In 2020, ideas born from ERG’s fourth Innovators’ Forum generated over $20 million in earnings. Eurasian Resources Group (“ERG” or “the Group”), a leading group in the diversified natural resources industry, held its fifth annual Innovators’ Forum (“the Forum”) under the theme “Innovation in an Era of Change”. Each year, this forum hosts a virtual competition among the Group’s employees in seven project categories.
This year, 99 new projects were presented during the Forum, and eight finalist projects were selected. The winning project proposed a double loading idea for increased productivity—resulting in savings of $6.7 million per year starting in 2022. This idea was based on a pilot experiment conducted at SSGPO, an ERG entity in Kazakhstan and a major iron ore producer, with the help of a diesel excavator. This led to a 37% reduction in maneuver time and a 36% increase in the volume of extracted materials.
Other proposed innovations include a special elevator for furnace repair works, introduced this spring at furnace no. 43 at ERG’s ferroalloy plant. The project reduced maintenance time by 120 hours and produced up to 1,116 additional tonnes of ferrochrome. Similarly, an innovation for Aktobe’s smelting workshop no. 1 will reduce by 480 hours the time needed for major furnace repair work.
ERG’s top executives were joined in the Forum jury by industry experts from leading Russian companies, including Rusal and Nornickel, who, during the round table, explored how the pandemic had affected innovation policies.
Serik Shakhazhanov, Chairman of the Board of Directors of Eurasian Group LLP, stated: “We are pleased with the progress and keen interest that our Innovators’ Forum continues to generate, both within the Group and in the industry. Innovation has never been more important, and it is a high-potential area for cost savings and productivity growth. We look forward to seeing these promising projects move forward and contribute to greater efficiency across the Group.”
About Eurasian Resources Group:
Eurasian Resources Group (ERG) is a leading diversified natural resources group with integrated operations in mining, processing, energy, logistics, and marketing. The Group operates in 15 countries and is a major employer in the sector.
ERG is the world’s largest producer of high-carbon ferrochrome by chrome content and is among the leading suppliers of copper and cobalt. It is also one of the largest suppliers of alumina and iron ore in Eurasia and an ever-growing player in copper and cobalt production through its units in Africa. It is the only producer of high-quality aluminum in the Republic of Kazakhstan.
Eurasian Resources Group is a founding member of the Global Battery Alliance and the Mining and Metals Blockchain Consortium within the World Economic Forum.
