Business World Online
Posted on April 04, 2012 06:32:55 PM
STATE-RUN Philippine National Oil Co.-Exploration Corp. (PNOC-EC) expects to start mining for coal in Zamboanga Sibugay in the fourth quarter, an official told reporters on Wednesday.
“We are on time with the project but for the first five weeks the coal we will be mining will be the inferior quality top layer,” PNOC-EC Chairman and Chief Executive Gemiliano C. Lopez said, referring to the Lumbog coal mine.
Output from Lumbog is estimated at 1.39 million metric tons. It is one of three mines along with the Lower Butong and Sta. Barbara sites that are part of the Malangas Project Operations development area.
Mr. Lopez said the company is also on track in the development of Sta. Barbara mine “but [will take] one more year before commercial operations start.”
The estimated cost for work on the Lumbog mine is P818 million. PNOC-EC earlier earmarked P1.35 billion for the Lower Butong and Sta. Barbara projects.
The company recently completed drilling 12 fill-in holes in the Lower Butong area which confirmed the presence of coal deposits.
For 2011, PNOC-EC saw its net income increase by 22% to P3.03 billion from P2.48 billion in 2010.
It is estimating that it will see a slight decrease in its net income for 2012 due to higher expenses for projects.
PNOC-EC’s “A” shares, which can only be traded by local investors, were last traded in October 2010 and closed at P24 apiece. Its “B” shares, which are traded by both local and foreign shareholders were last traded on March 19 and closed at P52 apiece. -- Emilia Narni J. David
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