Eduardo Elsztain is a leading businessman in Argentina, known for his investments in real estate and agriculture, and now expanding into mining. As a close ally of President Javier Milei, Elsztain’s influence includes support for Milei’s spiritual and political journey amid an economically challenging environment where mining shows growth. Elsztain is positioning himself to capitalize on favorable conditions in the mining sector, with investments expected to yield significant returns.
Eduardo Elsztain, a prominent businessman in Argentina, is known for his expansive investments in real estate, agriculture, and now mining, as he aligns closely with President Javier Milei. While mining experienced growth during Milei’s first year in office, Elsztain’s influence is notable not only in business but also in guiding the president’s spiritual journey and political strategy.
Elsztain, age 65, began his rise during the 1990s under President Carlos Menem. His company, IRSA, originally founded by his grandfather, transformed significantly after he took control in 1991. Today, IRSA is a key player in real estate, holding 15 shopping centers and valuing around $1.2 billion, employing approximately 800 staff.
In addition to real estate, Elsztain has invested in agriculture since the 1990s through a company named Cresud, amassing ownership of 800,000 hectares across South America. In the last fiscal year, Cresud produced over 700,000 tons of grains and 9,000 tons of beef, affirming its substantial role in the agricultural sector.
Elsztain’s personal rapport with President Milei, cultivated during the 2023 campaign at the Libertador hotel, has been profound. He has been pivotal in supporting Milei’s embraces of Judaism, even facilitating spiritual trips to significant sites. During an event in honor of IRSA’s 30-year listing on the NYSE, Elsztain remarked on Milei’s potential to guide Argentina towards economic renewal.
Despite Elsztain’s optimism, the overall economic environment remains challenging, with various sectors reporting declines. Nevertheless, mining has shown growth, with a 7.1% expansion noted in the last year; this sector stands out during a time of economic contraction in others. Elsztain aims to capitalize on this by strengthening his investments in mining projects like the Hualilán gold mine through Challenger Gold.
His strategy is bolstered by favorable government incentives for mining investments and a favorable gold market, with prices rising significantly in 2024. Analysts project continued increases in gold prices, suggesting that his investments may yield promising returns in an uncertain economic landscape.
Elsztain’s trajectory showcases a blend of entrepreneurial spirit and strategic relationships, positioning him as a significant figure in Argentina’s economic evolution under Milei’s leadership.
In summary, Eduardo Elsztain exemplifies the interplay between business influence and political alignment in Argentina under President Javier Milei. His diverse investments across real estate, agriculture, and emerging interests in mining reflect adaptability to the changing economic landscape. While challenges persist, Elsztain’s move towards mining could prove fruitful given current market trends and government support, highlighting his role in shaping Argentina’s future.
Original Source: english.elpais.com
