MANILA, Philippines — Nickel Asia Corp. (NAC) is making a significant move into Central Asia by acquiring a 20% stake in a copper mining operation in Kazakhstan, marking a strategic expansion beyond its traditional nickel focus.
The Philippine-based mining company has entered into an agreement with Silk Road Resources Ltd., a private entity registered under the Astana International Financial Centre (AIFC), and East Copper Production LLP. Through this deal, NAC will obtain a 20% interest in East Copper, which wholly owns GRK MLD LLP—the holder of subsoil use rights for the Karchiga copper mine.
"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 company stated in a recent disclosure.
The Karchiga copper deposit is located within the Central Asian Orogenic Belt, a region known for its rich mineral resources. GRK MLD LLP currently has an annual production capacity of 8,500 tons of copper sulfide concentrate and 2,000 tons of copper cathode.
Kazakhstan represents a robust mining market, with the sector contributing over 12% to the country's GDP and accounting for approximately one-third of its exports. The nation ranks among the world's top ten copper producers, holding a 3.2% global market share.
The transaction remains subject to standard closing conditions, including completion of due diligence on East Copper and GRK, along with necessary regulatory approvals. While NAC has not disclosed the financial terms of the acquisition, the move aligns with the company's broader diversification strategy.
NAC reported impressive financial results for 2025, with attributable net income surging 312% to ₱6.27 billion, driven by strong export prices and increased sales. Revenues from saprolite and limonite ore rose by 39% to ₱27.25 billion during the same period.