MANILA, Philippines – Maharlika Investment Corp. (MIC) has sold its $10-million bridge loan for Makilala Mining Company to Equinaire Holdings Limited, a subsidiary of India-listed Kiri Industries Limited (KIL). The move recycles capital and draws foreign investment into the country's mineral development sector.
The short-term loan supported early-stage engineering and feasibility studies for Makilala's Maalinao-Caigutan-Biyog Copper-Gold Project in Pasil, Kalinga. With these studies completed, MIC has mitigated project risk and enabled the entry of a new strategic investor.
MIC President and CEO Rafael Consing Jr. said: "This transaction underscores MIC's role as a catalytic investor, deploying capital to unlock value in strategic sectors and creating pathways for long-term private investment."
Under the agreement, Makilala retains the option to fully repay the loan within 15 business days from notice of sale. If not exercised, Equinaire will assume MIC's position as lender.
Equinaire's entry aligns with KIL's expansion into critical minerals and downstream processing. KIL is a global manufacturer of dyes, intermediates, and basic chemicals, and has begun constructing a copper smelting plant in India.
MIC expects the transaction to generate gross annualized returns exceeding the loan's 12.5% interest rate.