Mumbai, September 9: Kiri Industries Limited (KIL)’s subsidiary, Equinaire Holdings Ltd(EHL), has won the bid for a 40% equity stake in Makilala Mining Company, Inc. (MMCI), a prominent mining company developing a copper-gold mining project in Pasil, Philippines.
The acquisition, valued at $5.01 million, allows EHL to secure resource rights in the critical minerals supply chain. The project is regarded as a high-potential asset in the region, known for its substantial copper and gold deposits. With this, EHL gains exposure to an increasingly vital source of raw material required for industrial applications. The investment aligns with Kiri Industries’ broader objective to secure raw material supplies for India’s growing industrial requirements.
“The acquisition aligns with the Company’s strategy to secure a stable, long-term supply of copper concentrate for the upcoming greenfield copper project being developed by the Company’s step-down subsidiary, Indo Asia Copper Limited. The Company believes the transaction will enhance access to critical raw materials and support its broader participation across the copper value chain,” Kiri Industries said in a regulatory filing.
Despite the successful bid, Kiri Industries could face potential legal challenges, as the majority shareholder in the project, Celsius Resources, has voiced concerns regarding the auction for the mining project.
Kiri Industries has said that it is prepared to navigate these legal proceedings to defend its interest in the asset. The copper smelter and intermediate chemicals manufacturer remains optimistic that the legal frameworks in Singapore and the Philippines will ultimately validate the transparency of the liquidation and bidding process.
The timing of the acquisition comes at a time when India has been pushing towards an aggressive infrastructure development plan, with large scale electrification, and the expansion of the EV ecosystem pushing the demand for copper to new heights.
