Eurasian Resources Group plans long-term investment in Saudi Arabia
ALMATY. Feb 2 (Interfax) - Eurasian Resources Group (ERG) has announced its intention to invest $50 million in exploration projects in Saudi Arabia.
"ERG's entry in this market is a natural move to expand its existing global footprint, now spanning more than 16 countries. ERG states that its two offices, in Riyadh and Jeddah, will be central to the Group's regional development strategy focused on its growth in the Middle East and North Africa regions," the company said in a press release.
ERG will prioritize large scale, tech-enabled early-stage exploration for battery transition minerals in the Ad Dawidimi region of the Kingdom, where it has already secured licenses and is actively pursuing further exploration ground, according to the press release.
"ERG plans to invest $50 million in the market, with the potential to increase this number year-on-year," the press release says.
ERG is assessing opportunities to identify and develop resources, and, where possible, to increase captive supplies through downstream facilities - which could potentially include processing facilities for battery precursors.
ERG was created in 2014 on the basis of Eurasian National Resources Corporation (ENRC) and incorporated in Luxembourg. ERG is one of the world's leading diversified mining and smelting groups with fully integrated mining, processing, energy production, logistics and marketing operations. ERG operated assets in Kazakhstan include Kazchrome, Sokolov-Sarbai Mining Production Association (SSGPO), Aluminum of Kazakhstan, Kazakhstan Aluminum Smelter (KAS), Eurasian Energy Corporation (EEC), Shubarkol Komir and TransCom.