Eurasian Resources Group (ERG) commented on reports of mass layoffs that had previously circulated publicly. One employee who contacted Kursiv.media’s editorial office said he had been told that he «didn’t have to come to work anymore.» Reports also claimed that the company planned to cut 20% of its workforce and leave affected employees without benefits.
While the scale of the layoffs appears to have been overstated, the company confirmed that its workforce will be reduced.
ERG denied the reported 20% figure, stating that the changes affect fewer than 3% of the group’s total workforce in Kazakhstan and involve only administrative and management personnel. According to the company, production employees, as well as key operational and investment projects, will not be affected.
Company cites efficiency measures
«As part of a program to improve the organizational structure and management system, ERG is implementing measures to enhance operational efficiency and eliminate overlapping management functions,» the company said.
ERG stated that all changes are being carried out in full compliance with labor laws and that affected employees will receive all required payments, including compensation for unused vacation time.
According to the company, most employment contracts were terminated through mutual agreement, a procedure that does not require the mandatory one-month notice period typically associated with workforce reductions.
«Employees have been provided with all legally required guarantees and compensation, and established internal company procedures have been followed,» ERG said.
Bonuses and future staffing plans
Addressing reports of unpaid bonuses and incentive payments from last year, the company said such payments are not legally required and are made at the employer’s discretion. However, ERG stated that all incentive payments due to production personnel under the company’s compensation system were paid in full.
The company did not disclose any specific retraining or job-placement programs for laid-off employees.
ERG also declined to comment on the possibility of additional layoffs in 2026, saying management decisions are made based on current market conditions and the company’s business-efficiency strategy.
ERG’s ultimate owners are Kazakhstan’s Ministry of Finance (40%), the heirs of the late Alexander Mashkevich and the Ibragimov family (20.7% each), and Patokh Chodiev (18.6%).
