ERG Raises $100M via Bonds to Boost Aluminum Output
Eurasian Resources Group (ERG) issued up to $100 million in three-year guaranteed coupon bonds—the first non-government bonds on KASE with backing from the Development Bank of Kazakhstan. Moody’s rated the bonds Baa1 (investment grade).
The bonds are issued by Kazakhstan Aluminium Smelter (KAS), ERG’s subsidiary and the country’s only primary aluminum producer. Funds will support KAS’s operations, including raw materials and electricity purchases.
“This is ERG’s first public debt instrument in the company’s history. It expands our financing options and supports our long-term growth and capacity expansion plans,” he added.
KAS, operating in Pavlodar, has produced 264,500 tons of aluminum in 2024 and reached 4 million tons total by March 2025. The company exports to over 20 countries and ensures over 90% local content and 2,000 jobs.
Photo credit: erg.kz
