Eduardo Elsztain, head of IRSA Group, is investing in mining while advising President Javier Milei. The mining sector has thrived during Milei’s tenure, contrasting with a broader economic downturn. Elsztain’s diverse business interests span real estate and agriculture, reflecting significant growth opportunities despite ongoing economic challenges.
Eduardo Elsztain, a prominent Argentine businessman and owner of IRSA Group, is increasingly focusing on mining while serving as an influential advisor to President Javier Milei. Despite an overall economic downturn, the mining sector thrived under Milei’s administration, prompting Elsztain to deepen his investments in this area. His close relationship with Milei includes public support and hosting the president in his hotel during his initial governing period.
Born in Buenos Aires, Elsztain built his empire beginning in the 1990s. His company, Inversiones y Representaciones Sociedad Anónima (IRSA), transformed from a modest office to a powerful conglomerate involved in real estate, agriculture, and now mining. Under his leadership, IRSA ventured into major real estate projects, including top shopping centers and renowned hotels, growing into a firm worth approximately $1.2 billion with 800 employees.
In addition to real estate, Elsztain invested in agriculture, acquiring Cresud, which manages extensive farmland across several South American countries. This venture yielded significant agricultural output, including over 700,000 tons of grains and thousands of tons of beef in 2024. His connection with Milei deepened during the 2023 campaign, with Elsztain facilitating Milei’s stay at the Libertador hotel, and they shared a spiritual trip to significant Jewish sites.
Despite the economic challenges faced during Milei’s first year, Elsztain maintains optimism for the future. Although several sectors reported losses, both real estate and agriculture showed resilience, particularly in comparison to the broader economic contraction. IRSA’s recent financial results illustrated a loss, while Cresud still managed a profit amidst high inflation.
Strategically, Elsztain is pivoting further into mining, one of the few sectors that demonstrated growth within the Argentine economy. His firm, Austral Gold Limited, expanded its reach by investing heavily in gold and silver mining in Argentina and Chile, acquiring significant stakes in companies operating in promising sites. This move aligns with favorable government initiatives supporting mining investments, coupled with rising gold prices that analysts predict may continue to soar.
In summary, Eduardo Elsztain is an influential figure in Argentina’s business landscape, closely associated with President Javier Milei. His diverse investments range from real estate to agriculture and now includes a significant focus on mining, a sector that has shown promising growth despite a challenging economic environment. Elsztain’s strategic decisions, bolstered by supportive government policies and favorable market conditions, position him for potential success in the evolving Argentine economy.
Original Source: english.elpais.com
