Published
May 2, 2017, 10:01 PM By James A. Loyola
Semirara Mining and
Power Corporation is investing P5 billion for infrastructure and heavy
equipment with the aim of increasing its mine capacity to 16 million metric
tons a year by 2018 from 12 million MT.
In an interview after
the firm’s annual stockholders’ meeting, Semirara President Victor Consunji
said they are boosting capacity as they are optimistic that the demand for coal
will continue to grow in the coming years.
“As of now, we have
already maxxed out the capacity of our existing equipment and infrastructure.
We need to build more storage, lay out more conveyor belts, and buy more mining
equipment,” said Semirara Chairman Isidro Consunji.
SMPC is spending P2
billion for additional infrastructure to expand its port facilities as well as
for additional conveyor lines, and another P3 billion next year to acquire
additional mining equipment such as trucks and extractors, said Semirara Chief
Finance Officer Junalina Tabor.
Consunji said they have
already taken steps to expand capacity and have already increased it to the
current 13 million MT and may soon be able to increase the mine’s output to 14
million MT.
“We’re aiming at 14
million MT. (But) if we do 13 million we should be happy because the weather is
a little bit wet,” he added.
Meanwhile, Consunji
said earnings this year should be better than last year as indicated by the
firms’ performance in the first quarter as well as part of the second quarter.
He explained that
growth will come from the higher output of coal, higher volume of electricity
produced by with the full operation of its four power plants, as well as the
unexpected hike in coal prices.
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