Energy firm Semirara Mining and Power Corporation (SMPC) announced a new record for coal shipments in 2024, driven by stronger demand from China and domestic markets.
In a disclosure to the Philippine Stock Exchange (PSE) on Tuesday, Jan.14, SMPC reported reaching 16.5 million metric tons (MT) of coal shipments from January to December last year, exceeding the previous year's 15.8 million MT.
Foreign shipments increased to 8.4 million MT, a four percent rise. Exports to China surged by 46 percent to 7.6 million MT.
Local shipments also grew by four percent to eight million MT, fueled by higher sales to Calaca power plants and local cement producers. This includes SMPC's affiliate, Cemex Holdings Philippines Inc., which received 20 percent of the shipments sold to cement plants.
Maria Cristina Gotianun, president and chief operating officer of SMPC, said this achievement reflects the company's commitment to meeting rising energy needs.
"For the third consecutive year, we have hit our maximum coal production of 16 million metric tons under our existing Environmental Compliance Certificate (ECC)," she said. "This milestone underscores the SMPC team's dedication and commitment to meet rising local and global energy demand."
Gotianun expects market prices to normalize this year. "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," she added.
SMPC continues to generate revenue via coal production and sale, fulfilling existing coal supply contracts with power plants, cement manufacturers, small boiler users, and its own power subsidiaries.