ERG to spend $1.8 billion doubling African copper, cobalt output. mining miningnews
Eurasian Resources Group Sarl, the mining firm backed by Kazakhstan, plans to spend $1.8 billion doubling its African copper and cobalt output as it taps demand for metals needed for the green-energy transition.
If future EV production forecasts are correct, “we need a lot more cobalt and a lot more copper,” the CEO said. “Most of our projects are in a state where we are actually ready for construction.” ERG holds assets, including several mining projects in Congo, that belonged to Eurasian Natural Resources Corp., which was once among the 100 most-valuable companies listed on the London Stock Exchange. The UK’s Serious Fraud Office has been investigating ENRC since 2013 for alleged corruption in its deals in Congo.