Kazakhstan metals firm wants foreign firms to be able to list in China
March 27, 2017 Category Stock Markets, Weekly
Kazakhstan government-backed Eurasian Resources Group, which is seeking Chinese finance for four metals projects involving a total investment of USD6 billion, has called on Beijing to open up China’s stock markets to foreign firms to raise funds. The company, the world’s largest producer of ferrochrome – an intermediate material used to give stainless steel its anti-corrosion properties – is in talks with Chinese firms on four projects. Luxembourg-based Eurasian was previously listed on the London stock exchange, until it was privatized in late 2013 by a consortium led by the Kazakhstan government that now owns a 40% stake. Eurasian Resources Chief Executive Benedikt Sobotka said the company would be interested in listing on mainland China’s stock markets to help raise funds for its projects, but current regulations made it “almost impossible” to do so. “Mining projects are good investments as they provide good long term returns,” he said.
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