Shifting sentiment over commodities and demand for base metals — in particular from China and Russia — has led to a volatile share price, just like any other blue chip London-listed miner. This volatility is made worse by the small float — only 20 per cent of its stock is in the market. The three founders, metal billionaires Patokh Chodiev, Alijan Ibragimov and Alexander Machkevich, control just over 40 per cent, having built the company during a wave of privatisations in the mid-1990s after the collapse of the Soviet Union. The trio — former metal traders — are the subject of a long-running tax investigation by Belgian authorities, though they deny any wrongdoing.
ENRC’s fellow Kazakhstan miner, Kazakhmys, owns 26 per cent while the Kazakhstan Government holds 12 per cent. The company supplies 14 per cent of the country’s electricity and its ferrochrome and iron ore mines contribute 4 per cent to GDP… Read more (timesonline)
Patokh Chodiev: With partners and longtime friends Alijan Ibragimov and Alexander Machkevich (both also billionaires) built a metals and mining empire in Kazakhstan; stock of London-listed Eurasian Natural Resources Corporation down 54% over the past year. In July the trio's investment company, International Mineral Resources, took a 49% stake of Chinese carbon and stainless steel producer Jiuquan Iron & Steel. The Uzbekistan native lived in Japan before teaming up with his pals in Kazakhstan. (forbes.com)