Kazakhstan’s government won’t sell its stake in mining giant ERG

Kazakhstan’s State Property and Privatization Committee, part of the Ministry of Finance, has no plans to sell its 40% stake in Eurasian Resources Group (ERG), the agency confirmed in a statement to Kursiv.media.

«The government of Kazakhstan, represented by the State Property and Privatization Committee, which owns 40% of the company, does not consider selling the ERG shares held by the state,» the committee said.

On April 21, Reuters reported that U.S. businessman James Cameron had expressed interest in acquiring ERG for $5 billion. Cameron allegedly sent a letter to ERG’s board of directors proposing the deal. Negotiations between the parties have reportedly been ongoing since late 2024.

However, ERG CEO Shukhrat Ibragimov dismissed the sale rumors, saying no negotiations are underway and calling the media reports speculative.

Based on Kursiv.media’s estimates, ERG is valued at approximately $5.145 billion. The company is jointly owned by the Ibragimov family (20.7%), the estate of the late Alexander Mashkevich (20.7%), Patokh Chodiev (18.6%) and the government of Kazakhstan (40%).

Cameron previously served as chairman of the board at Petropavlovsk, a major gold mining company that operated in Russia’s Amur region. The company was ultimately liquidated following a default.

ERG was established in 2014, based on the assets of Eurasian Natural Resources Corporation (ENRC). The company is registered in Luxembourg and consolidates major mining and natural resource processing operations. Its portfolio includes ferroalloy, iron ore, aluminum, coal and energy assets in Kazakhstan. ERG also controls copper and cobalt projects in Africa and is developing an iron ore project in Brazil.

In Kazakhstan, ERG owns several key enterprises, including Kazchrome, Aluminum of Kazakhstan, Sokolov-Sarbai Mining Production Association (SSGPO), Kazakhstan Electrolysis Plant, Eurasian Energy Corporation, Shubarkol Komir and TransCom Transport Group.