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Eurasian Resources Group Denies Reports of Company Sale Discussions

Eurasian Resources Group Denies Reports on Company Selling Discussions

Eurasian Resources Group Denies Reports of Company Sale Discussions

Rewritten Article:

titles: Eurasian Resources Group: No Sale, Says CEO Amid Buyout Proposal Rumors

Here's the scoop: Shukhrat Ibragimov, the CEO of Eurasian Resources Group (ERG), has declared that the company is not up for grabs, contradicting recent media speculations about US businessman James Cameron wanting to snap up ERG.

Photo credit: erg

According to Ibragimov, ERG ain't going nowhere. The group's dedicated management remains focused on the sustainable development of the company, with no changes to its daily operations. The board of directors, at the end of 2024, adopted a fresh strategy aimed at growing and invest in ERG's enterprises, which the company is working hard to implement[1].

Rumors swirled that Cameron offered a whopping $5 billion to buy mining giant ERG, as per a letter he sent to the board, Reuters reported. The mouthwatering deal comes as ERG prepares to expand Kazakhstan's rare earths output, a valuable resource that could catapult Kazakhstan to the top three global rare earth reserve holders, following China and Brazil, if the reports are true[2].

Kazakhstan's Premier Olzhas Bektenov revealed last year that secrets about the country's rare and rare earth metal deposits, once a state secret during Soviet times, are being gradually declassified[2]. With this revelation, the resource-rich nation could potentially join the big leagues.

You may recall that ERG previously manufactured one-fifth of the world's gallium, a rare metal crucial for microchips. pause However, production ceased in 2012 when China boosted its own gallium output. Tensions escalated last December when Beijing banned gallium exports to the US after a crackdown by Washington on China's chip sector[2].

ERG was taken private in 2013 for a whopping $4.5 billion by its three founders, who each owned around 20% of the company, along with the government. The conglomerate is a prominent, diversified natural resources group with a vast portfolio of production assets and development projects across four continents. Over 75,000 employees worldwide make it one of the industry's major employers[5].

ERG operates in 14 countries, making it a powerhouse in the realm of ferrochrome production, significant iron ore exports, top 10 alumina supplier, and a major producer of copper and cobalt[5].

References: 1. ERG Media Release: Eurasian Resources Group Adopts New Strategy 2. Reuters: U.S. businessman Cameron proposes to buy mining giant ERG for $5 billion 3. Bloomberg: James Cameron Pitches $5 Billion Buyout of Mining Giant Eurasian Resources 4. Financial Times: James Cameron eyes Eurasian Resources Group takeover 5. Eurasian Resources Group Official Website

  1. Despite reports suggesting US businessman James Cameron's interest in buying Eurasian Resources Group (ERG), CEO Shukhrat Ibragimov confirmed that the company is not for sale and is committed to sustainable development with no changes in daily operations.
  2. The board of ERG, at the end of 2024, adopted a fresh strategy aimed at growing and investing in ERG's enterprises, which the company is currently implementing.
  3. Reuters reported that Cameron offered a $5 billion deal to buy ERG, a potential expansion of Kazakhstan's rare earths output and a potential rise in Kazakhstan's global position among rare earth reserve holders.
  4. ERG, a prominent company in the finance and sustainable industry sectors, with a vast portfolio across four continents, remains a major employer for over 75,000 employees worldwide, operating in 14 countries, handling significant portions of ferrochrome production, iron ore exports, alumina supply, and copper and cobalt production.
Eurasian Resources Group Denies Rumors of Selling the Entire Company

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