UPDATE 1-Kazakh ENRC to invest $2.3 billion in growth

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PAVLODAR, Kazakhstan, Dec 12 (Reuters) - Kazakh metals major Eurasian Natural Resources Corp. (ENRC.L) plans to invest a total of $2.3 billion to develop its business over the next four years, its chief executive said on Wednesday.

The world's biggest producer of ferrochrome and the sixth-largest iron ore exporter by volume raised more than $2.7 billion this month when it priced its initial public offering on the London Stock Exchange at 540 pence per share.

"The company has an investment programme for the next four years of $2.3 billion," Johannes Sittard, ENRC's chief executive officer, told reporters.

He said the money would be channelled to all sectors of its business, including aluminium and mining.

ENRC is one of Kazakhstan's largest companies, accounting for about 4 percent of gross domestic product.

The sale of around 20 percent of its issued share capital in London implied a market capitalisation of $13.8 billion.

It is also the world's fifth-largest supplier of traded alumina by volume, the world's sixth-biggest iron ore exporter by volume and produces around 16 percent of Kazakhstan's electricity.

The Kazakh government owns 24.8 percent in ENRC. Kazakh copper company Kazakhmys holds an 18.8 percent stake, while the rest is controlled by metals magnates Alexander Mashkevich, Alijan Ibragimov and Patokh Shodiyev. (Reporting by Raushan Nurshayeva, writing by Maria Golovnina, editing by Will Waterman)