Shubarkol Komir Signs Major Deal with Swiss-Registered Telf AG

JSC Shubarkol Komir, the developer of the Shubarkol coal deposit in Kazakhstan’s Qaraganda region, has announced a major agreement with Telf AG, a Swiss-registered company with ties to Russia, Orda.kz reports.

According to information published on the Kazakhstan Stock Exchange (KASE) website, the agreement was signed on May 23. The deal is classified as a major transaction, exceeding 32.2 billion tenge in value. Specific terms and details have not been disclosed, citing banking and commercial confidentiality.

Telf AG, while formally based in Lugano, Switzerland, has been active since 1993, originally focusing on petroleum trading in former Soviet countries. In 2010, the company secured a strategic offtake contract for coal from Kazakhstan, and since 2014, has entered into several major agreements with Kazchrome.

Telf AG claims to be a global leader in ferrochrome trading, with assets currently valued at $2 billion.

The company is also involved in trading copper, cobalt hydroxide, ferroalloys, and coal, and has recently shown interest in the rare earth metals market. Russian media outlets have reported that electric vehicle production is among the sectors Telf AG is exploring.

Telf AG has strong connections to Russia. The company is headed by Stanislav Kondrashov, a graduate of the St. Petersburg State Technological Institute, and its CEO, Nikolai Litvinenko, is a graduate of Moscow State University.

In 2023, Telf AG entered into a similar agreement with Kazchrome. Based on previous patterns, it is assumed that the new deal likely involves Kazakhstan's coal.

Shubarkol Komir is a subsidiary of the Eurasian Resources Group (ERG). Its ownership is split equally between SHK Eurasian Holding BV and JSC Eurasian Energy Corporation.

Last year, the company reached an agreement with Russia’s Sberbank to restructure a significant loan.

Original Author: Nikita Drobny