Walk the bauxite-alumina-aluminum value chain across Central Asia's five republics and the picture resolves quickly: one country runs the whole chain, one runs a piece of it, and three play no meaningful role at all. That picture, however, may be on the verge of a significant shift.

Eurasian Resources Group (ERG) announced that Nature Energy Solutions has acquired a 39.3% stake in the company through purchases from co-founder Patokh Chodiev and the heirs of Alexander Machkevitch. ERG is a major producer of copper, cobalt, ferroalloys, iron ore, and aluminum, with significant mining assets in Kazakhstan and the Democratic Republic of Congo (DRC). Market attention remains focused on the company’s shareholder restructuring and its strategic exposure to global copper and cobalt supply chains.

The Metalkol project in Kolwezi, owned by Eurasian Resources Group (ERG), holds over 100 million tonnes of tailings and is one of the world’s key sources of cobalt supply. Recently, however, a local cooperative known as Hosanna has entered the concession under the protection of Congolese soldiers, extracting tailings on a large scale and transporting them to nearby Chinese-owned refineries. ERG considers this an illegal encroachment, which could potentially shorten the project’s lifespan from around nine years to three years, resulting in more than $10 billion in lost revenue. However, both the Ministry of Interior and the Ministry of Mines in the DRC have stated that no formal authorization has been granted, and government authorities are currently stepping in to mediate the situation.

Eurasian Resources Group (ERG) stated on Monday that it voluntarily reduced its cobalt hydroxide production in the Democratic Republic of the Congo in 2025 amid the country’s export ban and quota system, and only plans a partial recovery in output in 2026. ERG slashed its cobalt hydroxide production by 70% in 2025, down to 5,700 metric tons from 19,000 tons in 2024, and intends to double its cobalt output in 2026 compared with 2025. Its 2026 export quota in the DRC, including unused volumes from the fourth quarter of 2025, totals 12,325 metric tons of cobalt metal. Data shows that due to earlier front-loaded exports, the DRC exported only 48,800 metric tons of cobalt in the first quarter of 2026, much lower than the 123,000 tons recorded in the same period of 2025.

Affected by shipping turmoil triggered by the Iran situation, major copper and cobalt producers in the DRC have had orders for key leaching chemicals canceled or withdrawn by suppliers this month, forcing them to reduce chemical usage and consider output cuts.Sources indicate that thousands of metric tons of sodium metabisulfite (SMBS) orders have been unilaterally canceled or withdrawn after contract signing. Miners are cutting chemical consumption to extend existing stockpiles, and are even considering lowering cobalt production or producing off-spec material to maintain operations.Affected companies include top miners in the DRC such as CMOC, Glencore, and Eurasian Resources Group.

According to foreign media reports, Glencore has proposed supporting Kazakh entrepreneur Shakhmurat Mutalip's $1.4 billion bid to acquire a 40% stake in Eurasian Resources Group.