MINEX Forum

Tag: Patokh Chodiev

  • Shakhmurat Mutalip Acquires 39.3% Stake in Eurasian Resources Group From Chodiev and Machkevitch Heirs

    Shakhmurat Mutalip Acquires 39.3% Stake in Eurasian Resources Group From Chodiev and Machkevitch Heirs

    Eurasian Resources Group has confirmed a significant change to its shareholder structure, with Nature Energy Solutions Ltd. — a company owned by Kazakhstani businessman Shakhmurat Mutalip — acquiring a combined 39.3% stake from two of the group’s founding shareholders.

    The acquisition comprises an 18.6% stake sold by Patokh Chodiev and a 20.7% stake sold by the heirs of the late Alexander Machkevitch. ERG said all of its enterprises continue to operate as usual and that the shareholding changes do not affect day-to-day operations, production programmes or the fulfilment of obligations to employees, partners and government authorities.

    The group said the restructuring is intended to strengthen business resilience, enhance corporate governance effectiveness and support the implementation of ERG’s long-term development strategy.

    The transaction marks a significant consolidation of Kazakhstani domestic ownership within ERG, one of the world’s largest diversified natural resources groups with major operations in copper, cobalt, aluminium, chrome and other commodities across Kazakhstan, Africa and beyond. Mutalip has been rapidly expanding his mining portfolio in recent months, having previously acquired gold producer Altynalmas and been linked to potential stakes in Kazzinc.

  • US Investor James Cameron Offers $5B to Acquire Eurasian Resources Group Amid Kazakhstan’s Rare Earth Push

    US Investor James Cameron Offers $5B to Acquire Eurasian Resources Group Amid Kazakhstan’s Rare Earth Push

    US businessman James Cameron has made a $5 billion offer to acquire Eurasian Resources Group (ERG), according to a letter sent to the company’s board, as the Kazakh mining giant prepares to play a central role in Kazakhstan’s rare earths expansion.

    ERG, headquartered in Luxembourg and 40% owned by the Kazakh government, is a key global producer of copper, cobalt, aluminum, and iron ore. Last year, the company launched a task force to explore Kazakhstan’s reserves of rare earth and rare metals—a strategic move gaining momentum amid geopolitical tensions and a global race to secure critical minerals.

    Talks between ERG and Cameron—not related to the film director of the same name—have reportedly been ongoing since late 2024, according to sources familiar with the matter. Cameron previously served as chairman of FTSE 250 mining firm Petropavlovsk.

    While ERG, the Kazakh government, and Cameron have not publicly commented, the letter seen by Reuters states that Goldman Sachs is in early discussions to advise on the potential acquisition. Financing would be secured through a mix of Cameron’s own capital and equity from investors in the US, Australia, and the Middle East.

    The move comes at a critical time, as Kazakhstan announced a rare earth discovery exceeding 20 million metric tons—a find that could position the country among the top three rare earth holders globally, behind China and Brazil. Prime Minister Olzhas Bektenov has confirmed that previously classified Soviet-era geological data is being declassified to support exploration and investment.

    ERG is poised to play a pivotal role in the country’s plan to increase rare earth production by 40% by 2028. The group once produced one-fifth of the world’s gallium, a strategic metal in semiconductor production, until Chinese output caused a price collapse in 2012. China has since banned gallium exports to the US, further driving American interest in alternative sources.

    The deal could mark a new chapter for ERG, following the death of board chairman and co-founder Alexander Mashkevich last month. With only Patokh Chodiev remaining from the original founding trio, Cameron’s bid could reshape the company’s leadership and strategic direction.