Business World Online
Posted on 05:58 PM, November 26, 2010
DIVERSIFIED FIRM San Miguel Corp. is looking to either enter into a joint venture or acquire other coal mines in Indonesia, the company’s chief executive said Monday.
"We’re looking at either acquisitions or joint venture for Indonesian coal mines," Ramon S. Ang told reporters in chance interview.
Mr. Ang, however, did not provide other details.
San Miguel signed an agreement with Indonesian company Merukh Enterprises in July to invest $200 million in the development of coal reserves but the deal has yet to be completed.
The coal areas are in Aceh, Kalimantan and Papua.
The agreement will allow the Indonesian mining outfit to export coal to San Miguel’s plants in the Philippines.
San Miguel holds the independent power producer administrator (IPPA) contract for the 1,200-megawatt (MW) Sual coal fired power plant in Pangasinan.
It has already set foot on the mining industry, with three mine sites in Mindanao that provide coal for the company’s coal-fired power plants.
The company has expressed interest in consolidating the three mines to build a mine mouth power plant.
San Miguel is currently the biggest trader of electricity. It won the IPPA contracts for Sual, the 345-MW San Roque hydropower plant also in Pangasinan, and the 1,200-MW Ilijan natural gas power plant and 620-MW Limay diesel power plant both in Batangas.
Shares of San Miguel remained flat at P120.9 at the close of the week’s trading. -- E. N. J. David
Mr. Ang, however, did not provide other details.
San Miguel signed an agreement with Indonesian company Merukh Enterprises in July to invest $200 million in the development of coal reserves but the deal has yet to be completed.
The coal areas are in Aceh, Kalimantan and Papua.
The agreement will allow the Indonesian mining outfit to export coal to San Miguel’s plants in the Philippines.
San Miguel holds the independent power producer administrator (IPPA) contract for the 1,200-megawatt (MW) Sual coal fired power plant in Pangasinan.
It has already set foot on the mining industry, with three mine sites in Mindanao that provide coal for the company’s coal-fired power plants.
The company has expressed interest in consolidating the three mines to build a mine mouth power plant.
San Miguel is currently the biggest trader of electricity. It won the IPPA contracts for Sual, the 345-MW San Roque hydropower plant also in Pangasinan, and the 1,200-MW Ilijan natural gas power plant and 620-MW Limay diesel power plant both in Batangas.
Shares of San Miguel remained flat at P120.9 at the close of the week’s trading. -- E. N. J. David
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