Moscow (Reuters)-US businessman James Cameron made an offer of $ 5 billion to buy the Eurasian Mining Giant Resources Group (ERG), according to a letter he sent to the company’s board of directors, which prepares to participate in a large expansion of rare lands of Kazakhstan.
However, ERG said in a statement on Monday that there was no negotiations about the sale of the company.
ERG is a copper, cobalt, aluminum and iron ore producer based in Luxembourg and 40% of its property is from the Government of Kazakhstan, said last year that it had formed a task force to explore rare land deposits and metals in Kazakhstan.
These minerals have gained special attention in recent months, as US President Donald Trump’s government seeks alternatives to China to supply its domestic industry as the trade war between countries intensifies.
Also read:
According to a source close to the company, negotiations between ERG and Cameron have been underway since the end of last year. Cameron has the same name as the Oscar -winning film director, but the two are not relatives.
Continues after advertising
But the ERG statement said: “In response to various media speculation in recent weeks, including publications on a proposal from Mr. James Cameron to buy Eurasian Resource Group (ERG), Mr. Shukhrat Ibragimov, chairman of the ERG Board of Directors and its executive director, said there is no negotiations about the sale of Erg. consistent and sustainable group ”.
Also read:
The Government of Kazakhstan and Cameron, which has already chaired the Council of the former Mining Company FTSE 250 Petropavlovsk, did not comment.
Continues after advertising
According to Cameron’s letter to the ERG council, whose copy was seen by ReutersGoldman Sachs is in preliminary negotiations to advise the business.
