Semirara allots P5.6 billion CAPEX for 2023

Semirara

Consunji-led Semirara Mining and Power Corporation (SMPC) is allotting Php 5.6 billion in capital expenditure (CAPEX) for 2023 for its power and mining assets. 

Of the total, Php 1.5 billion is allocated for the maintenance activities of its power subsidiaries, SEM-Calaca Power Corp. (SCPC) and Southwest Luzon Power Generation Corp. (SLPGC), the company said in a report by Business Mirror.  

On the other hand, SMPC is planning on utilizing Php 4.1 billion for mining equipment in its coal business. 

SMPC president and COO Maria Cristina C. Gotianun stated that the company is investing in its production and generation capacities in preparation for the steady demand for electricity next year.

The company’s 2023 CAPEX is said to be eight percent higher than the allotted Php 5.2 billion capital spending this year.

For the year 2023, SMPC sets its goal to 14.5 million metric tons (MMT) of coal production almost similar to this year’s 14.5 MMT to 15 MMT coal production target. Meanwhile, the corporation already achieved 13.7MMT of coal production after nine months this year. 

Nine months into the year, SMPC has spent Php 3.6 billion of its 2022 CAPEX,  which includes the acquired mining and support equipment worth P2.2 billion. Meanwhile, the remaining Php 1.4 billion was allocated to repairing and replacing plant components of Sem-Calaca and SLPGC. 

Sem-Calaca owns and operates a 600-megawatt (MW) coal-fired power plant, while SLPGC owns a 300-MW coal plant – both of which are located in Calaca, Batangas.

SMPC recorded Php36 billion in net income for the third quarter of 2022, which is a 250% jump from the Php 10.3 billion recorded in the same period last year.