(Ecofin Agency) - Eurasian Resources Group (ERG), a major mining company operating in Africa, has firmly denied reports that it is negotiating a sale. The company is 60% owned by its founders and 40% by the Kazakh government, with significant copper and cobalt mining assets in the Democratic Republic of Congo (DRC) and Zambia.

On April 21, ERG issued a statement rejecting claims that American investor James Cameron had made a $5 billion offer to buy the firm. Reuters had reported that negotiations had been ongoing since late 2024, with Cameron planning to fund part of the deal himself and the rest through investors from the U.S. and Australia. ERG’s CEO, Shukhrat Ibragimov, responded clearly: the company has no plans to alter its business model.

Ibragimov emphasized that ERG’s management is fully committed to the group’s steady, sustainable growth. “ERG’s focus on long-term growth and value creation for all the group’s stakeholders remains unchanged,” the press release stated.

This denial comes amid ERG’s plans to restructure its African operations. Last February, Nicolas Treand, CEO of ERG’s African division, told Bloomberg the company aims to cut production costs. This involves reviewing some mining licenses in the DRC and projects in South Africa and Zimbabwe.

ERG’s presence in the DRC is substantial, with operations at the Frontier, Metalkol, and Boss Mining sites. The company has faced challenges there, including disputes with the state. In 2024, state-owned Gecamines expressed interest in acquiring some ERG assets in the country. Whether ERG’s restructuring will lead to asset sales remains uncertain.

Meanwhile, ERG is advancing the Comide project in the DRC, a new copper and cobalt mine with an estimated cost of $800 million. Construction is expected to finish in 2025, but details on progress are scarce. As a private company, ERG is not bound by the transparency rules that public companies follow.

This article was initially published in French by Aurel Sèdjro Houenou

Edited in English by Ange Jason Quenum