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Tap That: Investors Score With Gold, Silver Mines in Argentina

On April 30, 2010, In a-bric, energy & agriculture, foreign investment, real estate, by InvestBA
casposo-mine

Foreign investors like Troy Resources are tapping abundant mineral deposits in San Juan Province.

Casposo, a gold and silver mine in Argentina’s San Juan province is on the fast track toward producing its first gold in September, less than a year after initial excavation commenced. The news was the highlight of Troy Resources (ASX:TRY) quarterly earnings call earlier today.

Australia-based Troy is an aggressive mid-tier gold producer with South American mining operations in Argentina and Brazil. Troy purchased the Casposo project in May 2009, delivered an encouraging resource estimate in July and received board approval to move forward in August.

While the company lowered full-year production estimates for their Brazilian project, Andorinhas, the progress at Casposo was described by CEO Paul Benson as “the highlight for this quarter.” According to Mining Weekly, “Troy estimated that the Casposo project hosted an indicated mineral resource of more than 2.3 million tons, grading at 5.4 grams/ton gold and 201.7 grams/ton silver.”

The company’s indicated resources for the mine are 414,600 oz gold and 15.3MM oz silver, and the block model above indicates the depth and quality of the resources at Casposo. Troy anticipates the project will produce its first gold in September, which is good timing considering the planned cessation of operations later this year at the company’s Australian mine, Sandstone.

For more information on investment opportunities in Argentina and Uruguay, download IncomeBA and the new issue of InvestBA Privada.

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Regional Survey: How Hot Is Buenos Aires?

On April 29, 2010, In a-bric, competitiveness, foreign investment, by InvestBA
Buenos Aires ranked 5th in the UIAI attractiveness survey

Buenos Aires makes the Top 5 in new survey, but Brazil dominates with 3 of the Top 10 spots.

If Buenos Aires were a woman, how attractive is she compared to the other municipal babes in Latin America? It might sound like the premise for a really bad reality TV show, but it was actually the focus of a serious study on foreign investment undertaken by a Chilean consulting firm and the research arm of a major Colombian university.

According to Portafolio.com, the Urban Investment Attractiveness Index (UIAI) sought to measure the degree of attractiveness of cities across Latin America based on factors like a.) the ability to attract foreign investment, b.) the quality of climate for foreign investors, c.) the strength of local stock markets, and d.) the prospects for future growth.

And while Buenos Aires wasn’t the first mina chosen by the bachelor, she wasn’t exactly voted off the island in the first round. (That was Venezuela.) In fact, BA came in a respectable fifth place overall in the UIAI survey of 48 cities. BA and fourth-placed Rio de Janeiro were credited with their status as “famous world cities and the strong presence of multinationals.” And Rio wasn’t the only Brazilian cidade feeling the love.

In choosing the #1 city overall, the UIAI said Sao Paulo was the hottest woman at the rose ceremony. The praise, which probably sits as well with Argentines as Time’s selection of Lula today as the world’s most influential leader, was full of superlatives: “Sao Paulo combines the best conditions for foreign investment given the importance of the market, the climate for investors and the diversity of investment options.” Now that’s hot.

For more information about Buenos Aires events and investment opportunities, download IncomeBA and the new issue of InvestBA Privada.

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Foreign Banks Rethink Buenos Aires Branch Strategy

On April 28, 2010, In competitiveness, foreign investment, franchises, us companies, by InvestBA
Banks in Buenos Aires Argentina

Next window please: Foreign banks are shifting operations, employees to Miami & Montevideo.

“In Puerto Maderero and Recoleta these days, the executive suits are everywhere. Suddenly, we are seeing more limos and formally-dressed men entering and leaving meetings in cafes and luxury hotels,” says Argentine daily Clari­n.

And while these meetings between wealthy Argentines with investments abroad and their financial advisors used to take place in local offices, new Argentine Central Bank regulations are forcing 14 foreign banks to reconsider their BA presence.

In addition to limiting consumer choice and stifling competition, the measures offer a glimpse of what could happen in the U.S. if the federal government succeeds in creating what the Wall Street Journal calls a new “Super Regulator.”

The measure in question, A4981/09, began changing the rules of the game for foreign banks providing wealth management services to clients in BuenosAires. In essence, it makes it more difficult for these banks to take new deposits locally and invest them abroad. If they maintained a physical presence with local branches, these foreign banks would only be able to offer financial advisory services to clients who had previously shifted their funds abroad.

The subsequent decision by several banks including Wells Fargo, HSBC, Merrill Lynch and Credit Suisse to move employees and operations to Miami and Montevideo should not, however, be viewed as a defeat or even a retreat. On the contrary, videoconferencing and Internet-enabled money transfers will allow the banks equal or better interaction with their clientes bonaerenses, hence a happy ending: creativity and technology trump bloated bureaucracy every time. (Full Story)

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Jazz & Pluna: Bombardiers of a Feather

On April 27, 2010, In foreign investment, tourism, uruguay, by InvestBA
Jazz and Pluna Airlines

Canada's Jazz is "not a typical airline." Neither is Uruguay's Pluna, so this deal makes sense.

Canadian airline Jazz is spreading its investment wings to the Southern Hemisphere by acquiring a stake in Uruguay’s flagship carrier, Pluna.

And while the union of Nova Scotia-based Jazz with Montevideo-based Pluna might seem an odd pairing at first glance, a closer inspection reveals two very unique, quality-focused, Bombardier-rich regional carriers meeting niche passenger demands.

Jazz serves as a contract carrier for Air Canada linking smaller markets with major Canadian and U.S. cities, while Pluna is the regional carrier with the most modern fleet and some of the most competitive fares in the Southern Cone. (e.g., round-trip from Buenos Aires to Sao Paulo can be bought on Pluna for US$250 compared to $400 on Aerolineas and $800 on TAM)

The Jazz Air Income Fund (TSX: JAZ.UN) will invest US$15 million in Pluna in exchange for a 33% voting interest in Latin American Regional Aviation Holding Co. Jazz CEO Joseph Randell cited geographic diversification and double-digit growth in Latin American passenger demand as two of the motivating factors for the purchase, “This is a great opportunity to participate in one of the world’s fastest growing air travel markets and it positions Jazz on the international stage.” Jazz sees good upside in the deal, especially considering Pluna’s modern fleet, a brand new Montevideo hub and a potential IPO in 2013. (Full story)

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Agricultural Exports, Farm Loans Surge in Argentina & Uruguay

On April 26, 2010, In a-bric, energy & agriculture, foreign investment, uruguay, by InvestBA
http://investba.com/2010/01/more-rain-efficiency-mean-bumper-crop-in-ba/

Argentine soy farmers are earning record profits. So are the cattle producers in Uruguay.

As farmers in Argentina and Uruguay ride a wave of recovery, exports are booming and banks are poised to increase lending dramatically, according to Bloomberg.

We’ve covered the bullish forecasts regarding this year’s corn and soy crops, and now it appears the banks have taken notice. “Banco Galicia, Argentina’s second-biggest farm lender, expects agricultural loans to increase about 40 percent this year after no growth in 2009,” says Bloomberg, while “HSBC forecasts an expansion of as much as 30 percent to a record volume.”

Argentine farmers are expected to produce 54.5 million metric tons of soybeans and 21.4 million tons of corn this year, annual increases of 65 percent and 69 percent from 2009. Bankers and farmers are equally optimistic given the record harvests coincide with an improving interest rate environment.

Across the river, cattle farmers in Uruguay continue to fill the gap left by falling production levels in Argentina. Beef exports from Uruguay rose 27% in March to 203,465 tonnes compared to March 2009, according to Meat Trade News Daily. 40 percent of Uruguay’s beef exports went to Russia and Asia with Russia demanding 90 percent more beef and Asian markets buying 122 percent more Uruguayan beef compared to 2009.

According to Ag Weekly, “the USDA increased production estimates of soybean crops from Brazil and Argentina, the world’s No. 2 and No. 3 producers, but said strong demand from China will help consume the bumper crops. “

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