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News > Semirara remittances grow 151% to P16B

Semirara remittances grow 151% to P16B

SEMIRARA Mining and Power Corp. is looking to selling more coal locally amid persistent global headwinds.

"Previously, 50 percent of our coal was usually exported," Semirara Mining Chairman and Chief Executive Officer Isidro Consunji said during the firm's stockholders' meeting on Tuesday.


"For this year, we expect to sell 70 percent to the local market and just 30 percent for exports," he added.


Maria Cristina Gotianun, Semirara Mining president and chief operating officer, said the company aimed to produce 15 to 16 million metric tons in 2023, almost the same quantity as last year.


"Based on our mine plan, we are going to produce 15 to 16 million metric tons for this year. Fifty percent of that will come from the Molave pit and the other 50 percent will be from Narra mine," she added.


Consunji said the company has no exit plan from coal since the commodity was the core of the business.


"Given that coal is the primary product of Semirara Mining, it is currently difficult for us to exit coal," he said.


"However, our approach will be a carbon-mitigating plan which is to offset the carbon emissions of our coal and power plants with carbon credits and other environmental activities such as reforestation to lessen the carbon emitted by our businesses," Consunji added.


The firm will still go for combined bilateral contracts as well as looking for opportunities via the wholesale electricity spot market.


Gotianun said Semirara would also be setting aside P1.5 billion in capital expenditures, which will be used for the power segment's asset management and help lessen outages.

Semirara's share price went up by 60 centavos to P27.60 on Tuesday.


Source: Daily Tribune