By Alena Mae S. Flores Posted on Jun. 04, 2013 at 12:00am
Semirara Mining Corp., a unit of DMCI Holdings Inc., allocated P148.17 million for coal exploration and development of two contract areas in Oriental Mindoro.
Semirara disclosed to the Philippine Stock Exchange Monday it received contracts from the Energy Department that covers two parcels of coal bearing land in the municipality of Bulalacao, Oriental Mindoro with an aggregate area of 7,000 hectares.
The coal operating contract covers two phases—a two-year exploration stage and a development and production step good for 10 years if reserves in commercial quantity exists.
Semirara earlier said unaudited consolidated net income after tax in the first quarter of 2013 reached P1.01 billion, down from P1.73 billion year-on-year, due to lower coal prices. source
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