Eurasian Resources Group (ERG) has announced the liquidation of several of its subsidiaries under ERG Exploration, as detailed in its consolidated report for 2025. ERG Exploration primarily focuses on the exploration and development of mineral deposits, providing a full range of geological exploration services including design, fieldwork, geophysical studies, and drilling operations. The decision to dissolve these subsidiaries, namely TOO ‘Nadezhdinskoye’, TOO ‘Zharkulskoye’, and TOO ‘Yeltai-4’, was approved by the group’s owners in May 2026.
The report indicates that the projects of the subsidiaries earmarked for liquidation were associated with the exploration or preparation for the extraction of iron ore. ERG Exploration held an 85% stake in both ‘Nadezhdinskoye’ and ‘Zharkulskoye’, while it owned an 81% stake in ‘Yeltai-4’, with the remaining shares held by the Tobol SPC.
In May 2023, the company initiated the process of returning contracted territory to the state, in compliance with the Republic of Kazakhstan’s Code on Subsoil and Subsoil Use. As of 31 December 2025, the return of the contracted territory for ‘Yeltai-4’ had not been completed, as noted in the report.
Recent reports from the Telegram channel Metals & ESG Trends suggest that Qarmet may acquire ERG’s iron ore asset in the Kostanay region, the Sokolovsko-Sarbayskoye Mining and Processing Plant (SSGPO). This potential acquisition could indicate a reduced interest from the Eurasian Group in iron ore exploration moving forward.
By the end of 2025, ERG Exploration held 18 licenses, three of which were extended last year until 2030 for the Taukatukolsky and Tykbustak sites in the Aktobe region, as well as the Maybalik site in the Akmolinsk region. This year marks the expiration of the license for the Aktasy-Zhandaurskoye area in the Aktobe region.
The company retains rights to subsoil use until 2028 for several areas including Voroninsky, Shvabrinsky, Sorkol, Uymola, and the western and eastern Bakay in the Aktobe region. Additionally, ERG Exploration has licenses valid until 2029 for sites such as Sorkol-West, Bakay-North, and South Kemirsay in Aktobe, as well as two licenses for Adylbay and Karabas in the Karaganda region. Rights to the North Shulidak area in Aktobe and the Spiridonovskaya area in Kostanay are valid until 2030.
In terms of financial performance, ERG Exploration reported revenue of 5.3 billion tenge for 2025, alongside a loss of 325 million tenge for the year, highlighting the challenges faced by the company in the current market environment.
