BTG PACTUAL, Brazil’s largest independent investment bank, has teamed up with former Vale chief executive Roger Agnelli to set up a new mining venture, the bank said in a securities filing yesterday.
The partnership with Agnelli’s investment company, AGN Participacoes, will involve investments worth up to $520m to finance the development and growth of the business through acquisitions and proprietary projects, BTG said in the filing.
Agnelli will serve as chairman of the joint venture, known as B&A Mineracao, while Eduardo Ledsham, also a former Vale executive, will become chief executive, according to a statement released at a news conference.
The association allows BTG Pactual to enter the mining sector directly after venturing over the past three years into projects mostly related to Brazil’s buoyant consumer goods sector. BTG Pactual’s merchant banking unit will represent the interests of the shop in B&A.
“We believe in the enormous potential of natural resources wealth that Latin America has,” Agnelli was quoted as saying in a joint statement.
City A.M. Reporter