Nickel Asia Corp. (NAC) has completed its USD30-million acquisition of a 20 percent interest in a Kazakhstan copper operation, expanding beyond nickel and giving the Philippine-listed miner exposure to an existing producing asset.
NAC said its wholly owned Singapore subsidiary, NAC Global Investments Pte. Ltd., acquired the interest in East Copper Production LLP from Silk Road Resources Ltd.
East Copper is a Kazakhstan-based entity with an interest in GRK MLD LLP, whose Karchiga asset is located in the country’s East Kazakhstan region.
NAC paid USD10 million earlier this year after completing due diligence and settled the remaining USD20 million after the closing conditions under the sale and purchase agreement were met.
The acquisition gives NAC exposure to copper production without having to develop a new mine from scratch. That provides an immediate operating base as copper prices remain elevated amid demand from data centers, electric vehicles, and power-grid investment.
GRK MLD generated about USD70 million in revenue and USD40 million in EBITDA in the first half of 2026, based on unaudited results cited by NAC. Copper production reached 5.24 kilotons during the period.
NAC said the investment is expected to strengthen its earnings base and position the company to benefit from the long-term outlook for copper demand.
The Karchiga asset sits within the Central Asian Orogenic Belt, part of the broader Central Asian Copper Belt, which contains significant copper resources.
The deal marks a shift in NAC’s commodity exposure as the company adds copper to its established nickel business in the Philippines. Copper is increasingly important to power infrastructure and electrification, supporting long-term demand even as commodity prices remain subject to global economic and supply cycles.
NAC’s investment also gives it an international foothold through NAC Global, which was established to hold the company’s overseas investments.
The transaction was initially agreed by NAC and SRR on April 22, 2026. The NAC board subsequently approved the transfer of the agreement to NAC Global on Aug. 6.
The key near-term measure will be how the Kazakhstan asset of NAC contributes to earnings and cash flow. The acquisition provides production from day one, but its longer-term value will depend on copper prices, operating performance, and the ability to sustain output from Karchiga.
