Nickel Asia Corp. (NAC) is venturing into Kazakhstan by acquiring a 20-percent stake in a company with interest in a copper mine, seeking to expand its footprint across Asia.
The listed mining company signed an agreement with Silk Road Resources Ltd., a private entity incorporated under the Astana International Financial Centre (AIFC), a financial hub in Astana and East Copper Production LLP.
NAC did not disclose the acquisition cost when asked for additional information, but only said the deal involved acquiring a 20-percent stake in East Copper, the sole legal and beneficial owner of GRK MLD LLP.
GRK, in turn, holds subsoil use rights for the Karchiga copper mine in Kazakhstan. The copper deposit is situated within the Central Asian Orogenic Belt, a globally recognized highly mineralized metallogenic domain.
GRK has an annual production capacity of 8,500 tons of copper sulfide concentrate and 2,000 tons of copper cathode.
Robust industry
Data from the AIFC showed that Kazakhstan’s mining sector contributed more than 12 percent of the country’s gross domestic product, amounting to 16.1 million Kazakhstani Tenge. It accounted for one-third of exports.
AIFC also noted that Kazakhstan is one of the world’s top 10 copper producers, holding a market share of 3.2 percent.
NAC said the transaction supports a broader goal of diversifying its business and growing its presence across the region.
‘This investment supports the company’s strategy to expand market capitalization and earnings by evolving beyond nickel into a diversified natural resources development platform with a growing presence across Asia,’ the firm said in a disclosure on Wednesday.
Due diligence
The sale is subject to the completion of the due diligence on East Copper and GRK, along with other closing conditions and the necessary regulatory approvals.
NAC reported an attributable net income of P6.27 billion in 2025, a 312 percent surge from a year ago, due to strong export prices and higher sales.
Revenues from saprolite and limonite ore rose by 39 percent to P27.25 billion.