ASTANA — Eurasian Resources Group (ERG) has announced a record investment of over $1 billion in the country for 2026, the largest in the group’s history, according to ERG’s press release on Jan. 26. The announcement was made by Shukhrat Ibragimov, ERG’s CEO and chairman of the board, during a site visit to the company’s operations in Kazakhstan.
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The investment will cover both mining and metallurgical assets, as well as the construction of new production facilities. ERG plans to focus on high-value-added products not currently manufactured in Kazakhstan, including gallium and hot briquetted iron (HBI).
The specific investment projects for 2026 include the development of the HBI plant (two million tons per annum target capacity) and iron ore pellet plant. Among them are also the construction of a 80 MW ferroalloy gas utilization power station at the Aktobe Ferroalloys Plant, development of the chromium mine (7.5 million tons per annum target capacity), modernization projects at the Aksu Power Station, construction of vertical calcination kilns and product filtration units at the Pavlodar Alumina Plant along with production of gallium (15 tons annual capacity).
In 2025, ERG delivered growth across its key profitability metrics, despite the mining and metals industry operating in an exceptionally challenging macroeconomic and geopolitical environment. The industry faced high volatility in commodity prices, supply chain constraints, and fluctuations in foreign exchange rates.
Based on the results for the first nine months of 2025, ERG’s EBITDA increased by approximately 7% year-on-year, while the EBITDA margin rose to 33% from 29% in the same period of 2024, surpassing the company’s internal plan.
These achievements are driven by systematic improvements in operational efficiency, strict cost management, and the positive contributions of major business development projects. The ERG continues to implement its new development strategy, approved in late 2024, which encompasses several large-scale investment projects.
