NICKEL Asia Corp. (NAC) has completed its $30-million acquisition of a 20-percent stake in a Kazakhstan copper mine.
In a disclosure on Friday, NAC said its Singapore unit, NAC Global Investments Pte., acquired the interest in East Copper Production LLP from Silk Road Resources Ltd.
East Copper owns 100 percent of GRK MLD LLP, which holds the rights to the Karchiga copper mine at the Central Asian Copper Belt.
The closing follows the completion of due diligence and satisfaction of all closing conditions under the Membership Interest Sale and Purchase Agreement (SPA).
The transaction was first signed in April 22.
Last Aug. 6, Nickel Asia’s board transferred the deal to NAC Global, which handles the company’s overseas investments.
Nickel Asia paid $10 million after completing due diligence and the remaining $20 million once all conditions were met under the SPA.
NAC said the completion comes as global copper prices reached near-record highs driven by artificial intelligence data center expansion, electric vehicles and power-grid modernization.
With the transaction, NAC indirectly gains immediate exposure to elevated copper prices without greenfield development risks.
It also boosts the company’s earnings base and aligns with the long-term outlook for copper demand.
On Friday, Nickel Asia’s share price fell by 24 centavos to P4.54 apiece.
