Kazakhstan Transfers Its 40% ERG Stake to Samruk-Kazyna

Kazakhstan’s State Property and Privatization Committee has transferred the state’s 40% stake in Eurasian Resources Group to Samruk-Kazyna. The sovereign wealth fund confirmed the transfer in response to an inquiry from Orda.kz.

Samruk-Kazyna commented:

The transfer of the asset is consistent with Samruk-Kazyna’s strategy and its role as a sovereign wealth fund responsible for managing assets effectively in the interests of the state

A Year of Major Changes at ERG

In May 2026, Nature Energy Solutions, a company owned by Shakhmurat Mutalip, acquired a 39.3% stake in ERG from Patokh Chodiev and the heirs of Alexander Mashkevich. The family of Shukhrat Ibragimov retained approximately 20.7%, while the remaining 40% was state-owned.

A possible split of ERG’s Kazakhstan and international assets has also been discussed. Under the proposed arrangement, the Kazakhstan business would remain under the control of the state and Mutalip, while the Ibragimov family would receive the group’s foreign assets, primarily those in the Democratic Republic of the Congo. The new structure could also assume approximately $2 billion in debt.

Following Mutalip’s arrival, an executive linked to his construction business was appointed to lead ERG’s Kazakhstan operations, strengthening the new shareholder’s influence over the group’s domestic assets.

ERG has also increased its focus on critical minerals. The company announced a $20 million investment in gallium production in Kazakhstan. Operations are expected to begin in 2026, with output targeted at up to 15 tonnes annually for export to OECD markets.

Original author: Alexander Smolin

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