Maser Group chairman and MDR Investments founder and CEO Prateek Suri has unveiled plans for multimillion dollar investments in copper mining across Mendoza, Argentina.
Mendoza, located on the Chilean border, is said to be one of the “world’s richest” copper belts.
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The confirmation of the investment comes after a meeting between Suri and Argentina’s Energy and Environment Minister Jimena Latorre in Abu Dhabi, reported The Guardian.ng.
Discussions centred on cooperation to expedite AI-enabled mining, energy transition initiatives and infrastructure upgrades throughout Latin America.
The Argentine Government has acknowledged Maser Group’s experience in sustainable investment and technological advancement, and offered incentives and tax breaks to facilitate the project, according to the news report.
Post-meeting, Suri said: “Minister Latorre’s approach to sustainable mining and energy transition is inspiring.
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By GlobalData“Her vision perfectly aligns with our mission at Maser Group – to build a bridge between innovation and sustainability, connecting Africa, Latin America and the Middle East through responsible resource development.”
A key feature of the collaboration is the proposed formation of a Mining Trust that would be listed on the stock exchange.
This trust would include investments from global trustees and institutional backers, with Maser Group, which is headquartered in the United Arab Emirates and focused on Africa, anticipated to take a vital position to ensure openness and broader international involvement in Argentina’s mining industry.
Maser Group’s investment plan is stated to align with global efforts to support energy transition industries such as for electric vehicles, renewable energy technology and digital infrastructure, where copper is vital.
MDR Investment’s $500m fund, supported by capital reserves totalling as much as $2bn, is expected to spur fresh opportunities in mining, logistics and AI-driven sustainability solutions in Argentina.
Maser’s plans for Argentina come after the Trump administration in the US recently extended a $40bn (56.74tn pesos) bailout package to support the country’s embattled economy.
This included a $20bn currency swap arrangement with the US Treasury to support the ailing Argentine peso, alongside another $20bn from sovereign wealth entities and private financial institutions.
The financial support announced by the US administration was linked directly to the success of Trump ally and Argentine President Javier Milei’s party winning the 26 October legislative elections.
