Kiri bets $5.01M on Philippine copper mine to feed India smelter
What's the deal? Kiri IndustriesDealroom has a profile for this one. Try Dealroom → has acquired a 40% stake in the Philippines-based Makilala Mining Company (MMCI) for $5.01 million in cash. The buyer is Equinaire Holdings, a wholly owned Kiri subsidiary, which took 20 million shares — 40% of MMCI's capital.
How it happened: Equinaire won the shares at a public auction on September 8, 2026, through enforcement of creditor rights under an Omnibus Loan and Security Agreement. It had earlier acquired those rights from Maharlika Investment CorporationDealroom has a profile for this one. Try Dealroom →, then foreclosed after unpaid defaults by the borrower.
What's the endgame? Kiri, an Indian dyes and chemicals maker, wants a long-term upstream supply of copper concentrate. The stake supports a greenfield copper complex being built by its step-down subsidiary, Indo Asia Copper, which is scheduled to begin phased operations from 2027.
Why now? Kiri is racing to secure feedstock for that complex, having already reported memoranda of understanding covering about 1 million tonnes of copper concentrate. MMCI is developing the Maalinao-Caigutan-Biyog copper-gold project in Kalinga under a Mineral Production Sharing Agreement with an initial 25-year term.
What could go wrong? MMCI is pre-revenue and has not started mining; its project's financing and final investment decision timeline has slipped, with first concentrate now targeted for 2029. Any supply benefit remains contingent on that funding and development.
The transfer still needs standard Philippine tax clearances, corporate registrations, and stock transfer book updates, with completion expected within 15 to 25 working days.
The signal: The deal shows manufacturers moving upstream to lock in raw materials before building capacity, rather than relying on spot markets. For Kiri, a small, creditor-driven foothold in a distressed asset is a cheap bet on copper security — one that pays off only if the mine gets funded and built.
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Image credit: Generated with Gemini
