ERG denies reports of talks to sell co to former Petropavlovsk chairman Cameron

ALMATY. April 22 (Interfax) - Kazakh mining giant Eurasian Resources Group (ERG) has denied reports that it is in negotiations to sell up to 100% of the company to American businessman James Cameron.

"In response to a number of media speculations in the course of the last few weeks, including publications about a Mr James Cameron's proposal to buy Eurasian Resources Group (ERG), Mr Shukhrat Ibragimov, Chairman of the ERG Board of Directors and its Chief Executive Officer, stated there are no negotiations on the sale of ERG. He said the company's management is fully committed to further consistent, sustainable development of the Group. There are no changes to business as usual," ERG said in a press release on Monday.

ERG's board approved a new strategy at the end of 2024 that is aimed at further development and investment in the group's enterprises and the company is now implementing it, ERG said.

"ERG's focus on long-term growth and creating value for all stakeholders of the Group remains unchanged," the company said.

Reuters, citing documents in its possession, reported earlier that U.S. investor Cameron, the former chairman of Russian gold miner Petropavlovsk Plc, plans to acquire up to 100% of ERG for $5 billion. Cameron sent a letter to the ERG board stating that U.S. investment bank Goldman Sachs is in preliminary negotiations to consult on the deal, the agency said.

ERG, established in 2014 with the assets of Eurasian National Resources Corporation (ENRC) and based in Luxembourg, includes ferroalloy, iron ore, aluminum, coal and power generating companies in Kazakhstan. The group also controls copper and cobalt interests in Africa and is carrying out an iron ore mining project in Brazil.

ERG production assets in Kazakhstan include Kazchrome, Aluminum of Kazakhstan, iron ore miner SSGPO, Kazakhstan Electrolysis Plant, Eurasian Energy Corporation, coal miner Shubarkol Komir and transport company TransCom.