mineral resources
Samruk subsidiary to take stakes in mining companies
(SRI) - Tau-Ken Samruk, the metals and mining arm of Kazakhstan’s state investment and holding company Samruk-Kazyna, may buy stakes in local independent mining companies to help them overcome the current economic crisis.
Tau-Ken Samruk is seeking to acquire gold, copper and iron assets, its CEO Murat Murtazaev said.
“We are considering buying stakes in mining companies that are experiencing financial difficulties at the moment due to the current economic crisis,” Murtazaev told a mining conference but refused to name any potential targets.
Tau-Ken Samruk has been created this year to manage the government’s mining assets.
A number of Kazakh mining firms, including LSE-listed Kazakhmys and ENRC, have announced output cuts this year due to shrinking global demand.
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