{"id":25165,"date":"2022-08-25T13:39:48","date_gmt":"2022-08-25T13:39:48","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2022\/08\/25\/a-new-constitution-in-chile-could-raise-canadian-miners-business-risk\/"},"modified":"2022-08-25T13:39:48","modified_gmt":"2022-08-25T13:39:48","slug":"a-new-constitution-in-chile-could-raise-canadian-miners-business-risk","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2022\/08\/25\/a-new-constitution-in-chile-could-raise-canadian-miners-business-risk\/","title":{"rendered":"A new constitution in Chile could raise Canadian miners&#8217; business risk"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> Mining <\/li>\n<li class=\"breadcrumbs__item\"> FP Economy <\/li>\n<li class=\"breadcrumbs__item\"> Commodities <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> President Gabriel Boric&#8217;s new constitution prioritizes human rights and the environment over business interests <\/p>\n<div class=\"article-meta\">\n<div class=\"published-date\">\n<p>Publishing date:<\/p>\n<p> <span class=\"published-date__since\">Aug 25, 2022<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">49\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">12 minute read<\/span> \u00a0\u2022\u00a0 <span>  <span class=\"comment-bubble\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"16\" viewbox=\"0 0 24 24\" width=\"16\"><path d=\"M4,0 C2.93914,0 1.921718,0.421428 1.171572,1.171572 C0.421428,1.921718 0,2.93914 0,4 L0,24 L3.846,20.158 L4,20.16 L20,20.16 C21.0608,20.16 22.0782,19.73858 22.8284,18.98842 C23.5786,18.23828 24,17.22086 24,16.16 L24,4 C24,2.93914 23.5786,1.921718 22.8284,1.171572 C22.0782,0.421428 21.0608,0 20,0 L4,0 Z M2,4 C2,3.46956 2.21072,2.96086 2.58578,2.58578 C2.96086,2.21072 3.46956,2 4,2 L20,2 C20.5304,2 21.0392,2.21072 21.4142,2.58578 C21.7892,2.96086 22,3.46956 22,4 L22,16.16 C22,16.69044 21.7892,17.19914 21.4142,17.57422 C21.0392,17.94928 20.5304,18.16 20,18.16 L4,18.16 L3.048,18.126 L2,19.174 L2,4 Z\"\/><\/svg><\/span> Join the conversation  <\/span> <\/div><\/div>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-miner-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-miner-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp 2x\" type=\"image\/webp\"\/><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-miner-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-miner-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg 2x\" type=\"image\/jpeg\"\/><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-miner-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-miner-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp 2x\" type=\"image\/webp\"\/><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-miner-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-miner-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg 2x\" type=\"image\/jpeg\"\/><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-miner-vw0823.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-miner-vw0823.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp 2x\" type=\"image\/webp\"\/><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">An artisanal miner shows ore at a small copper and gold processing plant in Chile.<\/span> <span class=\"credit\">Photo by Ivan Alvarado\/Reuters files<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p><em><strong>Latin America is an important North American trading partner, with growing importance on the world stage thanks to a wealth of minerals key to the green energy transition. Today, in the first of a series of stories on Latin America, Marisa Coulton takes a look at how changes to Chile\u2019s constitution could raise risks for Canadian miners doing business in the country.<\/strong><\/em><\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment9479090757602514727647738037767272\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment9479090757602514727647738037767272\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Canadian miners have had a good run in Chile since Canada signed a free-trade agreement with South America\u2019s third biggest economy 25 years ago.<\/p>\n<\/section>\n<div class=\"article-content__widget-group article-content__widget-group--content-slot6 article-content__widget-group--newsletter-slot\">\n<section aria-labelledby=\"FinancialPostTopStories6586269898615696710795989880101737\" class=\"newsletter-widget fp-headlinenews background--primary-light-gradient\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" alt=\"Financial Post Top Stories Banner\" class=\"newsletter-widget__banner\" height=\"60\" loading=\"lazy\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/FPTopStories-06232021.jpg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories6586269898615696710795989880101737\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Some 55 Canadian mining companies are present in Chile, and the country is home to around 11 per cent of Canada\u2019s international mining assets, according to the federal Department of Natural Resources, making Chile Canada\u2019s second-most important mining market after the United States.<\/p>\n<p data-async=\"\">But things could get a little more difficult. Earlier this year, the Chilean Supreme Court ratified the closure of Toronto-based Barrick Gold Corp.\u2019s Pascua Lama gold and copper mining project, because it reduced the availability of water in the area, impacted local glaciers and tainted a local river.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment741246000035200132854683771948438\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment741246000035200132854683771948438\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Gabriel Boric, the country\u2019s new leftist president, was unapologetic when he visited Canada in June. He\u00a0told Prime Minister Justin Trudeau that \u201cconvincing and forcing the private sector to work better\u201d is essential to Chile\u2019s development.<\/p>\n<p>It\u2019s been a while since a Chilean leader displayed an interventionist attitude so openly. When the Canada-Chile trade agreement came into force in 1997, the relationship between Santiago and its allies in North America and Europe looked quite different.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"Chile's president Gabriel Boric speaks during a meeting with Prime Minister Justin Trudeau in June.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Chile\u2019s president Gabriel Boric speaks during a meeting with Prime Minister Justin Trudeau in June.<\/span> <span class=\"credit\">Photo by Blair Gable\/Reuters<\/span> <\/figcaption><\/figure>\n<p>Back then, Chile\u2019s approach to economics was still influenced by the free-market ideology of Augusto Pinochet, the military dictator who seized power in a coup in 1973, ruled until 1990, and spent the final years of his life fighting the Spanish government\u2019s attempts to try him for genocide. Canada\u2019s deal with Chile was its first with a South American country, giving Canadian industry a toehold in a region known more for its revolutionary politics and socialist tilt.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment2047933588721606776638070142492016\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment2047933588721606776638070142492016\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>By all accounts, Chile and Canada should still be good partners today; the agreement stands, and the countries are aligned politically and culturally. But the two countries haven\u2019t always seen eye to eye. Canada was silent when protests broke out in Chile in 2019 in response to the hike of the cost of a metro ticket. The 36-year-old former environmental activist is pushing his country\u00a0to rethink its economy and relationships with key trading partners.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"This handout photo released on the official Twitter account of Prime Minister Justin Trudeau shows Trudeau, left, meeting with Chile's president, Gabriel Boric, at a brewery in Ottawa, on June 6, 2022.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/trudeau-boric-vw0823.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> This handout photo released on the official Twitter account of Prime Minister Justin Trudeau shows Trudeau, left, meeting with Chile\u2019s president, Gabriel Boric, at a brewery in Ottawa, on June 6, 2022.<\/span> <span class=\"credit\">Photo by Official Twitter account of Prime Minister Justin Trudeau\/AFP via Getty Images<\/span> <\/figcaption><\/figure>\n<p data-async=\"\">Mining companies, Boric said to Trudeau, \u201cwere used to destroying our territory and were used to (getting) a lot of revenues, and they didn\u2019t (give) enough to the countries where they worked. And some of those companies were Canadian.\u201d<\/p>\n<p>Trudeau was defensive. \u201cThe vast majority of Canadian mining companies are responsible,\u201d he said. \u201cThere are some that are not, and we have to be tougher against them.\u201d But it\u2019s not as easy as putting new regulations in place. The issue goes much deeper than that. Chile\u2019s free-market constitution opened up the country to exploitation by foreign powers and prioritized commerce over all else, including the well-being of Chileans.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment1507707685713533131419305200248311\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment1507707685713533131419305200248311\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h2>\u2018Grappling with the past\u2019<\/h2>\n<p data-async=\"\">Boric appeared uninterested in Trudeau\u2019s nuanced take on the legacy of Canadian miners in Chile. \u201cI told Mr. Trudeau that we want to demand Canadian companies to behave in Chile as if they were in Canada,\u201d he said. \u201cThere is no reason that can justify that in some countries, you behave in some ways you wouldn\u2019t do in your own country.\u201d<\/p>\n<p data-async=\"\">Chile\u2019s new president plans to put a stop to the environmental abuse by throwing out the market-focused constitution written during Pinochet\u2019s brutal reign, and replace it with one that prioritizes human rights and the environment over business interests. The country is scheduled to vote on the new constitution in a referendum on Sept. 4. The constitution will pass if it gets 57 per cent support from Congress. (The benchmark is even higher for the major reforms, at around 67 per cent.)<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment4172103543655700574390945822611811\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4172103543655700574390945822611811\">Advertisement 6<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">In his presidential acceptance speech, Boric said, \u201c\u2026climate change, dear compatriots, is not an invention. It is here, and it has direct effects on our lives and those of future generations. We cannot look the other way when our farmers and peasants, when entire localities are deprived of water or when unique ecosystems are destroyed when we can avoid it.\u201d<\/p>\n<p>Stifling mining could have the opposite effect than intended, however.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"A miner in a copper mine in Chile.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/copper-vw0823.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> A miner in a copper mine in Chile.<\/span> <span class=\"credit\">Photo by Glenn Arcos\/AFP via Getty Images<\/span> <\/figcaption><\/figure>\n<p data-async=\"\">Paradoxically, Chile\u2019s mining industry both hurts and helps the environment: while it poses a risk to local glaciers, flora and fauna, it could also position the country as a key actor in the global energy transition to an economy based on renewable energy. Chile is rich in the minerals essential for electric vehicles and electric vehicle batteries. It is currently the world\u2019s top copper producer\u00a0and second-largest lithium producer, with over 50 per cent of the world\u2019s lithium reserves held in Chile alone.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment4861895718134138981356481334200082\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4861895718134138981356481334200082\">Advertisement 7<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Roughly 28 per cent of Chilean mines are state-owned, operated by Santiago-based Codelco, while the other 72 per cent are owned by private mining companies, including many from Canada. These include Teck Resources Ltd. and Los Andes Copper Ltd., both based in Vancouver, as well as Barrick and Yamana Gold Inc., both based in Toronto. The value of Canadian mining assets in Chile is roughly $21.3 billion, according to the Natural Resources Department.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"Codelco's logo at the company's headquarters in Santiago, Chile.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/codelco-vw0823.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Codelco\u2019s logo at the company\u2019s headquarters in Santiago, Chile.<\/span> <span class=\"credit\">Photo by Ivan Alvarado\/Reuters files<\/span> <\/figcaption><\/figure>\n<p data-async=\"\">Investors once considered Chile a \u201cposter child\u201d for trade in Latin America, said Irene Mia, conflict and security researcher at the International Institute for Strategic Studies (IISS), a London-based think-tank. But things have changed, at least in the eyes of political risk analysts.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment2455191512680605057525956594028040\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment2455191512680605057525956594028040\">Advertisement 8<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-8\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"8\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-8\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cCompanies are becoming more aware of the geopolitical aspects to their business,\u201d said Michael Susong, senior vice-president of global intelligence at the Montreal-Based GardaWorld Corporation, a private security firm. \u201cIn the past, you could just push your way into the world and the market, and geopolitical capital was less of a factor,\u201d he said, adding that today, companies need to be more tactful in how they choose to enter a new market, tracking changes in government and policy shifts closely.<\/p>\n<p>\u201cHistorically, Latin America has already been a good North American trading partner,\u201d Susong said. \u201cI wouldn\u2019t give up. I just think countries and companies need to be aware of what those risks may be.\u201d<\/p>\n<p>Chile\u2019s Boric is not an outlier, but rather a product of years of political dissatisfaction in the country. The current constitution severely restricts civil liberties, and is a relic of a dark history Chileans would like to leave behind. During his reign, Pinochet executed, interned and tortured thousands of leftists, socialists and political critics. \u201cSometimes democracy must be bathed in blood,\u201d Pinochet said by way of explanation.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment1348820537724113446634599320680785\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment1348820537724113446634599320680785\">Advertisement 9<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-9\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"9\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-9\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Businesses should focus \u201cless on the president and more on what the president symbolizes,\u201d said Carlo Dade, who studies trade policy at the Canada West Foundation, a think-tank in Calgary.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"People hold flags during a march in support of the new constitution on August 20, 2022 in Santiago.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-constitution-vw0823.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> People hold flags during a march in support of the new constitution on August 20, 2022 in Santiago.<\/span> <span class=\"credit\">Photo by Martin Bernetti\/AFP via Getty Images<\/span> <\/figcaption><\/figure>\n<p>\u201cThere\u2019s been a major social movement and social shift in Chile,\u201d Dade added. \u201cThe rewriting of the constitution is emblematic of this,\u201d Dade said. \u201cThe country\u2019s at a point where they\u2019re grappling with the past and trying to change. That is the issue. The president is just the tip of the iceberg.\u201d<\/p>\n<h2>A \u2018laboratory for neoliberalism\u2019<\/h2>\n<p data-async=\"\">Though flawed, the previous constitution can be credited with instilling free-market discipline that helped Chile become one of the stronger economies in the region. The legacy of the reforms is complicated. On one hand, Chile\u2019s gross domestic jumped from US$17 billion USD in 1973, when Pinochet overthrew the government, to US$317 billion<span style=\"font-weight: 400\"> in 2021, according to World Bank data. <\/span><\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment7275081415081244515404032731474124\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment7275081415081244515404032731474124\">Advertisement 10<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-10\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"10\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-10\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">However, in 2020, the richest 10 per cent of the population owned more than half of the country\u2019s wealth. The gap is narrowing, but Chile remains a highly unequal nation.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"Demonstrators carry a mock-coffin representing the Chilean 80's constitution.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-coffin-vw0823.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Demonstrators carry a mock-coffin representing the Chilean 80\u2019s constitution.<\/span> <span class=\"credit\">Photo by Ivan Alvarado\/Reuters<\/span> <\/figcaption><\/figure>\n<p data-async=\"\">In the 1970s, Pinochet brought in several economists who had trained under Nobel laureate Milton Friedman and Arnold Harberger at the University of Chicago. The economists, who came to be known as the \u201cChicago Boys,\u201d conducted the most dramatic, far-reaching reforms in Chile\u2019s history. \u201cChile was a laboratory for neoliberalism in its most pure (or extreme) version,\u201d wrote Promarket, a publication by the University of Chicago.<\/p>\n<p>The Chicago Boys cut public spending, quashed labour unions and rapidly opened the economy to trade and investment. Some 95 per cent of public companies were privatized.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment3266165205871885589139353589987102\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment3266165205871885589139353589987102\">Advertisement 11<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-11\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"11\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-11\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cYou still have strong institutions,\u201d Dade said. \u201cThe legacy of the Chicago Boys, Milton Friedman\u2019s disciples, has led to strong institutions in the country. Stronger than, I would argue, anyplace else in Latin America. In some cases, strongest in the hemisphere.\u201d<\/p>\n<p>The 2022 Latin America Mining Risk Index by Americas Market Intelligence (AMI) said that the risk associated with mining in Chile could change if Boric\u2019s constitution is approved.<\/p>\n<blockquote>\n<p>The legacy of the Chicago Boys, Milton Friedman\u2019s disciples, has led to strong institutions in the country<\/p>\n<p>Carlo Dade<\/p>\n<\/blockquote>\n<p data-async=\"\">Article 145 of the proposed constitution, for example, would establish the state\u2019s absolute domain over \u201call mines and mineral substances, metallic, non-metallic and deposits of fossil substances and existing hydrocarbons in the national territory.\u201d It adds that \u201cthe exploration, exploitation and use of these substances will be subject to a regulation that considers their finite, non-renewable nature, intergenerational public interest and environmental protection.\u201d Mining companies could also be required to allocate resources to mitigate and repair environmental damage they cause.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment2454856007229894565349787008550601\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment2454856007229894565349787008550601\">Advertisement 12<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-12\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"12\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-12\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">The new constitution notwithstanding, Chile ranks well when it comes to mining risk. <a data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" control_fields=\"\" link=\"\" href=\"https:\/\/www.mining.com\/political-changes-boost-risk-for-miners-in-latin-america\/?utm_content=buffer47902&amp;utm_medium=social&amp;utm_source=twitter.com&amp;utm_campaign=buffer\" rel=\"noopener noreferrer nofollow\" target=\"_blank\">According<\/a> to the Mining Risk Index, Chile is the most \u201cwelcoming\u201d jurisdiction for miners in Latin America. Based on seven risk categories, including political interference, economic pressure, and reputational risk, Chile topped out as the least risky jurisdiction in Latin America for mining. This reality still holds true for most Canadian mining companies in the region.<\/p>\n<p>Steve Cochrane, chief executive of Calgary-based Lithium Chile Corp., said it\u2019s a game of wait and see. \u201cAs far as the new constitution is concerned there\u2019s no point in worrying about something until the actual vote takes place,\u201d he said in an email. \u201cThen, depending on the outcome, we will respond accordingly.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment382439650137727410117573814197619\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment382439650137727410117573814197619\">Advertisement 13<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-13\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"13\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-13\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Cochrane added he hasn\u2019t noticed a slowdown in inquiries from large global mining companies about their operations in Chile, which, to him, is an indication that \u201ccompanies still see a lot of opportunities in Chile in spite of all the rhetoric.\u201d<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"Workers at the world's biggest copper mine in Chile, in 2008.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-copper.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Workers at the world\u2019s biggest copper mine in Chile, in 2008.<\/span> <span class=\"credit\">Photo by Ivan Alvarado\/Reuters files<\/span> <\/figcaption><\/figure>\n<p>A spokesperson for Vancouver-based Teck Resources said in an email: \u201cWe continue to monitor the constitution rewrite process. There are several drafting and approval phases yet to go. The final proposal will ultimately be decided by popular vote.\u201d<\/p>\n<p>Los Andes Copper said: \u201cChile is a democratic country, and has sovereignly decided to enter into a process to replace its constitution. Los Andes Copper, as a foreign investor in Chile, deeply respects this process.\u201d The spokesperson added, \u201cWe are not considering any changes or adjustments to our exploration program and prefeasibility studies in view of constitutional changes in Chile.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment5938245828378804482366728159120152\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5938245828378804482366728159120152\">Advertisement 14<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-14\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"14\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-14\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h2>Neoliberalism\u2019s \u2018grave\u2019<\/h2>\n<p>So, Canada-Chile trade relations are stable for now. During Boric\u2019s recent visit, Trudeau said the two nations were \u201ctremendously aligned.\u201d But this hasn\u2019t always been the case.<\/p>\n<p data-async=\"\">When the hike of the cost of a metro ticket set off the largest protests in Chile\u2019s history three years ago, resulting in five dead and thousands injured, Canada was noticeably silent. Non-profit MiningWatch Canada speculated that this had to do with Canada\u2019s mining interests in the region. Calls for a new constitution were a recurring theme throughout the protests, the slogan being, \u201cIf Chile was neoliberalism\u2019s cradle, it will also be its grave.\u201d<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"A Scotiabank gate is seen graffitied during a protest against Chile's government in Santiago, Chile, Nov. 1, 2019.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-protest-vw0823.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> A Scotiabank gate is seen graffitied during a protest against Chile\u2019s government in Santiago, Chile, Nov. 1, 2019.<\/span> <span class=\"credit\">Photo by Jorge Silva\/Reuters<\/span> <\/figcaption><\/figure>\n<p data-async=\"\">Trudeau did not directly endorse the new constitution, but acknowledged that \u201cyou cannot grow a strong, resilient economy in the 21st century unless you are also protecting the environment, unless everyone has a chance to participate, unless you are including people who have been excluded.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment7333601187428029410182666309776605\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment7333601187428029410182666309776605\">Advertisement 15<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-15\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"15\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-15\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Even if the constitution is passed, Mia, the Latin American security expert, said she doubts it will have as dramatic an impact as Boric appears to want. \u201cI think it was good to channel this violent unrest into a constitutional process, but it is true that it carries a risk,\u201d she said. \u201cIt\u2019s really hard to change a socioeconomic model with a constitution. It\u2019s not that easy. You can\u2019t just say that with this constitution, we\u2019re going to eliminate inequalities. Even if the constitution is approved, I\u2019m not sure it will solve the problem for which it has been convened, in a way.\u201d<\/p>\n<p>Mia is also skeptical that Latin America has changed as much as the elections of leftist leaders in Mexico, Chile and Colombia suggest. \u201cI am kind of reticent to call it a pink tide,\u201d she said. It appears to be a lean to the left, she said, because Latin Americans are upset at the economic fallout from haphazard pandemic lockdowns and are pushing out the incumbents, most of whom happened to be right-leaning.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment202355438786856887463032260100529\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment202355438786856887463032260100529\">Advertisement 16<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-16\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"16\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-16\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Lockdowns were especially hard on Latin Americans, 60 per cent of whom work informally. This general dissatisfaction with how the economy was being managed \u201ctranslated politically into what we see across the region: the rise of populism,\u201d Mia said.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"Tug boats guide a container ship into the Port of Arica on August 21, 2022 in Arica, northern Chile.\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/chile-ship-vw0823.jpg?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\"\/><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Tug boats guide a container ship into the Port of Arica on August 21, 2022 in Arica, northern Chile.<\/span> <span class=\"credit\">Photo by John Moore\/Getty Images<\/span> <\/figcaption><\/figure>\n<p>John Price, managing director of Americas Market Intelligence (AMI), agreed.\u00a0In Latin America today, \u201cit\u2019s a throw the bums out mentality,\u201d he said. The population blamed the government for mishandling the pandemic and the resulting economic downturn. \u201cIt\u2019s disruptive because the people who are coming to power\u2026 have never governed before,\u201d he said. \u201cSo it\u2019s not about left and right, it\u2019s about a whole new roster of leaders\u2026 they\u2019re inexperienced, and this is what frightens business. Business likes predictability.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment5137396314676700300631958423441675\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5137396314676700300631958423441675\">Advertisement 17<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-17\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"17\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-17\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">There will be challenges ahead. The International Monetary Fund reported recently that Latin America\u2019s COVID recovery was slowing, and that the war in Ukraine had only exacerbated existing issues. The war is \u201craising uncertainty about the outlook for Latin America and the Caribbean,\u201d wrote the researchers.<\/p>\n<p data-async=\"\">S&amp;P Global Inc., the research and data firm, said earlier this year that Latin American traders were struggling with increased shipping costs and delays. Items that once took weeks to arrive are taking several months.<\/p>\n<p>\u201cThe political infrastructure, the government, can\u2019t really get its feet up under it to be a good partner to its population and to be a clear partner to business. It will be a struggle,\u201d Susong said.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment850840124283959221822815149831294\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment850840124283959221822815149831294\">Advertisement 18<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-18\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"18\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-18\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">As Canadian businesses reassess their Latin America portfolio, the risk calculus will differ somewhat. Investors, most notably Canadian pension funds, will be most interested in long-term political and economic stability, said Price. Investors may want to watch the labour market stability, he added. (Labour market growth slowed this quarter, according to Scotiabank.)<\/p>\n<p>Canadian B2B exporters, on the other hand, will take their cue from the multinationals with whom they do business, following them wherever they go. Price said that businesses seeking to operate in Latin America can prepare themselves by acquiring a local partner, or by ensuring there is adequate expertise on their team.<\/p>\n<section aria-labelledby=\"moreTopicLabel1210843926383146917774209650222867\" class=\"more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"> <button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/> <\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Lundin's Candelaria copper mine in Chile.\" class=\"lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/lundin-vw0822.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/lundin-vw0822.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/lundin-vw0822.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/08\/lundin-vw0822.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> &#8216;Overexploitation&#8217; by Canada&#8217;s Lundin caused massive sinkhole near mine: Chile <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Copper production will need to double by 2035 in order to meet emissions targets.\" class=\"lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/07\/copper-0726.jpeg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/07\/copper-0726.jpeg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/07\/copper-0726.jpeg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2022\/07\/copper-0726.jpeg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> The new oil? How demand for copper could reshape the world <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Bank of Nova Scotia CEO Brian Porter.\" class=\"lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/01\/brian-porter-1.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/01\/brian-porter-1.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/01\/brian-porter-1.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/01\/brian-porter-1.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Why Brian Porter is doubling down on Scotiabank\u2019s Latin American expansion <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"\" class=\"lazyload\" copper=\"\" daniel=\"\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/daniel-yergin.png?h=96&amp;strip=all&amp;quality=80\" energy=\"\" for=\"\" fundamental=\"\" height=\"96\" historian=\"\" is=\"\" loading=\"lazy\" mineral=\"\" required=\"\" said=\"\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/daniel-yergin.png?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/daniel-yergin.png?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/daniel-yergin.png?h=288&amp;strip=all&amp;quality=80 3x\" that=\"\" the=\"\" transition=\"\" width=\"96\" yergin.=\"\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> \u2018The basic metal of electrification\u2019: Why famed energy analyst Daniel Yergin sees a copper crunch looming <\/span> <\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/> <\/section>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment4121176248022460402870058894776375\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4121176248022460402870058894776375\">Advertisement 19<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-19\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"19\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-19\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Latin America still remains one of the better regions in which to invest in, despite the instability, Dade said. \u201cThere probably has been an increase in risk but there\u2019s probably been an increase in risk globally.\u201d<\/p>\n<p>Mia echoed this, saying she hadn\u2019t seen anything alarming enough for her to counsel businesses to leave the region immediately. Investors should take into account the \u201cpolitical dysfunction\u201d in the region but be aware that the bold ideas proposed by leaders such as Boric are likely too ambitious to be adopted. \u201cI don\u2019t think there is much to worry (about),\u201d she said.<\/p>\n<p data-async=\"\"><em>\u2022 Email: mcoulton@postmedia.com | Twitter: <a class=\"twitter-follow-button\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" control_fields=\"\" link=\"\" href=\"https:\/\/twitter.com\/marisacoulton\" rel=\"nofollow noopener\" target=\"_blank\">marisacoulton<\/a><\/em><\/p>\n<p> <iframe loading=\"lazy\" frameborder=\"0\" height=\"1200\" id=\"\" src=\"https:\/\/modules.wearehearken.com\/financial-post\/embed\/9353\/share\" style=\"--height: 1200px; \" width=\"\"><\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section aria-describedby=\"advertisment9976981769584694562783461534800859\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment9976981769584694562783461534800859\">Advertisement <\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>A new constitution in Chile could raise Canadian miners&#8217; business risk<\/a><br \/>\n<br \/>2022-08-25 13:39:48<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Mining FP Economy Commodities President Gabriel Boric&#8217;s new constitution prioritizes human rights and the environment over business interests Publishing date: Aug 25, 2022 \u00a0\u2022\u00a0 49\u00a0minutes ago&#8230;<\/p>\n","protected":false},"author":2,"featured_media":25166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-25165","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/25165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=25165"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/25165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/25166"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=25165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=25165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=25165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}