Argentina’s José Luis Manzano launches into mining
Energy and media entrepreneur José Luis Manzano is making a long-term investment in Argentina’s mining sector through his company, Integra Capital. Manzano views South American minerals — particularly lithium and copper — as essential to the global energy transition, prompting acquisitions of mines and land in Argentina and Brazil.
His investment in potash also signals a focus on food security. Manzano has expressed optimism about Argentina’s economic outlook under President Javier Milei.
While Manzano has a history of navigating Argentina's challenging economic climate and is known for his ability to secure capital, his push into mining faces potential challenges - but his track record suggests he can be highly successful into this potential gold mine of business.
Who is José Luis Manzano?
José Luis Manzano, courtesty of Integra Capital
José Luis Manzano is a prominent Argentine businessman with investments spanning energy, mining, media, infrastructure and wine production. A former politician, he has become a major economic figure known for strategic acquisitions and significant influence.
(Manzano served as a national deputy and later as interior minister under President Carlos Menem from 1989 to 1992.)
Manzano is the president and principal shareholder of Integra Capital, a financial and investment firm with a diversified portfolio in more than 10 countries. The company focuses on high-risk, high-return investments and partners with large investment funds after de-risking projects.
"Through his holding company Integra Capital, José Luis Manzano is going all in on mining and mineral wealth,” writes the Buenos Aires Times.
And Integra Capital?
"Integra is an investment company with a diversified portfolio of interests in more than ten countries. The company is one of Argentina’s largest lithium explorers and has also developed a portfolio of oil exploration and production, natural gas distribution, and electricity generation and distribution assets." (Source: Proactive)
Manzano’s investments through Integra Capital span several key sectors in Argentina and the region.
Energy and mining
This area is a major focus for the firm. Integra Capital holds significant investments in lithium resources in Argentina’s Jujuy and Catamarca provinces and in Brazil, as well as in uranium exploration in Chubut province and copper properties in San Juan province.
The company also acquired Peruvian copper and silver miner Volcan Compañía Minera from Glencore.
Manzano is a shareholder in energy companies including Metrogas, Edenor and Phoenix Global Resources, often partnering with state-owned YPF. He also holds interests in hydroelectric plants.
"We believe we are positioning ourselves in things that will be necessary for the next 50 to 100 years,” Manzano said in a recent interview, underscoring a long-term view on resource investment.
"We see the big window in Argentina," he added.
What is Manzano specifically doing in the mining industry?
José Luis Manzano is expanding into the mining industry with a focus on minerals vital to the energy transition and food security. He conducts his mining ventures primarily through his holding company, Integra Capital.
Here is a breakdown of his specific activities in the mining sector.
Focus on minerals for clean energy
Manzano is acquiring mines and acreage rich in lithium and copper, viewing them as essential for the next 50 to 100 years and critical to the transition to clean energy.
Lithium investments
Through Integra Lithium, Manzano holds full ownership of 573,000 hectares in Argentina, including 496,000 hectares of salt flats where lithium is extracted through evaporation. These holdings span Jujuy (14,000 hectares), Catamarca (149,000 hectares) and La Rioja (333,000 hectares). An additional 77,000 hectares in Catamarca are designated for hard rock lithium extraction.
Manzano has been actively acquiring lithium-rich acreage in northern Argentina and exploring opportunities in Brazil’s so-called lithium valley. Integra Capital finances and de-risks lithium extraction and production, with the goal of supplying lithium for battery manufacturing.
He is the principal shareholder of Integra Resources, which conducts exploration in salt flats in Jujuy and Catamarca. Manzano recently secured funding by exercising options in Latin Resources Ltd., where Integra is the largest shareholder, signaling support for Latin’s lithium discovery in Brazil.
Integra Capital is also a joint venture partner with Latin Resources in the Catamarca Lithium Project.
Copper investments
Manzano’s company, Minera Aguilar, has submitted bids for and likely acquired a series of copper properties in Argentina’s San Juan province. Minera Aguilar is also recognized as the country’s leading exporter of zinc and lead.
He acquired Peruvian mining company Volcan Compañía Minera SAA from Glencore Plc through Integra Capital’s subsidiary Transition Metals. Volcan is among the world’s largest producers of zinc, lead and silver.
The acquisition also granted Integra Capital a 55 percent stake in Inversiones Portuarias Chancay (IPCH), which controls the Chancay Port Terminal in Peru.
Potash Project
Late last year, Integra Capital, through Minera Aguilar and in partnership with Brazilian firm ARG, acquired and began efforts to restart a major potash fertilizer project in Mendoza.
Potash is a key component in fertilizers and is considered essential for food security.
Uranium exploration
Integra Capital holds substantial investments in uranium exploration in Chubut province, Argentina.
Investment in staffing
Manzano is actively recruiting workers for his mining operations and has expressed strong enthusiasm for Argentina’s potential as a mining nation, citing a qualified workforce ready for opportunity.
His investment strategy focuses on entering sectors at distressed prices and positioning himself in resources he believes will be in long-term demand. Nicolás Mallo Huergo holds key roles within Integra’s mining ventures and is viewed by Manzano as a potential successor.
What are Manzano's business philosophies and strategies?
A 2019 interview with José Luis Manzano at the La Jolla Energy Conference
1. Long-term positioning
A core principle for Manzano is positioning himself in sectors and resources he believes will be essential in the future.
“We believe we are positioning ourselves in things that will be necessary for the next 50 to 100 years,” he has said.
This long-term perspective underpins his investment strategy.
2. Focus on minerals for energy transition and food security
Aligned with his long-term vision, Manzano is making a significant push into mining, focusing on minerals critical to the global clean energy transition, including lithium and copper.
He has acquired extensive lithium-rich acreage in Argentina and Brazil. He also views potash — a key fertilizer ingredient — as essential for food security and has invested in a potash project in Mendoza.
3. Investing in distressed sectors - and a contrarian approach
Manzano has developed a reputation for entering distressed sectors and acquiring assets at so-called “fire sale prices,” skillfully navigating Argentina’s volatile economic and political landscape. He is widely recognized for his experience in distressed industries.
His acquisition of a potash project in Mendoza — previously abandoned by Vale SA — is cited as an example of his flair for contrarian investing, taking place amid a global surplus of the crop nutrient and a challenging local business environment.
Similarly, his purchase of Peruvian miner Volcan Compañía Minera SAA came when the company was in a dire financial state, allowing him to acquire it at a price well below its market value.
Manzano is often described as investing “when everyone else is heading for the exits.”
4. Expertise in regulated markets
Manzano is often described as the “number one specialist in regulated markets,” leveraging his extensive networks of influence and capital to acquire assets — including quasi-state monopolies — at discounted prices.
His background as a former interior minister and influential politician is frequently cited as a key factor in his business success, particularly in securing stakes in utilities such as Edenor, Metrogas and Edemsa.
5. Betting on Argentina's potential (especially under Milei)
Despite Argentina’s economic challenges, Manzano sees a “big window” for mining in the country. He has voiced optimism about President Javier Milei’s economic policies, particularly efforts to curb inflation, and believes these measures could set the economy on a growth path and attract increased investment.
Manzano has said that if inflation is brought under control, Argentina could become the most attractive country in Latin America. While he voted for Sergio Massa, he supports Milei’s direction, viewing it as consistent with the public’s desire for reduced state intervention.
6. Shift towards clean energy
While historically active in oil and gas, Manzano is now “largely looking beyond fossil fuels.” Future ventures outside of mining are expected to focus on cleaner energy sources, in line with his investments in lithium and copper to support the global energy transition.