NICKEL Asia Corp. (NAC) has completed the acquisition of a 20-percent stake in Kazakhstan's Karchiga copper mine, giving the Philippine natural resources company immediate exposure to copper production in Central Asia.
NAC said Thursday that its wholly owned Singapore subsidiary, NAC Global Investments Pte. Ltd., completed the acquisition of a 20-percent membership interest in East Copper Production LLP (East Copper) from Silk Road Resources Ltd.
East Copper owns 100 percent of GRK MLD LLP, the Kazakhstan-based entity that holds the subsoil use rights for the Karchiga copper mine. The transaction closed after completion of due diligence and satisfaction of all conditions under the membership interest sale and purchase agreement.
The total consideration was $30 million, with NAC having paid an initial $10 million earlier this year following completion of due diligence. NAC Global paid the remaining $20 million after all closing conditions were satisfied.
The acquisition agreement was signed on April 22, 2026. On August 6, NAC's board approved the transfer of the company's rights and obligations under the agreement to NAC Global, which was established to hold NAC's international investments.
Copper exposure
Karchiga is located within the Central Asian Orogenic Belt, part of the broader Central Asian Copper Belt, a region known for its concentration of copper resources, according to NAC.
GRK MLD generated approximately $70 million in revenue and $40 million in EBITDA during the first half of 2026, based on its unaudited financial results. Copper production reached 5.24 kilotons during the same period.
NAC said the acquisition comes as global copper prices approach record levels, supported by demand from artificial intelligence data centers, electric vehicles and power-grid modernization.
The company said the transaction gives NAC indirect exposure to higher copper prices without the development risks associated with a greenfield project. Management expects the investment to strengthen NAC's earnings base and align the company with the long-term outlook for copper demand.
The acquisition also expands NAC's international footprint beyond its Philippine mining and energy operations. NAC said its Singapore-based NAC Global serves as its offshore investment vehicle for pursuing critical minerals opportunities across the region.
NAC operates six mines in the Philippines and has investments in mineral processing and power generation. The company supplies saprolite and limonite nickel ore for domestic refining and regional export and is also expanding its renewable and flexible power assets through NAC Energy Inc.
