Kazakh ENRC becomes Shubarkol Komir coal company’s only shareholder
Azerbaijan, Baku, April 17 / Trend E. Kosolapova/
Kazakh metallurgical company Eurasian Natural Recourses Corporation (ENRC) became the only shareholder of the Kazakh Shubarkol Komir coal company, Novosti-Kazakhstan reported with the reference to ENRC.
According to ENRC, the company has completed purchasing outstanding 75 percent shares of Shubarkol Komir.
ENRC acquired the shares from the Eurasian Industrial Co. The deal is worth $600 million. Moreover, it was earlier reported that ENRC takes a commitment of $50 million carry-over debt.
Shubarkol is a thermal coal producer in Kazakhstan. In 2009 ENRC acquired 25 percent stake in the company, reserving the right to redeem the remaining 75 percent stake.
It was earlier reported that ENRC believes that the acquisition of the remaining shares in Shubarkol will allow the company to increase coal production to 25 million tons per year.
Eurasian Natural Resources Corporation (ENRC) is one of the leading diversified natural resources groups with integrated mining, processing, energy, logistical and marketing operations. ENRC production assets are mainly located in Kazakhstan. Moreover, the company operates in China, Russia, Brazil and Africa (the Democratic Republic of Congo, Zambia, Mozambique and South Africa). ENRC is the world's largest producer of ferrochrome on the chrome content basis and one of the world's significant iron ore and alumina producers.