MANILA, Philippines — Leading mining firm Nickel Asia Corp. (NAC) is diversifying its portfolio beyond nickel with a strategic entry into the Central Asian market. In a disclosure on Wednesday, April 22, 2026, the company announced it had signed an agreement to acquire a 20-percent stake in a copper mining venture in Kazakhstan.
The deal marks NAC’s first significant move into the copper sector and underscores its ambition to evolve into a multi-metal natural resources platform with a broad footprint across Asia.
Nickel Asia signed the agreement with Silk Road Resources Ltd. (a private entity in the Astana International Financial Centre) and East Copper Production LLP.
- The Target: NAC is acquiring 20% of East Copper, which is the sole beneficial owner of GRK MLD LLP.
- Karchiga Copper Mine: GRK holds the subsoil use rights for the Karchiga copper mine, located in the highly mineralized Central Asian Orogenic Belt.
- Production Capacity: The facility has an annual capacity to produce 8,500 tons of copper sulfide concentrate and 2,000 tons of copper cathode.
The acquisition is a key component of Nickel Asia’s long-term growth strategy. By moving into copper—a critical metal for the global energy transition and electric vehicle (EV) industry—the company aims to:
- Expand Market Capitalization: Diversifying income streams beyond the volatile nickel market.
- Asian Footprint: Establishing a physical presence in Kazakhstan, one of the world’s top 10 copper producers.
- Growth Platform: Utilizing its strong 2025 earnings—which saw net income surge 312% to ₱6.27 billion—to fund offshore expansions.
The finalization of the sale is subject to standard closing conditions, including:
- Due Diligence: Completion of financial and operational audits of East Copper and GRK.
- Regulatory Approvals: Necessary clearances from both Philippine and Kazakhstani authorities.
Kazakhstan’s mining sector is a robust pillar of its economy, contributing over 12 percent of its GDP and accounting for one-third of its total exports. The Karchiga mine specifically benefits from being situated in a globally recognized metallogenic domain, offering high potential for sustained mineral extraction.
