Australian mining firm Celsius Resources said it is contesting two separate legal disputes in the Philippines that threaten its 40% stake in Makilala Mining Company Inc. (MMCI), a local mining operator.
The first dispute involves Equinaire Holdings Limited, a subsidiary of Kiri Industries Limited, which has moved to foreclose on Celsius’s indirect 40% interest in MMCI through a public auction scheduled for September 8, 2026. Equinaire claims events of default under an Omnibus Loan and Security Agreement and has set a minimum bid of $5 million for the stake, to be sold on an "as is" basis without warranty. Celsius and its local unit Makilala Holding Limited (MHL) have filed for interim protection to block the auction, arguing the alleged defaults are disputed. A Philippine court initially granted a temporary order on August 12, 2026, but lifted it after Equinaire posted a PHP201 million ($4.6 million) counterbond, leaving the foreclosure attempt temporarily in limbo.
A second dispute stems from Sodor, Inc., which has filed a consignation application in Bataan’s Regional Trial Court seeking to compel MHL to accept a PHP300 million ($6.8 million) payment for a 60% interest in MMCI. The payment was tendered roughly 30 days after an extended deadline that lapsed on February 16, 2026, following the original March 2023 deadline. MHL has sought to suspend the consignation proceedings pending arbitration, but the court declined the motion while allowing arbitration to proceed on contractual claims. MHL has filed a motion for reconsideration and plans to appeal if denied.
Celsius Resources did not provide further details on the underlying agreements or the status of arbitration proceedings. The disputes center on the interpretation of contractual obligations and the validity of default notices, with both sides pursuing legal and judicial avenues to protect their positions.
