Philippines’ top coal producer plans $5 billion mine expansion
Bloomberg News | October 14, 2024 |
Miners in an underground coal mine. AI- generated Stock image.
Semirara Mining and Power Corp., the Philippines’ largest coal producer, said it’s looking to spend 291.4 billion pesos ($5.07 billion) to expand its mines.
The company has proposed to the Department of Environment and Natural Resources a five-year spending plan that includes capital expenditures, production costs, and operating expense, it told the Philippine Stock Exchange on Monday, confirming news reports.
Semirara’s expansion plan comes as the Philippines continues to rely on coal for its power needs even as it has mapped out plans to boost the share of renewables in its energy mix. Nations around the world are advancing the phaseout of coal-fired power capacity while banks have pledged to stop funding coal projects to curb the impact of climate change.
Semirara has mining operations in the province of Antique in central Philippines. Its coal revenue fell by 20% to 23.9 billion pesos in the first half as prices fell. The company exports coal to China, South Korea and Brunei.
(By Cliff Venzon)
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