Nickel Asia unit buys 20 percent of Kazakhstan copper mine
A unit of listed mining firm Nickel Asia Corp. (NAC) has completed the acquisition of a 20-percent stake in a Kazakhstani copper mine, as it broadens its mining portfolio amid the all-time high price for the mineral.
Nickel Asia Corp.'s subsidiary NAC Global Investments has finalized a $30 million purchase, acquiring a 20 percent stake in a Kazakh copper mine. The acquisition, made through NAC Global, grants Nickel Asia indirect access to the lucrative copper market without the risks associated with building a new mine from scratch. The company cited the recent surge in global copper prices, driven by the rapid expansion of AI datacenters, increased demand for electric vehicles, and modernization of power grids, as the impetus for the expansion of its mining portfolio.
The Karchiga copper mine, located in Eastern Kazakhstan within the Central Asian Orogenic Belt, a region renowned for its substantial copper reserves, has the capacity to produce 8,500 tons of copper sulfide concentrate and 2,000 tons of copper cathode annually, with an average grade of 1.8 percent and 1 percent respectively. The transaction was completed upon the final payment of $20 million by NAC Global following the satisfaction of all closing conditions.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
