/REUTERS, March 10, 06/ - Swiss-based Eurasian Natural Resources Corp., which operates a number of metals assets in Kazakhstan, will be ready for an initial public offering in London by 2007, Forbes magazine reported on Friday.

ENRC controls Alyumini Kazakhstan, the Central Asian country's only alumina producer, as well as Sokolov-Sarbai , a big iron ore supplier to Russia and China, and a number of other metals companies.

Forbes, in a story published on its Web site, said the firm was now considering listing shares on the London Stock Exchange, joining a host of companies from former Soviet countries seeking funding on Western markets.

The magazine said it estimated the firm's market value at $6 billion and reported that the company had brought in a Dutch tax lawyer to help it prepare its accounts.

"He believes the firm will be ready for a public offering by 2007," Forbes said. "To raise the company's profile with international investors, ENRC plans to issue bonds by the end of 2006."

ENRC's key shareholders are Alexander Mashkevich and partners Patokh Shodiyev and Alidzhan Ibragimov, three wealthy businessmen from Central Asia. Forbes said ENRC made a profit of $800 million last year, on sales of $2.9 billion.

[2006-03-10]