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Top Brazilian entrepreneurs tie-up to develop mining opportunities in Latam and Africa

Saturday, July 14th 2012 - 00:30 UTC
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Roger Agnelli for years was CEO of Brazil largest mining corporation Vale Doce Roger Agnelli for years was CEO of Brazil largest mining corporation Vale Doce

Brazil's top investment bank Banco BTG Pactual announced a tie-up with Roger Agnelli, former head of mining giant Vale, to invest up to 520 million dollars in Latin America and Africa.

BTG said the alliance between billionaire Andre Esteves's BTG Pactual and Agnelli's investment company AGN will explore “investment opportunities in the mining sector with a focus on Brazil, Latin America and Africa.”

The 50/50 partnership aims to field investments of up to 520 million dollars. The new B&A company is scheduled to start operations within two months in the aim of beginning copper production around 2014 in Chile.

However, B&A executives told reporters there were as yet no concrete projects for Brazil, Africa and other Latin American countries. They also expressed confidence that Asian economies would continue to grow and thus boost the commodity market.

“The natural resources sector will continue to be extremely promising for many years,” said Agnelli, the new company's chairman.

“We believe in Latin America and Africa's enormous natural wealth potential,” he added, pledging to develop “an innovative and environmentally sustainable mining company with a social commitment to nearby communities.”

“The market is big and there are many opportunities,” said Carlos Fonseca, a BTG Pactual official.

B&A officials also said they were keen to tap iron ore and infrastructure opportunities in Africa, as well as to launch fertilizer projects in Brazil.

“There are still many resources that have not yet been discovered in Africa. It's a question of time and the world needs Africa,” Agnelli said.

In May, BTG Pactual launched a 1 billion Africa investment fund, the biggest in the world, with capital collected in this country.

And in late April, BTG Pactual made its trading debut on the Sao Paulo bourse, following an initial public offering that raised 3.65 billion Real (1.92bn dollars) through the sale of 117 million units.

Esteves, who has a net worth of 3bn dollars, according to Forbes magazine, has turned BTG Pactual into Brazil's top investment bank, with over 61 billion in its asset management group and 21 billion in its wealth management unit.

Agnelli stepped down last year as CEO of Vale, the world's top iron producer, after discrepancies with the administration of former president Lula da Silva when the previous slowdown of 2008/09. He then set up AGN to invest in energy, logistics and mining.

Top Comments

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  • MarkWhelan

    With Roger Agnelli at the helm and no Government interference this would be one company to invest in .
    Roger Agnelli was creating good profits for 'Vale' but would not follow Lula's instructions to open a smelter in the NE States.
    On the other hand Petrobras is losing money but it's managing Director follows Lula and Dilma commands he therefore must be kept.

    Jul 14th, 2012 - 03:42 pm 0
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