Semirara forecasts flat coal output

Manila Times.net
SEMIRARA Mining Corp. expects to produce as much coal this year as last year’s output.

Isidro Consunji, DMCI Holdings Inc. president, said that Semirara’s coal output could reach six to seven million metric tons (MT) this year. “Same level as last year depending on the weather,” he said.

Considered the country’s biggest coal miner, Semirara is one of the four major subsidiaries of DMCI Holdings, the investment vehicle which consolidates the construction business, construction component companies and related interests of the Consunji family.

Semirara has been increasing production for the past several years. From a little over three million MT in 2009, the company’s output went up to over five million MT in the third quarter last year.

Despite the flat projection for Semirara in 2011, Consunji said that coal prices have improved.

“Coal prices improved, 15 [percent] to 20 percent higher than last year but maybe this is short-term only,” he added.

Coal prices went up recently due to higher demand arising from the effect of the flooding in the coalmines in Australia, one of the world’s largest coal producers.

Semirara shares closed lower at P186.0 apiece on Monday, from its previous close of P189.6 per share. DMCI Holdings’ shares also decreased to P34.35 from P35.35.
EUAN PAULO C. AÑONUEVO