Semirara Mining remits P1.7-B royalty payment

By Jordeene B. Lagare September 1, 2021
https://www.manilatimes.net/2021/09/01/business/top-business/semirara-mining-remits-p17-b-royalty-payment/1813043

Semirara Mining and Power Corp. remitted close to P1.7 billion in royalty payment to the Department of Energy for the second quarter.

In a disclosure on Tuesday, the Consunji-led company it managed to make a record high quarterly payment after recognizing P14.8 billion in revenues on the back of all-time high coal sales and higher average selling prices.

Of the total amount, more than P1 billion will be retained by the national government.

In accordance with the law, the rest will go to the host local government units of the SMPC mine site.

The province of Antique will receive P136 million while the municipality of Caluya and Barangay Semirara will receive around P300 million and P230 million, respectively.

As per Republic Act 7160 or the Local Government Code of 1991, local government units are entitled to a 40-percent share of royalty proceeds from petroleum, coal, geothermal, hydrothermal and wind resources.

"The pandemic has taken a significant toll on our country. We hope that our contribution can help boost our government's response against Covid-19," said Semirara Mining President and Chief Operating Officer Maria Cristina Gotianun.

Semirara Mining is the only vertically-integrated power producer in the country that mines its own fuel.

The integrated energy company also supplies affordable fuel to power plants, cement factories and other industrial facilities across the Philippines.

Shares of Semirara Mining climbed by 46 centavos or 2.79 percent to close at P16.96 each on Tuesday.