Eurasian Resources Group
| Company type | Société à responsabilité limitée |
|---|---|
| Industry | Metals and Mining |
| Founded | 2013 |
| Headquarters | |
Key people | Shukhrat Ibragimov (Group CEO and Chairman of the Board of Directors)[1][2][3] |
| Products | 2022 Production Data: Ferroalloys (1.5 million tonnes) Iron ore products (11.1 million tonnes) Alumina (1.3 million tonnes) Aluminium (249 thousand tonnes) Copper metal (100 thousand tonnes) Copper concentrate (91 thousand tonnes) Cobalt hydroxide (23 thousand tonnes) Steam coal (29.9 million tonnes) Electricity (15.4 GWh) Logistics (transported) (45.3 thousand tonnes). [4] |
Number of employees | More than 68,000 (2022) [5] |
| Website | www |
Eurasian Resources Group (ERG) S.à r.l. is a large mining and raw materials supplier with operations in Kazakhstan, Brazil 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%), Alexander Mashkevitch, Patokh Chodiev and the heirs of Alijan Ibragimov. [7]
History
[edit]The Eurasian Natural Resources Corporation (ENRC) was taken private in 2013 amid falling share price and ongoing investigation from the UK Serious Fraud Office. In August 2023, after latest review of the investigation, the UK Serious Fraud Office concluded that it has insufficient admissible evidence to prosecute, and closed the case. [8]
At the beginning of 2014 the company restructured,[9] introducing new corporate governance and compliance policies and new management.[10] Projects included cobalt mining in Africa and an expanded aluminum plant in Kazakhstan.[11]
In mid 2024 ERG appointed Shukhrat Ibragimov as its new CEO. The former CEO of ERG, Benedikt Sobotka, stepped down after ten years in this role.[12]
Operations
[edit]Eurasian Resources Group owns fully integrated mining, processing, energy production, logistics and marketing operations.[13] With a product portfolio in steelmaking materials, non-ferrous and energy,[10] it is the world's largest producer of Ferrochrome by chrome content.[14][15] ERG supplies electricity in Central Asia, also being a large railway operator in the region.
In Kazakhstan, the group's major assets include: TNC Kazchrome, Sokolov Sarbai Mining Production Association (SSGPO), Aluminum of Kazakhstan (AOK), Kazakhstan Aluminum Smelter (KAS), Eurasian Energy Corporation (EEC), Shubarkol Komir and Trans Com.[10]
In Africa, ERG owns production and development stage assets in the Democratic Republic of Congo (DRC), Zambia, Zimbabwe, South Africa, Mozambique and Mali.[16]
In Brazil it develops the Pedra de Ferro iron ore production complex and the Porto Sul deep water port, both of which are in the State of Bahia, and the first stretch of the FIOL transcontinental railway.[10]
Since 2014 the Group sold assets worth about US$1 billion, including zinc mines to Glencore.[9]
References
[edit]- ^ "Шухрат Ибрагимов возглавил ERG". Forbes. 2 October 2024. Retrieved 10 October 2024.
- ^ "Shukhrat Ibragimov appointed CEO of Eurasian Resources Group". Chronicle. 4 October 2024. Retrieved 10 October 2024.
- ^ "ERG elects new chairperson, announces changes to the board". Mining Weekly. 22 July 2024. Retrieved 10 October 2024.
- ^ "ERG Sustainable Development Report 2022" (PDF). Eurasian Resources Group. Retrieved 17 August 2024.
- ^ "ERG Website Group at a Glance". Eurasian Resources Group. Retrieved 17 August 2024.
- ^ Goodley, Simon (22 November 2013). "Curious tale of the central Asian oligarchs and the City of London". the Guardian. Retrieved 29 May 2022.
- ^ "Organisational structure". Retrieved 16 August 2024.
- ^ "ENRC Ltd | SFO investigation status [case closed due to insufficient admissible evidence]". SFO | Official website. 24 August 2023. Retrieved 4 October 2023.
- ^ a b "ERG taps China for more than $2.5bn of new project financing". Financial Times. Retrieved 15 December 2016.
- ^ a b c d "ERG webpage". Eurasian Resources Group. Retrieved 5 December 2016.
- ^ He Wei (25 March 2017). "ERG: Chinese companies critical to several projects - Business". Chinadaily.com.cn. Retrieved 29 May 2022.
- ^ "ERG appoints Shukhrat Ibragimov as new CEO". Mining Review Africa. Retrieved 10 October 2024.
- ^ "Aluminium of Kazakhstan boosts investment in expansion projects 10% in 2016". Interfax. Retrieved 7 December 2016.
- ^ "RFCA Ratings. Mining and Metals Industry of the Republic of Kazakhstan 2015" (PDF). RFCA Ratings. Archived from the original (PDF) on 7 September 2018. Retrieved 18 December 2016.
- ^ "World Economic Forum. Eurasian Resources Group". World Economic Forum. Retrieved 17 December 2016.
- ^ Oliveira, David. "Africa central to future growth". Mining Weekly (Creamer Media). Archived from the original on 20 December 2016.