Producer
Eurasian Resources Group (ERG)
Eurasian Resources Group S.a.r.l. (ERG; HQ Luxembourg; privately held; owned by Kazakhstani investors including the ENRC predecessor group) is a diversified natural resources company and the operator of Metalkol RTR (Roan Tailings Reclamation) in Kolwezi, DRC — described as the world's second-largest standalone cobalt producer by volume. Metalkol processes historical tailings (mine waste dumps) from the Kolwezi Tailings project, with nameplate capacity of approximately 23,000 tonnes of cobalt in hydroxide and 100,000 tonnes of copper cathode annually; it achieved design cobalt capacity in 2021. ERG markets Metalkol cobalt hydroxide to Western battery manufacturers (including a 3,000 tpa IRA-compliant supply agreement signed 2024 with Electra Battery Materials, Canada) as a conflict-mineral-free alternative to ASM-contaminated cobalt. The Metalkol RTR facility has completed the Responsible Minerals Assurance Process (RMAP), making ERG one of the few DRC cobalt suppliers that can document chain-of-custody compliance.
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DRC Operations (Metalkol RTR)
25%Kazakhstan Chrome & Ferrochrome (Kazchrome)
30%Kazakhstan Aluminum (SHYKEM/Aluminium of Kazakhstan)
18%Kazakhstan Iron Ore & Steel
15%Energy & Other
12%
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Did you know2024
ERG is known in battery supply chain contexts for its Metalkol RTR cobalt operation in the DRC. Less visible is that ERG's largest revenue segment is Kazakhstani ferrochrome production (through Kazchrome, the world's largest ferrochrome producer) — a material used primarily in stainless steel. The same Luxembourg-registered group that supplies cobalt hydroxide to Western battery manufacturers seeking IRA-compliant material also controls approximately 25-30% of global ferrochrome production — the critical ingredient that makes stainless steel corrosion-resistant. ERG simultaneously supplies the green energy transition (EV battery cobalt) and the legacy industrial economy (stainless steel ferrochrome). Battery supply chain specialists who track ERG's DRC cobalt operation typically have no visibility into the same group's dominance in stainless steel ferrochrome — two unrelated industries converging in a single Central Asian resource group.
Eurasian Resources Group S.a.r.l. ↗Origin2023
Eurasian Resources Group (ERG) descends from Eurasian Natural Resources Corporation (ENRC), which was created in 2006 to consolidate Kazakhstani industrial assets held by the "Trio" — Kazakhstani billionaires Alexander Machkevitch, Patokh Chodiev, and Alijan Ibragimov — assets originally privatized from Soviet-era state enterprises in the 1990s. ENRC listed on the London Stock Exchange in 2007, raising $3B in one of the LSE's largest IPOs of that year. By 2013, ENRC was taken private after the UK Serious Fraud Office (SFO) launched a bribery investigation covering Kazakhstan and DRC operations; the SFO investigation has continued for over a decade. The DRC cobalt business (Metalkol RTR) was added later as ERG expanded into DRC tailings reprocessing as cobalt prices rose. ERG thus combines Soviet industrial inheritance in Central Asia with an African critical mineral operation under a Luxembourg holding structure with contested UK/Kazakhstani corporate governance history.
Eurasian Resources Group S.a.r.l. ↗