landslides disrupt regions. Defense & Tech: Peru will receive the Viper Shield electronic warfare system for its F-16 Block 70 fleet, boosting capabilities as the defense ministry also evacuates people stranded by weather events. Trade & Agriculture: Peru’s blueberry exports are rising, with shipments shifting toward Asia-bound routes via Chancay as China’s share changes. Capital Markets: Wall Street rose despite a bond sell-off, with materials and crypto-related stocks helping offset pressure—an external signal for risk appetite. Cultural & Heritage: Peru secured the return of a 2,000-year-old Nasca-style artifact after RCMP recovery from a Montreal auction house.

Mining & Investment Push: Peru’s new Fujimori government expects at least $33bn in mining investment over its five-year term, aiming to speed approvals and cut overlapping permitting while keeping environmental and social standards intact. Earthquake Watch: A 6.7 quake hit southern Peru near Coracora (Ayacucho), injuring at least two people and damaging homes and health facilities, prompting emergency checks across the Andes. Copper Market: Copper surged above $14,000/tonne on the LME as AI/data-center demand and U.S.-linked stockpiling expectations met tighter inventories outside the U.S., keeping prices elevated. Regional Growth Outlook: ECLAC trimmed its 2026 forecast for Latin America and the Caribbean to 2.2%, warning the pace is too weak to sustainably raise income per capita. Trade & Policy: Peru plans to boost entry into force of the Peru–Hong Kong FTA, while also preparing a broader push for trade and services toward the Asia-Pacific. Digital Identity: Peru moved to give digital ID equal legal status to physical credentials, a step aimed at simplifying access to services.