OREANDA-NEWS. On April 04, 2008 EURASIAN NATURAL RESOURCES CORPORATION PLС (ENRC), common shares of which are included into Kazakhstan Stock Exchange (KASE) category "A" official list, provided to KASE the press release, where informs on the following, reported the press-centre of KASE:

Eurasian Natural Resources Corporation PLC ('ENRC' or, together with its subsidiaries, 'the Group'), a leading diversified and fully integrated Kazakh metals and mining company, announces that it has completed the acquisition of a controlling interest in the Serov group and certain related entities ('Serov').

Serov was acquired from various entities affiliated with Mr. P Chodiev, Mr. A Ibragimov and Mr. A Machkevitch, all of whom are significant shareholders in ENRC (the 'Founder Shareholders'). This transaction is ENRC's first acquisition outside of Kazakhstan and was described in the IPO Prospectus published by ENRC on 7 December 2007.

The total cash consideration for the acquisition is US\\$210 million, including an initial US\\$100 million pre-payment made in July 2007. The Group obtained a valuation report and fairness opinion to assist it in determining the appropriate price to be paid. The sale-purchase agreement, signed on 4 December 2007, allowed ENRC the right to all dividends or other distributions made after 4 December 2007, effectively giving ENRC the economic benefit from that date.

Serov is a ferrochrome producer in eastern Russia and owns a chrome ore mining facility and a ferrochrome smelter. The smelter produces a variety of ferroalloys including high, medium and low carbon ferrochrome and has an annual sales volume of approximately 200,000 tonnes.

ENRC believes that the acquisition of Serov will help reinforce the market position of the Group in the ferrochrome industry and in the region. In addition, the transaction will allow the Group to benefit from further vertical integration within the ferroalloys business.

Commenting on the acquisition, Dr. Johannes Sittard, Chief Executive Officer of ENRC, said, "We believe that the operations of Serov will not only complement our existing ferrochrome product range but will also provide ENRC with an important asset base in Russia, which supports our strategy to pursue expansion opportunities."

Sir David Cooksey, the Non-Executive Chairman of ENRC, said, "It is good that we have completed this transaction, our first as a public company, and we believe that Serov will be an important part of the Group's development. The acquisition will provide a strong platform for ENRC in Russia."