Semirara Mining and Power Corp. (SMPC) is budgeting P5.6 billion for its capital expenditure program next year, an 8 percent increase from the P5.2 billion earmarked for 2022.
Of the total, P4.1 billion will be for the mining equipment of its coal segment while P1.5 billion will be used for the planned maintenance activities of its power subsidiaries, SEM-Calaca Power Corp. (SCPC) and Southwest Luzon Power Generation Corp. (SLPGC).
SMPC said as of third quarter this year, it spent P3.6 billion of its 2022 capex with around P2.2 billion spent for the acquisition of mining and support equipment and the remaining P1.4 billion for the repair and replace plant components of SCPC and SLPGC.
“We expect stable demand for coal and electricity next year so we’re continually investing in our production and generation capacities,” said Maria Cristina Gotianun, SMPC president and chief operating officer, in a statement.
The company added that for next year, it expects to produce as much as 14.5 million metric tons (MMT) of coal, roughly the same with its 14.5 MMT to 15 MMT target this year.
In the first nine months of 2022, SMPC coal production is at 13.7 MMT.
