Moscow (Reuters) -Us businessman James Cameron made an offer of $ 5 billion to buy the Eurasian mining giant resource group (ERG), according to a letter he sent to the company’s board, which is preparing to participate in a major extension of rare countries in Kazakhstan.
However, ERG said in a statement on Monday that there were no negotiations on the sale of the company.
ERG is a copper, cobalt, aluminum and iron ore producer based in Luxembourg and 40% of its property comes from the government in Kazakhstan, said last year that it had formed a working group to explore rare land deposits and metals in Kazakhstan.
These minerals have received special attention in recent months, as US President Donald Trump’s government seeks alternatives to China to provide its domestic industry as the trade war between countries intensifies.
Also read: The US military programs are due to rare minerals from China; Understand the risk
According to a source near the company, the negotiations between ERG and Cameron have been going on since the end of last year. Cameron has the same name as Oscar -winning film director, but the two are not relatives.
Continues after advertising
But the ERG statement said: “In response to various media speculations in recent weeks, including publications about a proposal from James Cameron to buy Eurasian Resource Group (ERG), said Shukhrat Ibragimov, chairman of the ERG Board and its Managing Director, that there are no negotiations on the sale.
Also read: Ukraine agrees with the United States on conditions for mineral agreements
The government of Kazakhstan and Cameron, who already chaired the Council for the former mining company FTSE 250 Petropavlovsk, did not comment.
Continues after advertising
According to Cameron’s letter to the ERG Council, whose copy was seen by ReutantsGoldman Sachs is in preliminary negotiations to advise the business.