(The Philippine Star) | Updated June 4, 2013 - 12:00am
MANILA, Philippines - The Department of Energy (DOE) has awarded coal exploration contracts to Semirara Mining Corp. of the Consunji Group covering two parcels of coal-bearing land in Mindoro Oriental.
In a disclosure to the Philippine Stock Exchange (PSE) yesterday, Semirara Mining said the contract for coal-bearing land in the municipality of Bulalacao covers two phases – the exploration phase and the development and production phase.
Under the exploration phase, Semirara Mining has two years to commence and may extend this for a maximum of two years. The exploration phase will terminate automatically unless coal reserves in commercial quantity are delineated.
The DOE said Semirara Mining may proceed with the development and production phase for up to 10 years if coal reserves exist in commercial quantity.
“Thereafter a term for a series of three-year periods, the total of which shall not exceed 12 years,” Semirara Mining said in its disclosure.
The company has committed to spend no less than P148 million for its work program for the first two years in the conduct of geological investigation, geodetic survey and sub-surface exploration for the coal contract area.
Semirara Mining, owned by DMCI Holdings Inc., is a publicly listed company that has significant coal resources and reserves to supply a growing demand for clients in various areas including Cebu and Panay. source
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