Nickel Asia Corporation

What Nickel Asia Corporation does

Nickel Asia Corporation (NAC; PSE: NIKL) is a Philippine publicly listed natural resource development company founded in 1989 and headquartered at NAC Tower, Bonifacio Global City, Taguig. It operates a portfolio of seven nickel mines across Palawan, Surigao del Norte, the Dinagat Islands, Isabela, and Zambales through wholly-owned subsidiaries — Rio Tuba Nickel Mining Corporation (RTNMC), Taganito Mining Corporation (TMC), Cagdianao Mining Corporation (CMC), Hinatuan Mining Corporation (HMC), Dinapigue Mining Corporation (DMC), Cordillera Exploration Co., Inc. (CEXCI), and Newminco Pacific Mining Corporation. NAC produces two ore types: saprolite, exported to ferronickel and nickel pig iron smelters in Japan and China; and limonite, supplied domestically to the adjacent Coral Bay (CBNC) and Taganito (THPAL) High Pressure Acid Leach (HPAL) processing plants, in which NAC holds a 10% equity stake. The company employs over 2,000 people across operations.

NAC generates revenue through B2B commodity sales of nickel ore under international pricing, supplemented by an emerging renewable energy business. Its subsidiary Emerging Power Inc. (EPI) develops utility-scale solar, wind, geothermal, and waste-to-energy projects for the Philippine power grid; an additional 72MWp of Subic solar capacity was energized in 2023. NAC has positioned itself as an ESG leader in Philippine mining, holding ISO 14001, ISO 9001, and ISO 45001 certifications across operating companies, being a UN Global Compact signatory, declaring a Net Zero by 2050 target, and being the first Philippine mining company to complete a comprehensive Scope 3 carbon emission inventory. It is listed on the Fortune 2025 Southeast Asia 500 and has won FinanceAsia Best Managed Basic Materials (2022, 2023) and ASEAN Mineral Awards Champion (2017) recognitions, alongside multiple Presidential Mineral Industry Environmental Awards.

The business model is B2B and sales-led, anchored by long-term ore supply agreements with international smelters and HPAL processors, plus domestic power sales through EPI. Customer concentration is high across four enterprise counterparties. Distribution is direct to smelters (Japan/China), co-located to HPAL plants (Palawan/Surigao), and into the Philippine grid for renewable generation. The company pursues community-integrated mining with onsite hospital, school, and infrastructure, a 1:100 tree planting ratio, and a 33-year medical mission program serving over 14,000 residents.

Name

Nickel Asia Corporation

Legal name

Nickel Asia Corporation

Website

https://nickelasia.com

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

101–250 employees

Short description

Nickel Asia Corporation is a Philippine-listed natural resource developer operating seven nickel mines, exporting saprolite ore to Japan and China and supplying limonite to domestic HPAL processors, while expanding into renewable energy via its subsidiary Emerging Power Inc.

Ownership category

akta.pro rank

Product category

Nickel Mining and Ore Production

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Metal Mining (1000), Wholesale-Metals & Minerals (No Petroleum) (5050)

akta.pro primary industry

Nickel Mining & Concentrates (IMAKAFAB)

akta.pro secondary industries

Battery Raw Materials Mining & Refining (Lithium, Nickel, Cobalt, Manganese, Graphite) (EUAFABAA), Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE)

Keywords

• Nickel ore mining
• Saprolite ore export
• Limonite ore supply
• HPAL processing feedstock
• Renewable energy generation

Headquarters

HQ city

Taguig

HQ country

Philippines

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Nickel Ore Export (Saprolite): NAC mines produce two types of ore: saprolite and limonite. Saprolite ore is used as feed for ferronickel and nickel pig iron smelters in Japan and China. This is exported internationally.
2. Nickel Ore Supply to HPAL (Limonite): Most of NAC's limonite ore is processed domestically by the Coral Bay and Taganito HPAL projects. NAC holds a 10-percent stake in the Taganito HPAL project.
3. Renewable Energy Generation: Emerging Power Inc. (EPI), NAC's renewable energy subsidiary, engages in power generation exclusively from renewable sources including solar, wind and geothermal at various stages of development.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Nickel Asia Corporation mines and exports saprolite and limonite nickel ore from seven operating mines in the Philippines. Saprolite ore is sold to international ferronickel and nickel pig iron smelters in Japan and China, while limonite ore is supplied domestically to High Pressure Acid Leach (HPAL) processing plants (Coral Bay and Taganito). The company also holds a 10-percent stake in the Taganito HPAL project and operates Emerging Power Inc., a renewable energy subsidiary developing solar, wind, and geothermal generation.

Product overview

Nickel Asia Corporation is a diversified natural resources development company in the Philippines with a portfolio of seven operating nickel mines (Rio Tuba, Taganito, Cagdianao, Hinatuan, and Dinapigue), a 10-percent stake in the Taganito HPAL project, exploration subsidiaries (Cordillera Exploration Co., Inc. and Newminco Pacific Mining Corporation), and a rapidly growing renewable energy subsidiary (Emerging Power Inc.). The operating mines produce saprolite and limonite ore; saprolite ore feeds ferronickel and nickel pig iron smelters in Japan and China while limonite ore is processed domestically by HPAL projects. Emerging Power Inc. engages in power generation from renewable sources including solar, wind, and geothermal at various development stages.

Differentiator

Problem solved

Functional benefit

Products and services

• Rio Tuba Nickel Mining Corporation (RTNMC) Saprolite and Limonite Ore Nickel ore mining operation located in Bataraza, Palawan that exports saprolite and limonite ore to international smelters and supplies limonite ore and non-mining services to the adjacent Coral Bay HPAL plant operated by CBNC. Also holds MPSA to quarry limestone.
• Taganito Mining Corporation (TMC) Saprolite and Limonite Ore Nickel mining operation in Claver, Surigao del Norte within the Surigao Mineral Reservation that exports saprolite and limonite ore and supplies limonite ore and various non-mining services to the adjacent Taganito HPAL plant operated by THPAL.
• Cagdianao Mining Corporation (CMC) Saprolite and Limonite Ore Nickel mining operation in Cagdianao, Dinagat Islands within the Surigao Mineral Reservation that exports saprolite and limonite ore.
• Hinatuan Mining Corporation (HMC) Saprolite and Limonite Ore Nickel mining operation on Hinatuan Island in Tagana-an, Surigao del Norte within the Surigao Mineral Reservation, focusing on export of saprolite and limonite ore.
• Dinapigue Mining Corporation (DMC) Saprolite and Limonite Ore Nickel mining operation in Dinapigue, Isabela province in northeastern Luzon with MPSA No. 258-2007-II permitting extraction and export of nickel ore including saprolite and limonite.
• Emerging Power Inc. (EPI) Renewable Power Generation Renewable energy company engaged in power generation from solar, wind, and geothermal sources at various stages of development. Provides utility-scale solar parks and waste-to-energy plants leveraging global technologies for the Philippine energy market.

Quantifiable outcome

• First company with mining assets in the Philippines to declare completion of comprehensive inventory of carbon emission from land use change
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• St. Luke's Medical Center Foundation, Inc. (SLMCFI)coreStrategic or Co-development Partner · 1 May 2024Partnership between NAC Foundation Inc. and SLMCFI to bring specialty medical missions to underserved communities. Conducted ENT specialty medical mission in Borongan, Eastern Samar (May 2024). 18 major and 8 minor surgeries performed. 473 patients received consultations. 158 nurses attended specialized lectures. Goal is to bring St. Luke's culture of care to those underserved by public healthcare.
• ScienceKonekminorGTM or Marketing Partner · 1 January 2024ScienceKonek is a youth-led media organization bridging science and Filipino communities. Partnership with TMC and RTNMC to conduct astronomy and science education programs for students in mining communities. Donated rock and mineral samples and telescopes to schools. Engages approximately 200 students per event.
• LoveYourself PHminorStrategic or Co-development Partner · 1 December 2023Partnership with LoveYourself PH, a volunteer organization dedicated to HIV/AIDS advocacy and support. Conducted IEC seminars at NAC Head Office and Cagdianao Mining Corporation on HIV/AIDS awareness and prevention. Free HIV testing provided through partnership.
• Taganito HPAL Nickel Corporation (THPAL)coreStrategic or Co-development PartnerNAC holds a 10% stake in Taganito HPAL Nickel Corporation. TMC supplies limonite ore and various non-mining services to the adjacent Taganito HPAL plant operated by THPAL. This is a vertically integrated relationship supporting domestic nickel processing.
• Coral Bay Nickel Corporation (CBNC)coreStrategic or Co-development PartnerRTNMC supplies limonite ore and various non-mining services to the adjacent Coral Bay HPAL plant operated by CBNC. RTNMC also holds MPSA to quarry limestone utilized by CBNC. Long-standing operational relationship supporting nickel processing in Palawan.
• United Nations Global CompactcoreOthersRTNMC is a proud member of the United Nations Global Compact, adhering to globally recognized principles on human rights, labor, environment, and anti-corruption. Demonstrates commitment to responsible stewardship of natural resources and ethical conduct.
• Science Based Targets initiative (SBTi)coreOthersNAC submitted its commitment to SBTi, a global organization that sets emissions reduction standards based on climate science. Supports NAC's Net Zero 2050 goal and comprehensive carbon emission inventory.
• Agricultural Training Institute (ATI)minorOthersTMC is the only ATI Accredited Learning Site for Agriculture within a mining context in the municipality of Claver. Supports innovative farming practices including the 'Umahan sa Minahan' project demonstrating watermelon cultivation in mined areas.
• GET PhilippinesminorStrategic or Co-development PartnerPartnership with GET Philippines to launch EV shuttle for employees, supporting NAC's sustainability initiatives and transition to electric transportation.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Anglo American: Diversified miner with platinum-group operations that produce nickel as a by-product. Comparable as a large, ESG-focused incumbent in battery-adjacent metals serving similar downstream customers.
• MMC Norilsk Nickel (Nornickel): World's largest refined nickel producer. Comparable as a global incumbent setting the price and supply backdrop for the nickel market that NAC serves, though Nornickel is sulphide-ore based and globally diversified.
• Glencore: Swiss diversified miner and major commodity trader with integrated nickel operations (including Murrin Murrin) and significant trading flows of nickel to Asian smelters. Comparable in product, customer base and trading function.
• BHP Group: Diversified global miner with a meaningful nickel exposure (Nickel West in Australia). Comparable as a large incumbent competing for capital and customer mind-share in battery materials, but operating across many other commodities.

Direct peers

• PT Vale Indonesia: Indonesian integrated nickel mining and processing company (a subsidiary of Vale SA). Comparable as a Southeast-Asian laterite nickel producer with downstream processing into matte for the stainless steel and battery markets.
• Eramet: French mining and metallurgical group with global nickel operations including the Weda Bay project in Indonesia. Comparable as a globally diversified nickel miner with integrated mine-to-processing exposure similar to NAC's limonite-to-HPAL model.
• Sumitomo Metal Mining: Japanese integrated non-ferrous metals producer that is a partner in the Coral Bay HPAL plant — a direct downstream customer of NAC's limonite ore via RTNMC — and a major Japanese smelter of NAC saprolite ore.
• Nickel Mines Limited: Australia-listed nickel miner operating rotary kiln electric furnace (RKEF) nickel pig iron projects in Indonesia. Direct comparable as a Southeast-Asian-focused, laterite-nickel producer targeting stainless steel and battery supply chains.
• Sherritt International: Canadian miner producing nickel and cobalt from laterite operations (Moa joint venture, Cuba). Comparable as a laterite-focused nickel/cobalt producer tied to HPAL-style processing for the EV supply chain.
• Trimegah Bangun Persada (Harita Group): Indonesian nickel miner and downstream processor within the Harita Group, operating laterite mines and HPAL/RKEF capacity. Comparable as a Southeast-Asian laterite nickel competitor integrated into both stainless steel and battery-grade nickel supply.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/responsibleminingisrealatRTN
• LinkedInlinkedin.com/company/nickel-asia-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nickel Asia Corporation