* ENRC shareholders have until Aug. 28 to accept offer
* Bidders include trio of founders, government of Kazakhstan
* Assets include Mozambique coal, Brazil iron ore, Congocopper
By Clara Ferreira-Marques
LONDON, Aug 7 (Reuters) - The founders of Kazakh miner ENRC, bidding to buy out minority investors and take thegroup private, said on Wednesday they could sell someinternational assets, reversing a costly expansion drive thattook the group to Africa and Brazil.
Since its 2007 London listing, ENRC has spent more than $6billion expanding beyond its Kazakh core ferrochrome and ironore operations into places such as Democratic Republic of Congo.More than $5 billion of that was spent on assets still indevelopment that have generated little or no cash so far.
In an offer document published on Wednesday by the bidders -Eurasian Resources, a group made up of ENRC's trio of foundersand the Kazakh government - they outlined plans to focusmanagement attention on the Kazakh core of the business.
"Eurasian Resources will undertake a thorough strategicreview of ENRC's international assets, and this may lead to areduction in capital allocated to such assets and theidentification of potential business disposal opportunities,"the bidders said in the document.
Given the involvement of the Kazakh government, ENRC's heavydebt and the burden of financing the buyout, the bidders hadbeen expected to concentrate on assets at home, but they had notbeen expected to indicate possible sales as early as the biddocument.
ENRC, under pressure over its poorly performing share priceand growing debt, had already cut back its $11 billion list ofpotential projects last year.
Assets now expected to be put on the block include theirplanned Brazilian iron ore operation, a Mozambique coal projectand a South African platinum holding - none of which are likelyto prove easy sales at a time when buyers are contemplating anuncertain demand outlook.
Brazil could be the least complex sale, with industryadvisers already touting an option that could see privatelyowned iron ore developer Zamin, which sold the BML asset to ENRCin a $1 billion deal, buying it back less than three yearslater. Zamin has declined to comment on the possibility.
ENRC's jewel outside Kazakhstan is its copper operation inDemocratic Republic of Congo - these mines, some acquired in acontroversial 2010 deal after they were confiscated from a rivalminer, have been the focus of overseas spending and are notexpected to be up for sale.
Should the bidders succeed they will draw a line underENRC's turbulent years on the London market. They are widelyexpected to be successful after rival Kazakhmys, ENRC'stop shareholder, backed the offer last week.
Including Kazakhmys' holding, the bidders now own or havesupport from shareholders representing more than three-quartersof the total capital. ENRC's minority shareholders have untilAug. 28 to accept the offer of $2.65 in cash plus 0.23 Kazakhmysshares for each ENRC share.
At Wednesday's closing prices, that values ENRC at around228 pence, compared to ENRC's closing value of 219.3 pence.