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Billionaire Packer Eyes Investment in Argentina Energy or Mining

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2 years ago

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(Bloomberg) — Australian billionaire James Packer is considering an investment in Argentina’s energy or mining sectors, according to people familiar with the matter.

Packer explored investment options during a dinner late last year at a race track in Buenos Aires with businessmen and politicians including Economy Minister Sergio Massa, said the people, who requested anonymity to discuss private details.

He inherited a multibillion dollar business empire when his father Kerry died in 2005 and is flush with funds after last year’s sale of Australian casino operator Crown Resorts Ltd. to Blackstone Inc. for almost A$9 billion ($6.4 billion). Packer owned more than one third of Crown.

A representative for Packer’s private investment company wasn’t available to comment by phone and didn’t immediately respond to an email seeking comment on the possible investment.

Foreign investment has become somewhat rare in Argentina amid a slew of interventionist policies, including capital controls, and annual inflation near 100%. Massa, the country’s fifth economy minister in four years, is looking to turn the economy around and is expected to be a presidential contender in October’s elections should he succeed. Some investors are anticipating that a new administration would improve the business climate in the resource-rich country.

Read more: Blackstone Wins Crown Resorts With $6.4 Billion Takeover Bid

Argentina’s oil and gas sector is already gaining attention thanks to plans to expand pipeline capacity that would help heralded shale patch Vaca Muerta to unleash its potential.

A program with the International Monetary Fund to overhaul how Argentina charges for power also makes that industry more attractive. Italy’s Enel SpA is selling all of its Argentine assets, including a power plant and electricity distributor in Buenos Aires.

In mining, Argentina has emerged as one of the most exciting prospects to produce lithium coveted by battery makers for the global transition to cleaner power and electric vehicles. Miners in the Argentine Andes are also hurrying to unearth copper, another key metal needed for adoption of renewables.

—With assistance from Angus Whitley.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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1 day ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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6 days ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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