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Nickel Asia Corporation is the Philippines' largest producer of lateritic nickel ore and one of the largest in the world. Founded in 1969 by Manuel B.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 3 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
NAC's FY2025 17-A (Related Party Transactions, Note 30a): NAC subsidiary RTN 'entered into an agreement with CBNC to supply all the limonite ore requirements for the Coral Bay HPAL facility,' and TMC 'entered into an agreement with THNC covering the sale of its ore products,' priced off LME. CBNC (Coral Bay Nickel Corp.) and THNC (Taganito HPAL Nickel Corp.) are Sumitomo Metal Mining's Philippine HPAL plants; NAC sold its 15.62% CBNC equity stake to SMM in Feb 2025 and holds 10% of THNC. Ore is mined and delivered within the Philippines (flow domestic); SMM ships the resulting mixed nickel-cobalt sulfide to its Niihama refinery in Japan. No tonnage or share-of-sales percentage disclosed in the reviewed passages.
NAC FY2025 17-A: 'A portion of the saprolite ore is also sold to PAMCO in Japan, which uses the material as feed for its ferronickel smelters'; 'Two of its key shareholders, SMM and PAMCO, are also its customers.'
NAC FY2025 17-A: the Group concentrates China sales on '3 key Chinese sales agents, namely Ningbo Lygend Wisdom Co. Ltd., Union Wave Holding Pte. Ltd. and Big Wave Resources Co., Limited ... these sales agents distribute the Group's nickel ore to the largest NPI companies in China'; key-customer revenue note: 'Ningbo Lygend Wisdom Co., Ltd. P=7,470,275 [2025] P=3,486,857 [2024] P=4,433,877 [2023]' (PHP thousand, of ore sales P=27,253,316 in 2025). Counterparty side: Lygend FY2025 annual results (HKEX 2026-03-31, https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0331/2026033104229.pdf) states Lygend has had partnerships with Philippine nickel miners including Nickel Asia Corporation and CTP Construction and Mining Corp. for over a decade, feeding its nickel ore trading business. Origin: NAC mines in the Philippines (Rio Tuba, Taganito, Cagdianao, Hinatuan, Dinapigue). Destination China per NAC's description of the agent channel; caveat: NAC also reports P=7.4bn of 2025 ore sales to Indonesia without naming the buyer, and Ningbo Lygend Wisdom's link to HKEX-listed Lygend is by name (Ningbo-registered Lygend group), not stated in either filing.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
3 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 1008 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
Lygend FY2025 MD&A: 'In the Philippines, the Company has established partnerships with leading nickel mining companies such as Nickel Asia Corporation and CTP Construction and Mining Corp. for over a decade' to supply 'high-quality and stable supply of nickel ore and ferronickel products' for its nickel-ore trading business. Origin = Nickel Asia's Philippine mines; the filing does not state the delivery country of this ore, so the destination is left open.
NAC's FY2025 17-A (Item 12 / Note 30a): 'The Group supplies saprolite ore to PAMCO. PAMCO is a stockholder of the Parent Company, RTN and TMC.' RTN supplies saprolite ore to PAMCO with Sojitz as agent; 'PAMCO owns 36% and Sojitz owns 4% of the outstanding capital stock of RTN'; TMC also sells ore to PAMCO. 'The Group's revenue from sale of ore to PAMCO and/or Sojitz amounted to P266.5 million, P365.0 million and P487.2 million in 2025, 2024 and 2023.' PAMCO 'uses the material as feed for its ferronickel smelters.'
NAC's FY2025 17-A (Related Party Transactions, and Note 30a): NAC subsidiary RTN 'entered into an agreement with CBNC to supply all the limonite ore requirements for the Coral Bay HPAL facility,' and TMC 'entered into an agreement with THNC covering the sale of its ore products,' priced off LME. Coral Bay Nickel Corp (CBNC) and Taganito HPAL Nickel Corp (THNC) are SMM's own Philippine HPAL plants (per this dossier's production_footprint); NAC held equity in both until selling its 15.62% CBNC stake to SMM in Feb 2025. Ore stays within the Philippines for HPAL processing, so flow is domestic; SMM ships the resulting intermediate to its Niihama refinery in Japan. No tonnage or share-of-sales percentage disclosed in the reviewed passages.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 2 of its 2 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is coverage-limited.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
🇵🇭 PH accounts for 100% of severity-weighted pressure.