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Tuesday, 05 May 09
PHILIPPINES SEMIRARA STILL EXPECTS HIKE IN COAL SALES - BUSINESS MIRROR
DESPITE the anticipated soft demand resulting from the prevailing global financial crisis, the country’s largest coal producer Semirara Mining Corp. is still seeing a 15-percent to 21-percent jump in sales volume this year.
At the sidelines of its annual stockholders’ meeting on Monday, vice chairman and chief executive Isidro Consunji said its local buyers—made up of power plants, cement industry stakeholders, among others—will continue to boost sales from 3.31 million metric tons (MT) in 2007 to about 3.8 million to 4 million MT this year.
Of that projected sales volume, about 1.5 million MT will go to exports, still a growth from last year’s volume of 992,749 MT.
In terms of sales value, Consunji declined to give numbers due to volatility in prices. “Because of the recession, the prices went down. Coal before was priced $65 but now it is now about $40. So we really expect it to be soft. But according to our buyers, the 3rd or 4th quarter should be good as the economy improves again,” he said.
The company also supplies coal to buyers in India, China and Hong Kong.
“This year we saw our exports to widen. There have been some shipments to Taiwan and couple of shipments to Thailand,” added Consunji.
The company has no significant programmed capital expenditures this year but should the need arises, it can easily tap into its 19 million Treasury shares, which it bought back from the market in 2006, it said.
“If we want to raise liquidity, we can go to the market and sell these shares,” he said. Semirara shares were valued P27.50 each at the end of Monday’s trading at the stock market.
The company ended 2008 with a net profit of P796.4 million from P633.3 million the previous year.
Source: http://businessmirror.com.ph/home/companies/9763-semirara-still-expects-hike-in-coal-sales.html
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Sunday, 26 April 09
INDONESIAN GOVT SAYS COAL MINES CAUSE WEEKLONG FLOOD - THE JAKARTA POST
Samarinda administration in East Kalimantan admitted openly Thursday that the weeklong flood that paralyzed the city was caused by unruly management ...
Saturday, 25 April 09
FOREIGN SHARE DIVESTMENT STARTING THE 6TH YEAR OF PRODUCTION - MAJALAH TAMBANG
The government would set a divestment scheme for foreign miners, which would require companies to divest their ownership starting the 6th year of pr ...
Saturday, 25 April 09
INDO TAMBANGRAYA MEGAH ALLOCATED USD 126 MILLION FOR CAPITAL SPENDING - MAJALAH TAMBANG
Somyot Ruchirawat, President Director of PT Indo Tambangraya Megah, Tbk (ITMG), has announced the company's total dividend payment of Rp 1,345 per ...
Saturday, 25 April 09
MINING SECTOR IS STILL ON THE SURPLUS - THE JAKARTA POST
The global financial crisis is apparently also having an impact on the mining sector. People are thinking twice about investing in the mining sector ...
Saturday, 25 April 09
ADARO RUNS CATARACT OPERATION PROGRAM - THE JAKARTA POST
As part of its CSR program, thermal coal producer PT Adaro Indonesia has made cataract operations available to residents of Tandjung district, South ...
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