The prospect of the birth of a Kazakh national mining champion appeared to recede on Tuesday when Eurasian Natural Resources (ENRC) walked away from an indicative £7bn (£13.6bn) takeover offer for rival Kazakhmys.

“Following a detailed evaluation of the potential combination, the board of ENRC, while concluding that the enlarged group would have certain strategic and financial merits, has decided not to make an offer for Kazakhmys at the current time,” ENRC said.