I wouldn’t have expected that of Chile either. They’ve always seemed to be one of the more rational S. American countries. At least it’s not a done deal and the leftists may not prevail.
That looks like a likely scenario you present. The falling apart of the covid lies and the resulting anger crashing the rig as well. The upside in the metals will be huge.
Reminds me of that quote: How do you go bankrupt … slowly … then all at once!