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MANILA, Philippines - Semirara Mining Corp. is projecting a profit of P4.8 billlion to P5.6 billion this year from its power generation and coal mining operations.
This was learned from Isidro Consunji, vice chairman and CEO, during the company’s annual stockholders’ meeting yesterday at the Manila Golf Club in Makati.
Consunji said Semirara may opt to proceed with the construction of another 600-megawatt power plant in Batangas, even as it is set to complete the rehabilitation of the Calaca coal-fired power plant by the first quarter of next year.
According to Consunji, profits are expected to come primarily from Semirara’s power generation activities rather than from its mining operations which is already “maxxed out”.
Semirara’s coal output has reached at seven million tons, way above its capacity of six million tons.
According to Consunji, the rehabilitation of units 1 and 2 of the Calaca power plant is now projected to come in at around $80 million to $85 million, much lower than the initially budgeted cost of $120 million.
Once fully operational, Consunji said, the Calaca plant is projected to generate 2.1 billion kilowatt hours or gigawatt hours this year and up to 3.1 billion kilowatt hours or gigawatt hours next year.
Last year, the plant generated 1.6 billion kilowatt hours or gigawatt hours.
Consunji said Semirara is still studying its options on the construction of another 600-megawatt power plant in Batangas. He pointed out that there is a risk in going ahead with the project without an off-taker/strategic partner.
Consunji said Semirara could still opt to go on its own with the project specifically as part of its plans for the designation of the Calaca special economic zone.
The Calaca special economic zone, Consunji explained, is specifically targeted to attract energy-intensive industries.
One possible investment that is being eyed, Consunji revealed, is a ferro-nickel processing plant that could be a joint venture with Semirara, a nickel mine operator and a Chinese off-taker.
At the same time, Consunji confirmed that it has been approached by Meralco regarding it’s plan to put up its own power generating plant.
However, Consunji admitted, Meralco has also approached Aboitiz Power and even San Miguel Corp. which is diversifying into power generation.
This was learned from Isidro Consunji, vice chairman and CEO, during the company’s annual stockholders’ meeting yesterday at the Manila Golf Club in Makati.
Consunji said Semirara may opt to proceed with the construction of another 600-megawatt power plant in Batangas, even as it is set to complete the rehabilitation of the Calaca coal-fired power plant by the first quarter of next year.
According to Consunji, profits are expected to come primarily from Semirara’s power generation activities rather than from its mining operations which is already “maxxed out”.
Semirara’s coal output has reached at seven million tons, way above its capacity of six million tons.
According to Consunji, the rehabilitation of units 1 and 2 of the Calaca power plant is now projected to come in at around $80 million to $85 million, much lower than the initially budgeted cost of $120 million.
Once fully operational, Consunji said, the Calaca plant is projected to generate 2.1 billion kilowatt hours or gigawatt hours this year and up to 3.1 billion kilowatt hours or gigawatt hours next year.
Last year, the plant generated 1.6 billion kilowatt hours or gigawatt hours.
Consunji said Semirara is still studying its options on the construction of another 600-megawatt power plant in Batangas. He pointed out that there is a risk in going ahead with the project without an off-taker/strategic partner.
Consunji said Semirara could still opt to go on its own with the project specifically as part of its plans for the designation of the Calaca special economic zone.
The Calaca special economic zone, Consunji explained, is specifically targeted to attract energy-intensive industries.
One possible investment that is being eyed, Consunji revealed, is a ferro-nickel processing plant that could be a joint venture with Semirara, a nickel mine operator and a Chinese off-taker.
At the same time, Consunji confirmed that it has been approached by Meralco regarding it’s plan to put up its own power generating plant.
However, Consunji admitted, Meralco has also approached Aboitiz Power and even San Miguel Corp. which is diversifying into power generation.
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