Nature Energy Solutions has purchased a 39.3% stake in Eurasian Resources Group (ERG), one of Kazakhstan’s largest mining conglomerates, in a significant ownership restructuring for the firm.
The acquisition was made by Nature Energy Solutions, a company owned by Kazakh entrepreneur Shakhmurat Mutalip, according to a statement released on Friday by the company.
Nature Energy Solutions bought an 18.6% stake in ERG from co-founder Patokh Chodiev, completing one half of the two-part transaction that reshaped ERG’s private ownership structure.
The remaining 20.7% stake was purchased from the heirs of Alexander Machkevitch, a late shareholder in ERG whose estate held a significant portion of the company’s privately held shares.
ERG confirmed that all of its enterprises continue to operate as usual following the shareholder changes, signalling no disruption to the group’s wide-ranging industrial operations across Kazakhstan.
ERG declined to comment on the financial value of the deal, leaving the total transaction sum officially undisclosed by the company at this stage.
The Financial Times reported in March that commodities trading giant Glencore had proposed to support Mutalip’s $1.4 billion bid to acquire a 40% stake in ERG, linking a major International trader to the deal.
ERG is a major producer of ferroalloys, copper, cobalt, aluminium, iron ore and thermal coal, with operations spread across multiple countries and a substantial industrial workforce under its umbrella.
The Kazakh government retains a 40% ownership stake in ERG, with the remaining 60% held by private shareholders, a split that has defined the group’s governance structure for a number of years.
The transaction marks a notable shift in ERG’s private shareholding, with Mutalip now emerging as a substantial minority stakeholder in one of Central Asia’s most prominent natural resources businesses.
Chodiev, one of the original co-founders of ERG, has now divested his entire stake in the mining group through the sale to Nature Energy Solutions, closing a long chapter of his involvement.
The deal underscores continued investor interest in Kazakhstan’s resources sector, particularly among buyers seeking exposure to critical minerals such as cobalt and copper amid growing global demand for battery and energy transition materials.