MANILA, Philippines- Semirara Mining Corp. on Thursday informed the Philippine Stock Exchange extend its coal operating contract for 15 years.
In a statement to the PSE, Semirara said the contract involved an area in Semirara Island, Caluya, Antique.
The original contract was set to expire on July 13, 2012 but now was extended until July 14, 2027.
Early, Semirara said it would be increasing its coal production by half-a-million metric tons this year as it takes advantage of rising demand by doubling its exports.
The company added that it would boost production capacity to as much as 5 million metric tons per year.
The expansion is part of the P1.5 billion allotted by the company for its 2008 capital expenditure.
Semirara, a unit of conglomerate DMCI Holdings, Inc., also aims to grow its export capacity from 800,000 metric tons to 1.6 million metric tons this year given increasing demand from local and foreign buyers. - Cheryl Arcibal, GMANews.TV