Kiri Industries Acquires 40% Stake in Philippines Copper Project

Stake acquired: 40%, representing 20,000,000 shares of Makilala Mining Company.
Consideration: $5.01 million, with completion expected within 15-25 working days.

Reader Takeaway: Copper supply security is the strategic upside; execution and project-development timelines remain the key pressure points.

What just happened

Kiri Industries Ltd said its wholly owned subsidiary Equinaire Holdings Limited has been declared the successful bidder in a public auction for 20,000,000 shares of Makilala Mining Company, Inc., or MMCI, in the Philippines.

The shares represent a 40% stake in MMCI. Equinaire will pay $5.01 million for the acquisition.

A Deed of Absolute Sale was executed on September 8, 2026. The transaction is expected to be completed within 15 to 25 working days, subject to tax, registration and corporate transfer formalities in the Philippines.

Why this matters

The acquisition gives Kiri Industries strategic exposure to a copper-gold development project at a time when the company is building its downstream copper business.

Kiri said the objective is to secure a stable, long-term supply of copper concentrate for a greenfield copper project being developed by its step-down subsidiary, Indo Asia Copper Limited.

If the mining project progresses as planned, the investment could give Kiri greater control over a critical raw material rather than relying entirely on third-party sourcing.

The asset being acquired

Makilala Mining is developing the Maalinao-Caigutan-Biyog copper-gold project in Barangay Balatoc, Pasil, Kalinga province in the Philippines.

The project covers about 2,500 hectares under Mineral Production Sharing Agreement No. 356-2024-CAR. The agreement has an initial 25-year term and can be renewed for another 25 years.

MMCI has not yet started mining operations and has not generated operating revenue. That makes the investment a development-stage exposure rather than an acquisition of an already producing mine.

The backstory

The acquisition arose from enforcement of security rights under an Omnibus Loan and Security Agreement dated May 16, 2025.

After events of default occurred, the security enforcement process moved to foreclosure and public auction, where Equinaire emerged as the successful bidder.

Pending completion of the legal transfer, Equinaire will continue exercising voting rights attached to the shares under step-in rights provided under the agreement.

Risks to watch

The main uncertainty is execution. The target project is still pre-revenue, so the value of the stake depends on development progress, regulatory clearances and eventual mining operations.

The share transfer also requires tax payments, issuance of a Certificate Authorizing Registration by the Philippine Bureau of Internal Revenue, completion of corporate formalities and recording in MMCI's stock and transfer book.

What to track next

Investors should watch for confirmation of the legal transfer, updates on the MCB project's development schedule and clarity on how copper concentrate from the project will feed Indo Asia Copper's planned operations.