Eurasian Resources Group Secures $150 Million Pre-Export Financing for Copper Supply from Congo

Eurasian Resources Group (ERG) has finalized a pre-export financing agreement with the London branch of Bank of China Limited and Glencore International AG for the supply of copper from its Metalkol enterprise in the Democratic Republic of Congo. The agreement will allow ERG to raise up to $150 million to bolster its working capital and finance general corporate expenses, according to a press release from the company on Tuesday.

The financing arrangement is centered on the supply of copper cathode from Metalkol, a key asset in ERG's portfolio. The agreement is expected to enhance ERG's commercial contracts with international partners and aligns with the Group’s broader strategy to support economic growth in the Democratic Republic of Congo, which has recently emerged as the world’s second-largest copper producer.

Founded in 2014 and based on the former Eurasian National Resources Corporation (ENRC), ERG is registered in Luxembourg and operates a diverse range of assets, including ferroalloy, iron ore, aluminum, coal, and power generation enterprises in Kazakhstan. The company also manages significant copper and cobalt operations in Africa and an iron ore mining project in Brazil.

ERG's major assets in Kazakhstan include Kazchrome, Sokolov-Sarybai Mining Production Association (SSGPO), Aluminum of Kazakhstan, Kazakhstan Aluminum Smelter, Eurasian Energy Corporation, Shubarkol Komir, and TransCom.

Glencore, one of the world's largest commodity traders, operates in over 35 countries, while Bank of China, headquartered in Beijing, is one of the "big four" banks in China.