Eurasian Resources Group (ERG) is one of the world’s largest diversified natural resources producers, with cobalt and copper operations in the Democratic Republic of Congo (DRC) that position it as a significant supplier to the global battery materials market. Headquartered in Luxembourg, ERG operates fully integrated mining, processing, energy generation, and logistics assets across Kazakhstan, Africa, and Brazil, employing more than 80,000 people and contractors worldwide.
Eurasian Resources Group — Company Overview
ERG was formed in December 2013 following the privatisation of the London-listed Eurasian Natural Resources Corporation (ENRC), which was delisted from the London Stock Exchange amid a falling share price and an investigation by the UK Serious Fraud Office. The SFO closed the case in August 2023, citing insufficient admissible evidence to prosecute.
The group is 40% owned by the Republic of Kazakhstan, with the remaining equity split between the heirs of founder Alijan Ibragimov (approximately 20.7%) and Kazakh businessman Shakhmurat Mutalip (approximately 39.3%). An ownership dispute between Mutalip and then-CEO Shukhrat Ibragimov became public in December 2025 when the Financial Times reported rival bids for the company’s shares. Ibragimov was appointed Group CEO and Chairman of the Board of Managers in mid-2024, succeeding Benedikt Sobotka after ten years in the role.
ERG’s product portfolio spans steelmaking materials, non-ferrous metals, and energy. It is the world’s largest producer of ferrochrome by chrome content and the sole producer of high-grade aluminium in Kazakhstan.
Key Assets and Operations
Kazakhstan and Central Asia
ERG represents approximately one-third of Kazakhstan’s metals and mining industry by output. Major assets include TNC Kazchrome (ferrochrome), Sokolov-Sarbai Mining Production Association (SSGPO, iron ore), the Kazakhstan Aluminium Smelter (KAS), and Eurasian Energy Corporation (EEC). ERG supplies roughly 20% of Kazakhstan’s electricity and operates major railway infrastructure across Central Asia.
A significant recent development is ERG’s expansion into gallium production. Through deeper processing of bauxite ore and a long-term supply agreement with Mitsubishi Corporation RtM Japan, ERG is positioning Kazakhstan as the world’s second-largest gallium producer — a strategically important outcome given China’s 2023 export restrictions on the semiconductor-critical metal. China’s export controls on critical minerals have sharpened Western interest in alternative gallium supply, making ERG’s Kazakh capacity commercially significant.
Africa — Cobalt and Copper
ERG’s African division is its most strategically relevant for cobalt and copper markets. Core DRC assets include Metalkol RTR, a large-scale tailings reprocessing operation that recovers cobalt and copper from historical mine waste without new ore extraction, and the Frontier copper mine. ERG also holds development-stage assets in Zambia, Zimbabwe, South Africa, Mozambique, and Mali.
In early 2026, Metalkol became the first tailings processing operation globally to receive The Copper Mark accreditation, a responsible production standard increasingly required by European battery manufacturers and OEMs for supply chain due diligence. ERG has a long-term cobalt supply agreement with Electra Battery Materials, a Canadian cobalt refiner targeting a non-Chinese refining pathway for North American battery supply chains.
ERG is a Founding Member and Co-Chair of the Global Battery Alliance, alongside Volkswagen, BASF, and other major industrial groups, reflecting its positioning at the battery supply chain tier rather than purely as a mining producer.
Brazil
ERG is developing the Pedra de Ferro iron ore project in the State of Bahia, integrated with the Porto Sul deep-water port and the first stretch of the FIOL transcontinental railway. The Brazilian division remains in development phase and is not yet a material revenue contributor.
Eurasian Resources Group in the Global Critical Minerals Market
ERG’s competitive position rests on scale and vertical integration rather than pure mine-to-market efficiency. Its DRC cobalt exposure places it directly alongside CMOC — the world’s largest cobalt producer by output — in a market where DRC accounts for approximately 70% of global mined supply. For a full ranking of leading producers, see our analysis of the top 10 cobalt producers worldwide.
The gallium diversification is notable. Following China’s export controls on gallium and germanium in 2023, Western buyers have actively sought non-Chinese supply. ERG’s Kazakhstan-based gallium capacity, backed by a Mitsubishi offtake, gives the group a foothold in a critical semiconductor material that is structurally undersupplied outside China. This positions Eurasian Resources Group as a multi-commodity critical minerals supplier rather than a conventional base metals producer.
Governance risk remains a material consideration. The unresolved ownership dispute reported in late 2025 introduces uncertainty at the shareholder level, and the company’s privatisation history — which followed ENRC’s SFO investigation — continues to be referenced by ESG-screened investors and counterparties conducting supply chain due diligence. According to the USGS National Minerals Information Center, cobalt supply concentration in the DRC represents one of the highest single-country dependency risks across all critical minerals.
ERG’s ferrochrome dominance in Kazakhstan also gives it leverage in steelmaking materials supply to Asian markets, though this is less relevant to the critical minerals narrative that drives most investor and procurement interest in the group.
Company Snapshot
| Founded | 2013 (privatisation of ENRC) |
|---|---|
| HQ | Luxembourg |
| Listing | Private |
| CEO | Shukhrat Ibragimov (from 2024) |
| Employees | 80,000+ (including contractors) |
| Primary minerals | Cobalt, copper, ferrochrome, aluminium, iron ore, gallium |
| Key assets | Metalkol RTR (DRC), Frontier copper mine (DRC), Kazchrome (Kazakhstan), KAS aluminium smelter (Kazakhstan), Pedra de Ferro iron ore (Brazil) |
| Shareholders | Republic of Kazakhstan (40%), Ibragimov estate (~20.7%), Shakhmurat Mutalip (~39.3%) |
| Revenue | Not publicly disclosed (private company) |
For a broader view of how ERG compares with other large diversified producers in the critical minerals sector, see our top 10 critical minerals mining companies ranking. Price data for ERG’s core products is tracked on our cobalt price and copper price pages, updated on the first of each month.
Further context on the supply chain dynamics underpinning ERG’s DRC operations is available from the EU Critical Raw Materials Act framework, which classifies both cobalt and copper as strategic raw materials requiring supply chain diversification away from single-country dependency.
What does Eurasian Resources Group produce?
Eurasian Resources Group produces cobalt, copper, ferrochrome, aluminium, iron ore, and gallium. Its DRC operations — including the Metalkol tailings reprocessing facility — are its most strategically significant for the battery materials supply chain.
Where are Eurasian Resources Group’s main operations located?
ERG’s principal operations are in Kazakhstan (ferrochrome, aluminium, iron ore, energy, railway), the Democratic Republic of Congo (cobalt, copper), and Brazil (iron ore development). The group holds additional African assets in Zambia, Zimbabwe, South Africa, Mozambique, and Mali.
Who owns Eurasian Resources Group?
ERG is a private company. The Republic of Kazakhstan holds 40%. The remaining equity is split between the heirs of founder Alijan Ibragimov (approximately 20.7%) and Kazakh businessman Shakhmurat Mutalip (approximately 39.3%). An ownership dispute between Mutalip and CEO Shukhrat Ibragimov became public in December 2025.
Is Eurasian Resources Group publicly listed?
No. ERG is a private company incorporated in Luxembourg. It was taken private in 2013 following the delisting of its predecessor, Eurasian Natural Resources Corporation (ENRC), from the London Stock Exchange.
What is ERG’s role in the cobalt supply chain?
ERG operates the Metalkol RTR tailings reprocessing operation and the Frontier copper mine in the DRC, both of which produce cobalt as a primary or by-product output. ERG has a long-term cobalt supply agreement with Electra Battery Materials and is a Co-Chair of the Global Battery Alliance. The DRC accounts for approximately 70% of global mined cobalt supply, making ERG a material participant in battery-grade cobalt availability.
