Australian tycoon weighs investing in Argentine mining or energy

Packer explored investment options during a dinner late last year at a Buenos Aires racetrack with businessmen and politicians, including Argentina’s Economy Minister, Sergio Massasaid the sources, who asked not to be identified discussing private information.

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

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A representative for Packer’s private investment firm was not available for comment by phone and did not immediately respond to an email requesting comment on the possible investment.

Foreign investment has become rare in Argentina amid a series of interventionist policies, including capital controls, and annual inflation close to 100%.

Massa, the country’s fifth finance minister in four years, is seeking to turn the economy around and is expected to run for president in October’s elections if successful. Some investors hope that a new Administration will improve the business climate in a country rich in resources.

Argentina’s oil and gas sector is already attracting attention thanks to pipeline capacity expansion plans, which would help the announced shale zone of Dead cow to unlock potential.

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A program with International Monetary Fund to review the way Argentina charges for energy also makes the industry more attractive. the italian Enel SpA is selling all of its Argentine assets, including a power plant and electricity distributor in Buenos Aires.

In the mining sector, Argentina has emerged as one of the most exciting prospects for producing the lithium coveted by battery manufacturers for the global transition to cleaner energy and electric vehicles. Miners in the Argentine Andes are also rushing to extract copper, another key metal needed for renewable energy adoption.