BTG Pactual, AGN to mull USD520m mining investment
Brazil's Banco BTG Pactual announces a tie-up with Roger Agnelli to invest up to USD520m in Latin America and Africa.
SAO PAULO - Brazil's top investment bank Banco BTG Pactual on Thursday announced a tie-up with Roger Agnelli, former head of mining giant Vale, to invest up to $520 million 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 partnership aims to field investments of up to $520 million ($427 million).
The daily Estado de Sao Paulo BTG plans to provide most of the finance and the alliance would look at copper mining projects in northern Chile as well as titanium, phosphate and potassium ventures in northern and
The paper quoted sources as saying that Agnelli was also looking at "copper and iron projects in Angola in partnership with local groups".
In late April, BTG Pactual made its trading debut on the Sao Paulo bourse, following an initial public offering that raised 3.656 billion real ($1.92 billion) through the sale of 117 million units.
Esteves, who has a net worth of $3 billion, 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, and set up AGN to invest in energy, logistics and mining.