Main sea freight index at Baltic Exchange rises further to 978 points

At 8:00 a.m. on August 11, Chile local time, the Prillex plant of explosives supplier Enaex, located in Mejillones, Chile, officially commenced a lawful strike. A total of 89 union members participated in the strike and blockaded the plant entrance, temporarily disrupting traffic on nearby roads. The plant produces ammonium nitrate, an essential raw material for blasting agents used at copper mines in northern Chile. Enaex stated that it has taken measures to ensure client deliveries, and production is currently being maintained by non-striking employees and an emergency team.

Chile has approved Codelco’s retention of 100% of its 2025 profits, equivalent to around $2.42 billion, to strengthen its financial position, support operational continuity and fund key investment projects. The move could reduce Codelco’s reliance on new debt. In 2025, Codelco reported EBITDA of $6.67 billion, own-mine copper output of 1.33 million tonnes and total output of 1.44 million tonnes, with annual investment reaching $5.07 billion. Focus will remain on project execution, cost control and production recovery.

Restart expectations for First Quantum’s Cobre Panamá mine have improved after Panama’s commerce minister met mine workers, local authorities and suppliers in nearby regions. Their proposals will be reviewed by the government’s interministerial commission. The mine is currently allowed to process stockpiled ore, supporting about 3,200 direct jobs and over 3,000 indirect jobs. By end-June, First Quantum had processed 2.1 million tonnes of stockpiled ore and produced around 3,200 tonnes of contained copper, with the first shipment expected this month.