Negotiations to sell Brazilian mining company Bahia Mineração (Bamin), part of Kazakh mining group Eurasian Resources Group (ERG), to Portugal’s Mota-Engil are in the final stages. An agreement could be signed within the next few weeks, according to BNamericas.
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The publication reported that Mota-Engil has already signed a preliminary agreement to acquire Bamin from ERG and has begun the due diligence process. The parties had initially expected to reach an agreement by the end of the first half of the year, but negotiations were delayed by a change in ERG’s shareholder structure.
A source cited by BNamericas said negotiations are now in the final stages, with the parties reviewing the contracts. The agreement could be signed within the next two months.
Pedra de Ferro project
If the deal is completed, ERG will transfer the Pedra de Ferro iron ore project in Brazil’s Bahia state to Mota-Engil. ERG says the project contains some of the world’s highest-quality iron ore deposits, with low levels of impurities.
Mota-Engil would also replace ERG in the construction of the West-East Integration Railway (Fiol) and the Porto Sul deepwater port. The Bamin projects are expected to require about $5 billion in investment.
Brazil seeks faster deal
BNamericas also reported that the Brazilian government is directly working to accelerate negotiations between Mota-Engil and ERG.
In May 2026, ERG announced that Nature Energy Solutions Ltd., owned by Kazakh entrepreneur Shakhmurat Mutalip, had acquired a 39.3% stake in the mining group. The stake was purchased from Patokh Chodiev, who held an 18.6% stake in ERG, and the heirs of Alexander Mashkevich, who held 20.7%. The Ibragimov family owns another 20.7% of ERG, while the remaining 40% is held by the Kazakh state through the Ministry of Finance.
