Kazakh mining giant ERG says there are no negotiations of its sale

Erg SA

21/04/2025 17:19

April 21 (Reuters) - Kazakhstan's mining giant Eurasian Resources Group (ERG) said on Monday that there were no negotiations on the company's sale, denying a Reuters report.

A letter written by U.S. businessman James Cameron's to ERG board, a copy of which was seen by Reuters, showed that he had offered to buy ERG for $5 billion, as the company prepares to participate in a major expansion of Kazakhstan's rare earths output.

ERG, a Luxembourg-based producer of copper, cobalt, aluminium, and iron ore that is 40%-owned by the Kazakh government, said last year it had formed a task force to explore deposits of rare earth and rare metals in Kazakhstan.

 (Reporting by Reuters;
Editing by Alison Williams)