Nickel Asia Expands Copper Portfolio in Kazakhstan

Nickel Asia Corp.'s Singapore subsidiary, NAC Global Investments Pte. Ltd., has completed the acquisition of a 20-percent stake in East Copper Production LLP's Karchiga copper mine in Kazakhstan.

The transaction costs totaled $30 million, with an initial payment of $10 million made earlier this year and the remaining $20 million settled upon satisfaction of all closing conditions under the sales purchase agreement.

NAC said the acquisition will allow it to indirectly gain immediate exposure to elevated copper prices without greenfield development risks, strengthening its earnings and aligning with its long-term outlook for copper demand.

The Karchiga mine has an annual production capacity of 8,500 tons of copper sulfide concentrate at an average grade of 1.8 percent, as well as 2,000 tons of copper cathode with an average grade of one percent.