ENRC buys 75 pct stake in major Kazakhstan coal producer for $600 million
Apr 17. The Canadian Press. ALMATY
London-listed Eurasian Natural Resources Corporation says it has completed the $600 million purchase of a 75 per cent stake in Kazakhstan coal producer Shubarkol Komir.
The acquisition completes ENRC’s takeover of the miner, which produced 7.5 million tons of coal in 2011.
ENRC chief executive Felix Vulis said Tuesday in a statement that the assets would enable the company to meet the energy requirements of its businesses in Kazakhstan.
ENRC is a major metals company in Kazakhstan and accounted for around 4 per cent of the former Soviet nation’s economy in 2010.
The beneficiaries of Shubarkol Komir’s sale will be ENRC’s Kazakh founders — Alexander Mashkevich, Alizhan Ibragimov and Patokh Chodiyev. They jointly control around 44 per cent of ENRC.