Eduardo Elsztain, prominent businessman and head of IRSA Group, is pivoting towards mining, a growing sector during Javier Milei’s presidency. With a background in real estate and agriculture, Elsztain’s investments focus on mining amidst economic challenges, showcasing his close personal and business ties with the president.
Eduardo Elsztain, head of the IRSA Group, is increasingly focusing on mining, a sector that notably expanded during Javier Milei’s administration. With significant interests across real estate, agriculture, and now mining, Elsztain has established himself as a substantial figure close to Milei, both in business and personal realms.
Born in Buenos Aires 65 years ago, Elsztain began amassing his fortune in the 1990s during Carlos Menem’s presidency. He took over the family firm, Inversiones y Representaciones Sociedad Anónima (IRSA), in 1991, transforming it into a multifaceted group encompassing real estate, financial services, and agriculture, and now venturing into mineral exploitation as well.
IRSA made its mark in the real estate sector by operating major shopping centers and hotels, including the renowned Llao Llao resort in Bariloche. Currently, IRSA employs around 800 individuals and boasts a market value near $1.2 billion. Elsztain has also invested heavily in agriculture, acquiring Cresud, which owns approximately 800,000 hectares across several South American countries and generated over 700,000 tons of grains in the last fiscal year.
Elsztain’s relationship with President Milei transcends business. He provided support during Milei’s campaign and facilitated spiritual experiences, notably encouraging a visit to New York to honor Rabbi Schneerson. Elsztain has expressed his support for Milei, describing him as a “young phenomenon who brings change” and highlighting hopes for economic recovery after years of decline.
Despite his optimism, the early results of Milei’s fiscal policies have been mixed, with overall economic activity seeing minimal growth amid significant losses reported by IRSA and Cresud. Elsztain’s shift toward mining arises from its 7.1% growth in the previous year, contrasting starkly with other sectors.
Through Austral Gold Limited, Elsztain is expanding his mining investments, most recently acquiring a majority stake in Challenger Gold, overseeing gold extraction in San Juan. The favorable climate created by government incentives and rising gold prices makes this sector a promising avenue in Argentina’s uncertain economy.
Eduardo Elsztain, an influential businessman in various sectors, is strategically transitioning his focus to mining amid the economic challenges faced in Argentina. His close association with President Javier Milei reflects a unique blend of personal and economic interests. While Elsztain has expressed optimism regarding Milei’s leadership, the stark realities of the current economic landscape underscore the complexities of navigating business success in Argentina.
Original Source: english.elpais.com
