Kiri Industries Subsidiary Acquires 40% Stake in Philippines Copper-Gold Project for $5.01 Million
Kiri Industries Limited has announced that its wholly owned subsidiary, Equinaire Holdings Limited (EHL), has been declared the successful bidder in a public auction for acquiring 20 million shares representing a 40% stake in Makilala Mining Company, Inc. (MMCI), a Philippine company developing a copper-gold project.
The shares were acquired for a cash consideration of US$5.01 million, which is approximately ₹47.6 crore at an exchange rate of around ₹95 per US dollar, excluding applicable taxes, legal fees, and other transaction-related costs.
The auction was conducted on September 8, 2026, with the acquisition forming part of EHL’s enforcement of security rights under an existing loan and security agreement.
Kiri Industries Acquires 40% Stake in Makilala Mining
Equinaire Holdings, a wholly owned subsidiary of Kiri Industries, emerged as the successful bidder for 20,000,000 shares of Makilala Mining Company.
The shares represent 40% of MMCI’s outstanding capital stock.
Following the auction, a Deed of Absolute Sale was executed on September 8, 2026, under which Makilala Holding Limited sold, transferred and assigned the auction shares and associated rights to Equinaire Holdings.
The consideration for the transaction is US$5.01 million.
In addition to the purchase consideration, Kiri Industries said applicable taxes, legal fees, and other costs associated with completing the transfer will also be payable.
What Is Makilala Mining Company?
Makilala Mining Company is a Philippine company developing the Maalinao-Caigutan-Biyog (MCB) copper-gold project.
The project is located in Barangay Balatoc, Municipality of Pasil, Province of Kalinga, Philippines.
The project covers approximately 2,500 hectares under Mineral Production Sharing Agreement No. 356-2024-CAR.
The agreement has an initial term of 25 years, with the possibility of renewal for another 25 years, subject to applicable requirements.
Importantly, MMCI has not yet commenced mining operations and therefore has not generated operational revenue.
This means the transaction represents exposure to a project that is still in the development stage rather than an already-producing mining operation.
Why Is Kiri Industries Investing in Copper-Gold?
Kiri Industries said the acquisition is aligned with its strategy to secure a stable, long-term supply of copper concentrate for an upcoming greenfield copper project being developed by its step-down subsidiary, Indo Asia Copper Limited.
The company believes the transaction can improve its access to critical raw materials and support its broader participation across the copper value chain.
This makes the transaction strategically important beyond the 40% equity ownership itself.
Kiri Industries is looking to establish greater participation in the copper ecosystem, potentially linking upstream mining resources with its planned downstream copper operations.
Acquisition Came Through Enforcement of Security Rights
The acquisition has an unusual structure.
In April 2026, Equinaire Holdings acquired from Maharlika Investment Corporation (MIC) all of MIC’s rights, title and interests under an Omnibus Loan and Security Agreement dated May 16, 2025.
The agreement involved MIC, MMCI, Sodor Inc., Celsius Resources Limited, and Makilala Holding Limited.
According to Kiri Industries, events of default occurred under the agreement. After the defaults continued and the secured obligations remained outstanding, EHL exercised its security rights.
The enforcement process ultimately resulted in the public auction held on September 8, 2026.
EHL was declared the successful bidder.
Therefore, the transaction is not simply a conventional cash acquisition negotiated directly with the target company. It arose through the enforcement of secured rights followed by the public auction process.
₹47.6 Crore Transaction Value
The purchase consideration is US$5.01 million.
At an illustrative exchange rate of ₹95 per US dollar, this translates into approximately:
₹47.6 crore
The final cost to Kiri Industries will be higher after considering applicable taxes, legal fees, and other transaction expenses.
The consideration is being paid in cash, with no share swap involved.
40% Stake Gives Kiri Industries Significant Exposure
Equinaire Holdings will acquire:
- 20 million shares
- 40% of MMCI’s outstanding capital stock
- Exposure to the MCB copper-gold project
- Rights associated with the acquired shares, subject to completion of the required transfer formalities
The acquisition therefore gives Kiri Industries a substantial minority interest in a copper-gold development project.
However, investors should note that MMCI has not yet commenced mining operations.
Consequently, the immediate financial contribution from the project should not be viewed as equivalent to that of an operating mine.
Regulatory and Transfer Process
Following execution of the Deed of Absolute Sale, several legal and administrative steps remain.
These include:
- Payment of applicable taxes
- Obtaining the required tax clearances
- Issuance of the applicable Certificate Authorizing Registration or electronic Certificate Authorizing Registration by the Philippine Bureau of Internal Revenue
- Completion of corporate transfer formalities
- Recording the share transfer in MMCI’s stock and transfer book
Kiri Industries expects the acquisition process to be completed within approximately 15 to 25 working days from confirmation that the documentation is complete.
The timeline could change depending on the workload of the Philippine Bureau of Internal Revenue and availability of reviewing personnel.
What This Means for Kiri Industries Investors
The transaction creates a potentially important strategic link between Kiri Industries’ copper ambitions and an upstream copper-gold resource.
1. Exposure to Copper Resources
Copper is a key raw material for several industries, including power infrastructure, electrical equipment, renewable energy, and electric vehicles.
By acquiring a 40% stake in a copper-gold project, Kiri Industries is increasing its exposure to the upstream side of the copper value chain.
2. Support for Future Copper Operations
The company specifically said the acquisition is intended to support a stable, long-term supply of copper concentrate for the greenfield copper project being developed by Indo Asia Copper Limited.
This suggests the mining investment could have strategic importance for Kiri Industries’ broader copper plans.
3. Development-Stage Opportunity
The MCB Project is still under development, and MMCI has not started mining operations.
Therefore, investors will need to monitor project development, regulatory approvals, construction requirements, funding, and the eventual commencement of commercial production.
4. Potential Long-Term Raw Material Security
If the project progresses successfully, Kiri Industries could potentially gain greater visibility over a source of copper concentrate.
However, the eventual economic benefit will depend on the development and commercial viability of the project.
Key Numbers Investors Should Know
- US$5.01 million: Acquisition consideration
- ~₹47.6 crore: Approximate rupee equivalent
- 40%: Stake acquired in MMCI
- 20 million: Shares acquired
- 2,500 hectares: Approximate MCB Project contract area
- 25 years: Initial term of the Mineral Production Sharing Agreement
- 25 years: Potential additional renewal period, subject to requirements
- 15–25 working days: Expected acquisition completion period after documentation confirmation
- September 8, 2026: Date of public auction and Deed of Absolute Sale
What Investors Should Watch Next
The next important developments will be the completion of the share-transfer formalities and the progress of the Maalinao-Caigutan-Biyog copper-gold project.
Investors should also monitor developments relating to Kiri Industries’ upcoming greenfield copper project through Indo Asia Copper Limited.
The key issue will be whether the acquired mining interest eventually develops into a commercially viable source of copper concentrate and how it integrates with Kiri Industries’ broader copper strategy.
Bottom Line
Kiri Industries’ wholly owned subsidiary Equinaire Holdings has won a public auction to acquire a 40% stake in Makilala Mining Company for US$5.01 million, or approximately ₹47.6 crore.
Makilala Mining is developing the Maalinao-Caigutan-Biyog copper-gold project in the Philippines, covering approximately 2,500 hectares.
The acquisition is strategically significant because Kiri Industries intends to use the investment to support access to copper concentrate for its upcoming greenfield copper project and strengthen its participation across the copper value chain.
However, investors should keep in mind that MMCI has not yet started mining operations and currently has no operational revenue. The long-term value of the investment will therefore depend heavily on the successful development and eventual commercialisation of the MCB Project.