Eurasian Resources Group enters into a principal agreement with China's NFC to complete the construction of its project in Africa; EXIM and ICBC to support the financing, Sinosure to provide the insurance
ERG considers new investments to Kazakhstan, makes a contribution to dialogue on the Eurasian integration at Astana Economic Forum
Eurasian Resources Group (ERG), a leading diversified natural resources producer, worked together with the Astana Economic Forum (AEF), the Boao Forum for Asia (BFA) and the World Economic Forum (WEF) in Kazakhstan. ERG has facilitated important dialogues on economic cooperation in the Eurasian region at the annual event, which is bringing together current and former heads of states, leaders from the economic and business community, Nobel Prize laureates and industry experts from Europe and the US.
This year ERG was a golden partner of the AEF. Kazakhstan is a core region for ERG; the Group has been a long-standing champion of the region’s metals and mining and the leader of many social programmes in the Republic. Dr. Alexander Machkevitch, Chairman of the Board of Managers of Eurasian Resources Group, was a featured speaker to the Silk Road Countries’ Forum jointly organised by BFA and the Ministry of National Economy of the Republic of Kazakhstan. The Group also participated in a WEF interactive workshop aimed at identifying opportunities to closer regional cooperation and at exploring how business can maximise increased connectivity to go global.
ERG is a major contributor to economic development of Central Asia and the Eurasian region. The Group is implementing joint projects totaling more than $2bn with China under the New Silk Road initiative.
'I see enormous potential in regional integration. China is the largest consumer of commodities, and ERG and Kazakhstan are well positioned to source a large number of products China needs. These include first and foremost ferroalloys. We supply large amounts of ferrochrome to various enterprises, including TISCO, and we are increasing supplies,’ said Dr. Machkevitch.
‘Our cooperation extends beyond commodity supply,’ he continued. ‘We are currently negotiating the construction of a second aluminium smelter in Kazakhstan using Chinese technologies, as we have done before: NFC has already built one smelter. And we are more than satisfied with it, as it uses state-of-the-art technology,' he added. Dr. Machkevitch said ERG intends to build a second smelter with a capacity of 140kt, and that the group is considering construction of a large HBI complex in the Kostanay Region and the renovation of two 325 MW power units at the Aksu Power Plant.
As part of the Forum, Dr. Machkevitch attended meetings with representatives of the Government of the Republic of Kazakhstan, the management of the Astana International Financial Centre, leaders of international companies and member organizations.
This year, guests of the Astana Economic Forum include: Christine Lagarde, Managing Director of the International Monetary Fund; winners of the Nobel Prize in Economics Edward C. Prescott and Thomas J. Sargent; as well as members of the International Advisory Board, which comprises Aleksander Kwasniewski, former President of Poland (1995-2005); Alfred Gusenbauer, former Chancellor of the Republic of Austria (2007-2008); François Fillon, Former Prime Minister of France (2007-2012); Arthur Laffer, Adviser to the US President Ronald Reagan (1981-1989) and the Prime Minister of the UK Margaret Thatcher (1980-1989), and others.