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VALUE-ADDING THRUST:

16th March 2018

By: Martin Creamer

Creamer Media Editor

     

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Kazakhstan-focused miner Eurasian Resources Group (ERG) plans to double aluminium output in three years to lessen dependence on lower-value alumina sales to Russia’s Rusal. In this picture, a worker oversees molten aluminium being poured at ERG’s Kazakhstan Aluminium Smelter JSC factory, in Pavlodar, Kazakhstan. A producer of 1.5-million tonnes of alumina a year, ERG aims to consume a million tonnes of its own alumina a year as part of its value-adding thrust. Luxembourg-registered ERG, in which the Kazakh government has a 40% shareholding, also has copper and cobalt assets in Africa and iron-ore mines in Brazil. As of July 2016, ERG owed $5.8 billion to its main creditors, VTB and Sberbank, which have extended the expanding company’s debt terms to 2022.

Edited by Martin Zhuwakinyu
Creamer Media Senior Deputy Editor

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