Shukhrat Ibragimov has been appointed CEO of Eurasian Resources Group (ERG), the mining company announced.
Eurasian Resources Group (ERG) is an international group of companies, one of the world’s leading groups in the field of extraction and processing of mineral resources.
Recall, one of the three founders of ERG was Shukhrat Ibragimov’s father, a native of Kyrgyzstan Alijan Ibragimov, whom his fellow countrymen from Tokmak called an oligarch.
«Eurasian Resources Group, a leading diversified group in the extraction and processing of minerals with its head office in Luxembourg, announces that Shukhrat Ibragimov has been appointed CEO (chief executive officer) of the group. Benedikt Sobotka has served in this role with passion for over a decade and will remain closely involved with the ERG team, having provided the necessary support for the transition of the business. Shukhrat Ibragimov, previously First Deputy CEO, provides the necessary continuity,» the statement says.
ERG’s main projects implemented in recent years are the ERG Green processing plant and the construction of a wind farm.
Eurasian Resources Group shareholders include the Ministry of Finance of Kazakhstan — 40 percent, another well-known native of Kyrgyzstan Alexander Mashkevich and the Ibragimov family — 20.7 percent each, Patokh Shodiev — 18.6 percent.
Alexander Mashkevich, Patokh Shodiev and the family of the late Alijan Ibragimov (wife Mukadaskhan Ibragimova and four sons Dostan, Davron, Shukhrat and Furkhat) became the first dollar billionaires in 2005 with a capital of $1 billion each, Forbes in Kazakhstan reported.
The Ibragimov family increased their wealth to $1.5 billion in 2024, compared to $1.32 billion in 2023.
In September, it was reported that Shukhrat Ibragimov became one of the owners of Timur Kulibayev’s unprofitable coal mining company Shubarkol Premium.
Historically, only one company worked at Shubarkol coal fields — Shubarkol Komir, which is part of the ERG structure.
Shukhrat Ibragimov’s father, Alijan Ibragimov, died in early February 2021 from coronavirus infection. Some time after the funeral of the oligarch known as Count Tokmaksky, then former Prime Minister Omurbek Babanov arrived for an audience with Sadyr Japarov, who had just officially assumed the post of head of state. He came to the meeting with the new president together with Alijan Ibragimov’s son, Shukhrat. Sadyr Japarov’s press service then called this meeting «a meeting with an investor.»
