ERG Weighs 2-Way Breakup to Split Kazakh and Overseas Assets

1 articles · Updated · Bloomberg · Jul 10

ERG’s owners are considering carving the miner into two businesses, separating its Kazakhstan operations from its international assets.
The overhaul would effectively divide the group between its two main private shareholders, Shakhmurat Mutalip and Shukhrat Ibragimov, according to people familiar with the matter.
Kazakhstan is the core of ERG’s business, generating most revenue from iron ore, ferrochrome and aluminum production.
Outside Kazakhstan, ERG holds mining assets in Africa’s Copperbelt and in Brazil, giving the proposed split a clear geographic line.