Kazakhstan-based mining holding ERG is in the final stages of negotiations to sell its Brazilian subsidiary BAMIN to Portugal's Mota-Engil, reports the website infohub.kz.
According to Latin American business platform BNamericas, Mota-Engil has already signed a preliminary agreement to acquire Bahia Mineração (BAMIN) from Eurasian Resources Group (ERG) and has begun due diligence. The deal was expected to be finalized by the end of the first half of the year, but negotiations were delayed by a change in ERG's shareholders.
A source told the publication that negotiations are now in their final stages, with contract reviews underway. The agreement could be signed within the next two months. If signed, ERG will transfer the Pedra de Ferro iron ore project in Bahia state to the European company. ERG's website states that the project holds some of the highest-quality, low-impurity iron ore deposits in the world.
Additionally, Mota-Engil will take over the construction of the FIOL transcontinental railway and the Porto Sul multipurpose deepwater port from ERG. The BAMIN projects are expected to require investments of approximately $5 billion. The publication also noted that the Brazilian government is making direct efforts to expedite the conclusion of negotiations between Mota-Engil and ERG.
Kursiv sought comment from ERG and is awaiting a response. Earlier, Bloomberg reported, citing sources, that ERG's shareholders are considering a restructuring of the group, splitting the business into Kazakhstan and international divisions. Such discussions are being held by private shareholders Shukhrat Ibragimov and Shakhmarat Mutalip.
For context, ERG is Kazakhstan's largest mining holding, with projects for copper, cobalt, aluminum, and other metals in Kazakhstan, the Democratic Republic of Congo, and Brazil. In May 2026, ERG announced that Nature Energy Solutions Ltd., owned by Kazakh entrepreneur Shakhmarat Mutalip, had purchased a 39.3% stake in the mining group. The package was acquired from Patokh Shodiev (18.6%) and the heirs of Alexander Mashkevich (20.7%). Another 20.7% of ERG is held by the Ibragimov family, while 40% of shares are owned by the state through the Ministry of Finance of the Republic of Kazakhstan.