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SMPC's Seeks Lifting of Cease Order on Coal Trading

Coal News - Published on Fri, 12 Jul 2019

Image Source: PHStocks
Semirapa Mining and Power Corp said that it is in talks with the Energy department for the lifting of the cease and desist order on its coal trading activities after issues arose when a buyer failed to produce the required accreditation. Kindly be advised that and in order not to interrupt SMPC’s ongoing operation and renege on its contractual commitments to its coal buyers, SMPC have requested reconsideration of the DOE Order and that the implementation thereof be held in abeyance pending resolution of the alleged violation, and allow SMPC to proceed and continue its current trading activities and operations.

This was in reply to the stock exchange’s query on July 9, 2019 relating to the letter of the Department of Energy dated July 4, 2019. It said the DoE letter reminded the company about a department order dated June 4, 2019 citing a violation of Department Circular No. DC2012-05-0006 or Guidelines on the Accreditation of Coal Traders and Registration of Coal End-Users.

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Posted By : Rabi Wangkhem on Fri, 12 Jul 2019
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