Eurasian Resources Group

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Eurasian Resources Group S.à r.l.
TypeSociété à responsabilité limitée
IndustryMetals and Mining
Founded2013
Headquarters
Luxembourg
Key people
Benedikt Sobotka (CEO)[1][2]
Alexander Mashkevich (chair)[3]
Products2017 Sales Data: Ferroalloys (1.5 million tonnes) Iron ore products (10.4 million tonnes) Alumina (1.0 million tonnes) Aluminium (247 thousand tonnes) Copper (141 thousand tonnes) Cobalt (3.0 thousand tonnes) Steam coal (13.7 million tonnes) Electricity (production - 14.6 GWh).[4][5]
Number of employees
More than 69,000, and over 85,000 including contractors (2018) [5]
DivisionsEurasian Natural Resources Corporation
Central African Mining and Exploration Company
Camrose Resources
Websitewww.eurasianresources.lu

Eurasian Resources Group (ERG) S.à r.l. is a large mining and raw materials supplier with operations in Kazakhstan and Central Africa. In its current form, the company began in December 2013 after it acquired the Eurasian Natural Resources Corporation (previously a public limited company), which was delisted from the London Stock Exchange and Kazakhstan Stock Exchange.[6] Major shareholders of the company include the Republic of Kazakhstan (40%) and the "trio" of Kazakh oligarchs Alexander Mashkevitch, Alijan Ibragimov, and Patokh Chodiev.[7]

History

The Eurasian Natural Resources Corporation (ENRC) was taken private in 2013 amid falling share price and ongoing criminal investigation of ENRC from the UK Serious Fraud Office. ERNC's counter-suit that the investigation was conducted improperly was dismissed in 2022.[8]

At the beginning of 2014 the company restructured,[9] introducing new corporate governance and compliance policies and new management.[5] In 2017, the company secured $2.5 billion in financing from Chinese banks as part of the Belt and Road Initiative.[10] Projects included cobalt mining in Africa and an expanded aluminum plant in Kazakhstan.[11]

Alexander Machkevitch is Chairman of the Board of Managers of Eurasian Resources Group and Mr Benedikt Sobotka is Chief Executive Officer.[12][13]

Operations

Eurasian Resources Group owns fully integrated mining, processing, energy production, logistics and marketing operations.[14] With a product portfolio in steelmaking materials, non-ferrous and energy,[5] it is the world's largest producer of Ferro chrome by chrome content.[15][16] ERG supplies electricity in Central Asia, where they are also a large railway operator.

In Kazakhstan, the group's major assets include: TNC Kaz chrome, Sokolov Sarbai Mining Production Association (SSGPO), Aluminum of Kazakhstan (AOK), Kazakhstan Aluminum Smelter (KAS), Eurasian Energy Corporation (EEC), Shubarkol Komir and Trans Com.[5]

In Africa, ERG owns production and development stage assets in the Democratic Republic of Congo (DRC), Zambia, Zimbabwe, South Africa, Mozambique and Mali.[17]

In Brazil it develops the Piedra de Ferro iron ore production complex and the Porto Sul deep water port, both of which are in the State of Bahia.[5]

Since 2014 the Group sold assets worth about US$1 billion, including zinc mines to Glencore.[9]

References

  1. ^ "CORRECTED-UK's SFO issues arrest warrant for Kazakh miner Eurasian Resources CEO". Reuters. 13 July 2018. Retrieved 29 May 2022.
  2. ^ "UK court withdraws arrest warrant for Kazakh miner Eurasian Resources CEO". Reuters. 17 August 2018. Retrieved 29 May 2022.
  3. ^ "President Tokayev Focuses on Economic Diversification, Greener Economy at Foreign Investors' Council". The Astana Times. 11 June 2021. Retrieved 7 June 2022.
  4. ^ "ERG Key Figures". Eurasian Resources Group. Retrieved 18 January 2019.
  5. ^ a b c d e f "ERG webpage". Eurasian Resources Group. Retrieved 5 December 2016.
  6. ^ Goodley, Simon (22 November 2013). "Curious tale of the central Asian oligarchs and the City of London". the Guardian. Retrieved 29 May 2022.
  7. ^ Ferreira-Marques, Clara (24 June 2013). "Top shareholder backs ENRC's $4.7 billion buyout by founders". U.S. Retrieved 29 May 2022.
  8. ^ Kate Beioley (16 May 2022). "SFO largely cleared of wrongdoing after UK Court battle with ENRC". Financial Times. Retrieved 29 May 2022.
  9. ^ a b "ERG taps China for more than $2.5bn of new project financing". Financial Times. Retrieved 15 December 2016.
  10. ^ Zheng Xin (30 June 2017). "ERG to cash in on B&R Initiative". Chinadaily.com.cn. Retrieved 29 May 2022.
  11. ^ He Wei (25 March 2017). "ERG: Chinese companies critical to several projects - Business". Chinadaily.com.cn. Retrieved 29 May 2022.
  12. ^ "Luxembourg Economic Mission to China". Luxembourg Economic Mission to China. Retrieved 7 December 2016.
  13. ^ "World Economic Forum". World Economic Forum. Retrieved 15 December 2016.
  14. ^ "Aluminium of Kazakhstan boosts investment in expansion projects 10% in 2016". Interfax. Retrieved 7 December 2016.
  15. ^ "RFCA Ratings. Mining and Metals Industry of the Republic of Kazakhstan 2015" (PDF). RFCA Ratings. Retrieved 18 December 2016.
  16. ^ "World Economic Forum. Eurasian Resources Group". World Economic Forum. Retrieved 17 December 2016.
  17. ^ Oliveira, David. "Africa central to future growth". Mining Weekly (Creamer Media). Archived from the original on 20 December 2016.

External links

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