Eurasian Resources is said to weigh sale of Congo mining assets
HONG KONG – Eurasian Resources Group, the mining firm backed by the Kazakhstan government, is exploring options for assets in the Democratic Republic of Congo including a potential sale, according to people with knowledge of the matter.
China Nonferrous Metal Mining is among companies interested in the assets, the people said, asking not to be identified as the information is private. Deliberations are at an early stage, and ERG could decide against a sale, they said.
Bidders could value the company’s assets at $3-billion to $4-billion while the seller may be seeking $7-billion to $8-billion, the people said. Valuing the assets is difficult because of political risks in the region and volatile metal prices, among other reasons, they said.
A representative for ERG declined to comment. China Nonferrous couldn’t be reached for comment.
ERG, which mines copper and cobalt in DRC, has been reviewing its investments and has already sold assets valued at about $1-billion, according to its website. The company is a major producer of cobalt, a material used in rechargeable batteries powering iPhones and Tesla cars, though it’s had to grapple with a supply glut and declining prices. Congo produced 72% of the world’s supply of cobalt last year.
The firm is also developing large-scale investment projects in Central Asia and Africa with the Chinese government as part of the New Silk Road initiative, according to its website.
China Nonferrous operates in more than 80 countries and regions globally. It produces so-called nonferrous metals, which contain little or no iron, such as copper, lead and gold. The company also invests in mining projects in Zambia, Mongolia, Myanmar, Thailand and DRC, according to its website.
Comments
Research Reports
Projects
Latest Multimedia
Showroom
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
