Tuesday, June 4, 2013

in the news: scc (04 jun 2013)

Semirara gets new DOE coal contract

June 3, 2013 9:24 pm
Listed Semirara Mining Corp. received on Monday its coal-operating contract from the Department of Energy covering some parcels of coal bearing land in Oriental Mindoro with an aggregate area of 7,000 hectares.
In a filing with the Philippine Stock Exchange, Semirara Mining disclosed that it has received its coal operating contracts for Oriental Mindoro, following the DOE’s approval of its coal exploration contracts.
“The company received today a copy of one of its duly executed coal operating contracts awarded by DOE covering two parcels of coal bearing land located in the Municipality of Bulalacao, Province of Oriental Mindoro with an aggregate area of 7,000 hectares,” Semirara Mining said in the disclosure.
The coal operating contract that the company received has two phases: exploration and development phase and production phase. Exploration phase covers two years commencing from effective date of the contracts, or from signing and execution.
“To terminate automatically unless Coal reserves in commercial quantity is delineated,” the disclosure specified.
In the development and production phase, if coal reserves in commercial quantity exists, up to 10 years inclusive of the exploration phase, the contract would be subject to extension of another 10 years.
“The company has committed to spend not less than P148.1 million for its work programs for the first two years in the conduct of geological investigation, geodetic survey, sub-surface exploration for the coal contract area,” Semirara Mining said.