What is the proposed asset split at Eurasian Resources Group (ERG), and how would ownership be divided between Shakhmurat Mutalip and Shukhrat Ibragimov?

The owners of Eurasian Resources Group are considering splitting the company into two separate businesses: one comprising its Kazakh operations (iron ore, ferrochrome, and aluminum assets), and the other encompassing its international assets in Africa’s Copperbelt and Brazil. Under the proposal, Shukhrat Ibragimov would exchange his family’s 20% stake in ERG for full control of the international business, which would be moved under a new company; this would leave Shakhmurat Mutalip — who holds a 39.3% stake — and the Kazakh state — which owns 40% — as the sole owners of the Kazakh operations.

Why might the proposed ERG split matter for investors and governments interested in critical minerals supply chains?

The potential breakup could end uncertainty over ERG’s future and enable both resulting entities to pursue new deals with international partners, especially amid intensifying global interest in securing supplies of metals from Kazakhstan and the Democratic Republic of Congo. Ibragimov’s slimmed-down international company would focus on ERG’s Congolese assets — including Metalkol, one of the world’s largest cobalt sources and a major copper supplier — while Mutalip would cement control over ERG’s core Kazakh mining and processing infrastructure, aligning with broader geopolitical and investment trends such as the U.S.-DRC strategic partnership signed in December that grants American investors preferential access to Congolese mining projects.

ERG Miner Weighs Asset Split Between Owners

Jul 10, 2026

Eurasian Resources Group owners are considering splitting the mining firm into separate Kazakh and international entities to clarify ownership and attract investment. The move impacts major metal assets including iron ore, aluminum, and significant cobalt and copper holdings in Congo.

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ERG Miner Weighs Asset Split Between Owners

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