MANILA, Philippines — The Maharlika Investment Corp. (MIC) has successfully facilitated the entry of a major international partner into the Philippine mining sector. On Tuesday, April 28, 2026, the sovereign wealth fund manager announced it had sold its $10-million bridge loan for the Makilala Mining Company to Equinaire Holdings Limited, a subsidiary of the India-listed global chemicals giant Kiri Industries Limited (KIL).
This transaction marks a significant milestone for the Maharlika Investment Fund, demonstrating its ability to “recycle” capital and attract foreign direct investment into critical national projects.
The original loan from MIC was instrumental in advancing the early stages of the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project located in Pasil, Kalinga.
- Critical Milestones: The funding supported front-end engineering design (FEED) and comprehensive feasibility studies.
- Risk Mitigation: MIC President and CEO Rafael Consing Jr. noted that by funding these initial phases, the sovereign fund helped de-risk the project, making it an attractive proposition for global strategic investors like Equinaire.
- Financial Returns: The sale is expected to yield annualized returns exceeding the loan’s original 12.5% interest rate, fulfilling MIC’s mandate to deliver high risk-adjusted returns for the Filipino people.
The acquisition of the loan reflects Kiri Industries’ strategic push into critical minerals and downstream processing.
- Parent Company Strength: KIL is a globally recognized manufacturer of dyes and basic chemicals. The company is currently constructing a greenfield copper smelting plant in India, indicating a strong long-term commitment to the copper supply chain.
- Strategic Interest: Through its subsidiary Equinaire, the firm intends to support the next development phase of the Kalinga mine, which holds significant potential for both copper and gold extraction.
The transition of the debt from MIC to Equinaire follows a structured agreement:
- Right of First Refusal: Makilala Mining retains the option to fully repay the $10-million loan within 15 business days of the notice of sale.
- Assumption of Lender Role: Should Makilala decline the repayment option, Equinaire will formally take MIC’s place as the primary lender, providing the necessary capital for the project’s construction and operational phases.
- Local Impact: The project is expected to generate significant tax revenue and employment opportunities for the indigenous communities in Pasil and the broader Kalinga province.
Rafael Consing Jr. emphasized that this deal serves as a blueprint for the MIC’s future activities. By acting as a “catalytic investor,” the fund aims to unlock value in strategic sectors—such as mining, energy, and infrastructure—and then bring in private sector partners to lead long-term development. This allows the MIC to free up its capital for new ventures while ensuring that vital national projects continue to move forward with expert international backing.
