ENRC swallows Kazakhstan coal producer for $600 million
Eurasian Natural Resources Corporation (ENRC) has paid US$600 million for the remaining 75% of Kazakhstan coal producer Shubarkol Komir.
London-listed ENRC previously owned 25% of the company, which is one of Kazakhstan's largest coal producers.
"The acquisition of this high-quality thermal coal asset favourably positions us to meet the growing energy needs of our businesses in Kazakhstan and enhances our integrated, low-cost position," CEO Felix Vulis said in a statement.
A major metals company in Kazakhstan, ENRC accounted for about 4% of the country's economy in 2010, AP reports.
ENRC operations include the processing of chrome, manganese and iron ore; the smelting of ferroalloys; the production of iron ore concentrate and pellet; the mining and processing of bauxite for the extraction of alumina and the production of aluminium; the production of copper and cobalt; coal extraction and electricity generation.