STRONG demand for coal lifted Semirara Mining and Power Corp.’s (SMPC) foreign and domestic shipments to an all-time high of 16.5 million metric tons in 2024, the miner said in a statement yesterday.
The company’s total shipment increased 4.4 percent last year from 15.8 million MT in 2023—the company’s previous record high for the commodity.
Coal exports to China surged 46 percent to 7.6 million MT from 5.2 million MT in the same comparable period.
The miner’s overall foreign shipments increased 4 percent year-on-year to 8.4 million MT from 8.1 million MT.
Its total domestic shipment also grew 4 percent to 8 million MT from 7.7 million MT, driven by higher sales to local cement producers and power plants.
About 20 percent of the 1.3 million MT sold to cement factories were bought by its associate firm Cemex Holdings Philippines Inc.
“While we anticipate market prices to further normalize in 2025, we remain focused on strengthening our customer network and enhancing operational efficiencies to effectively support national energy security and meet the growing demand from the industrial and cement sectors,” said Maria Cristina Gotianun, SMPC president, chief operating officer and chief sustainability officer.
Semirara Mining’s financial statement for 2024 is not yet available.
It said in a previous report, however, net income totaled P15.71 billion in January to September, down 31 percent from P22.62 billion a year earlier, due to softer coal prices and higher cash and non-cash costs.
In the third quarter of 2024, the average Newcastle Index dipped 5 percent to $140.3 per MT from $147.8, while the Indonesian Coal Index (ICI4) was nearly unchanged at $51.7 per MT from $52.0.
The company said it is currently the only vertically-integrated power producer in the country that mines its own fuel source, allowing it to generate affordable baseload power.
