Philippine coal producer Semirara Mining Corporation expects its net profit to rise more than 20% in 2008 and coal revenues to jump as much as 56% mainly due to higher coal prices and increased exports. It also expects coal production of 5 million tonnes in 2009, up from 4 million tonnes in 2008.
Mr Isidro Consunji CEO of Semirara Mining said that "We expect more than 20% growth in profits for 2008 and at least 20% growth in profits for 2009."
Mr Consunji said that Semirara expects to book coal revenues of PHP 9 to PHP 10 billion in 2008, up by 41% to 56% from PHP 6.4 billion in 2007 when revenue rose 39%. It expects coal revenues to further climb to PHP 14 to PHP 16 billion in 2009.
As per report Semirara plans to spend PHP 9.8 billion on its first foray into power generation, building two power plants in the central Visayas region running on coal from its 250 hectare mine. The coal fired plants with a combined capacity of 115 MW are expected to be commissioned in 2010 and 2011. The power project would be funded through a combination of internally-generated cash and borrowings.
