Listed natural resources development company Nickel Asia Corp. (NAC) is buying into a copper mining asset in Kazakhstan to diversify beyond nickel and expand its footprint in high-growth mineral markets.

In a disclosure on Wednesday, the Zamora-led company said it had signed a Membership Interest Sale and Purchase Agreement to acquire a 20 percent stake in East Copper Production LLP from Silk Road Resources Ltd.

The deal, however, remains subject to due diligence and regulatory approvals.

Diversified natural resources

“This investment supports the Company’s strategy to expand market capitalization and earnings by evolving beyond nickel into a diversified natural resources development platform with a growing presence across Asia,” the company said.

East Copper owns 100 percent of GRK MLD LLP, which holds the subsoil use rights for the Karchiga copper mine in Kazakhstan, part of the mineral-rich Central Asian Copper Belt.

GRK has an annual production capacity of 8,500 tons of copper sulfide concentrate at an average grade of 1.8 percent and 2,000 tons of copper cathode at an average grade of 1 percent.

Tripled attributable net income

Last year, NAC tripled its attributable net income to P6.27 billion from P1.52 billion, driven by higher nickel ore prices and increased shipment volumes.

EBITDA rose 56 percent to P13.75 billion as mining revenues surged, with total ore revenues climbing 39 percent to P27.25 billion. Nickel ore sales reached 18.56 million wet metric tons, up 9 percent, while average prices increased 28 percent to $25.66 per WMT.

Export volumes grew 13 percent to 10.93 million WMT, with prices jumping 32 percent to $36.14 per WMT, supporting earnings growth.