In a recent report published by Samruk-Kazyna, the state-owned fund of Kazakhstan, the valuation of a 40% stake in Eurasian Resources Group (ERG) has been set at 697.7 billion tenge. This information was disclosed on the Kazakhstan Stock Exchange, following the confirmation of the deal on 6 August 2026, although specific details were not initially available. The report outlines the mechanics of the transaction, indicating that the state, as the sole shareholder of the fund, compensated for the new shares issued by Samruk-Kazyna with the ERG stake instead of cash. This strategic move grants Samruk-Kazyna joint control over ERG, which is one of Kazakhstan’s largest mining companies, and the fund will classify ERG as a joint venture.
The valuation of ERG’s assets and liabilities is still pending, with a 12-month timeframe allocated for completion. This development comes in the wake of significant changes in ERG’s ownership structure, particularly following the acquisition of 39.3% of ERG shares by Shakhmurat Mutalip from Patokh Shodiyev and the heirs of Alexander Mashkevich in May 2026. Mutalip, who is also the beneficial owner of Integra Construction KZ and a prominent figure in Kazakhstan’s boxing federation, is emerging as a key player in the mining sector, with discussions reportedly underway regarding the purchase of a 70% stake in Kazzink from Swiss company Glencore.
Additionally, the appointment of Kudrat Shamiev as the new head of ERG’s Kazakhstan perimeter has been noted. Shamiev, who took over on 30 May 2026, has a background in development and infrastructure construction and has been associated with Mutalip’s structures since 2020. His leadership role in managing ERG’s Kazakhstan assets, including Kazchrome and the Kazakhstan Electrolysis Plant, positions him as a significant figure in the industry. This reshuffling of ownership and management within ERG underscores the dynamic nature of Kazakhstan’s mining sector, as influential stakeholders continue to shape its future.
