Finance
Glencore to back kazakh entrepreneur's purchase of 40% stake in eurasian resources group, FT reports
Published by Global Banking & Finance Review®
Posted on March 5, 2026
2 min readLast updated: March 5, 2026
Quick Summary
Glencore is reportedly offering backing and has proposed an $800 million upfront advance for Shakhmurat Mutalip’s $1.4 billion bid to acquire a 40% stake in Eurasian Resources Group.
Glencore to back Kazakh entrepreneur's purchase of 40% stake in Eurasian Resources Group, FT reports
Glencore's Strategic Support for Shakhmurat Mutalip's Acquisition
Details of the Proposed Deal
March 5 (Reuters) - Glencore has proposed supporting Kazakh entrepreneur Shakhmurat Mutalip's $1.4 billion bid to buy a 40% stake in miner Eurasian Resources Group, the Financial Times reported on Thursday, citing people familiar with the discussion.
Financing Structure and Ferrochrome Shipments
The London-listed miner has proposed a $800 million upfront pre-payment in exchange for future shipments of ferrochrome, mainly used in steel production, to help finance the bid, the report added.
Responses from Involved Parties
Glencore and Eurasian Resources Group did not immediately respond to a Reuters request for comment.
Competing Bids and Previous Attempts
Mutalip's Bid Status
Mutalip's bid is close to being finalised, having overtaken a rival bid from Shukhrat Ibragimov, the CEO of Eurasian Resources and son of the company's co-founder Alijan Ibragimov, FT said.
Glencore's Previous Acquisition Efforts
Glencore had previously tried to buy the former FTSE 100 company in 2011 for 12 billion pounds ($15.99 billion), according to a media report at the time.
Additional Negotiations and Financial Details
Discussions Over Kazzinc Stake
The London-listed miner and Mutalip are also in active discussions over his bid to acquire its 70% stake in another Kazakh miner, Kazzinc, FT added, which it said could be worth about $3.5 billion.
Exchange Rate Information
($1 = 0.7503 pounds)
Reporting Credits
(Reporting by Unnamalai L in Bengaluru; Editing by Vijay Kishore)
Key Takeaways
- •Glencore may provide financing support to Mutalip for the ERG stake acquisition (bid $1.4 billion) (gurufocus.com)
- •Glencore’s offer includes an $800 million pre-payment in exchange for future ferrochrome shipments (kz.kursiv.media)
- •Mutalip is simultaneously pursuing Glencore's 70% stake in Kazzinc, highlighting a broad expansion strategy in Kazakhstan's mining sector (eureporter.co)
References
Frequently Asked Questions about Glencore to back Kazakh entrepreneur's purchase of 40% stake in Eurasian Resources Group, FT reports
1Who is supporting Shakhmurat Mutalip's bid for Eurasian Resources Group?
Glencore has proposed supporting Shakhmurat Mutalip's $1.4 billion bid for a 40% stake in Eurasian Resources Group.
2How much is the proposed pre-payment from Glencore?
Glencore has proposed an $800 million upfront pre-payment.
3What is Glencore expected to receive in exchange for the pre-payment?
Glencore would receive future shipments of ferrochrome in exchange for the pre-payment.
4What percentage stake is being bid for in Eurasian Resources Group?
The bid is for a 40% stake in Eurasian Resources Group.
5Can the details of the Financial Times report be independently verified?
Reuters could not immediately verify the Financial Times report.
